FINTECH, DATA & ANALYTICS NEWSLETTER · ANALYTICS NEWSLETTER. INVESTMENT BANKING AND STRATEGIC ADVISORY TO THE . FINANCIAL TECHNOLOGY, DATA, AND ANALYTICS INDUSTRIES ... Capgemini

August 2019

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

FINTECH, DATA & ANALYTICS NEWSLETTER

I N V E S T M E N T B A N K I N G A N D S T R AT E G I C A D V I S O R Y T O T H E F I N A N C I A L T E C H N O L O G Y, D ATA , A N D A N A LY T I C S I N D U S T R I E S

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

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Our August 2019 report on recent m&a transactions, trends, and valuations in the seven segments of the FinTech, Data and Analytics world that we follow and sometimes lead can be found here.

According to Deloitte’s annual study of M&A activity, 73 percent of tech sector executives expect more and bigger deals this year - the highest percentage of any industry. A lot of these deals bear little relevance to our world. Sure, IBM is acquiring RedHat, the open-source enterprise software company for $33 billion; Capgemini is paying $4 billion for Altran; and Broadcom is buying CA Technologies for $18.9 billion.

More relevant to us is Salesforce’s nearly $16 billion deal to buy Tableau, the business intelligence and data visualization company; Google’s $2.6 billion purchase of Looker with its BI capabilities; and, of course, the LSE’s recently announced plan to acquire Refinitiv (formerly, the Markets and Risk business of Thomson Reuters) in a stock transaction valued at about $27 billion including debt.

Among other things that these latter deals have in common (besides scale, tech and growing use of the cloud) is a focus on providing and analyzing data in an effort to predict future outcomes. We wrote about this trend in our February FinTech Market Update when we referred to “The Second Wave”. And these are three more pieces of evidence that it’s coming. The Second Wave is all about aggregating data from multiple sources, applying big data analytics and smart algorithms and a pinch of AI in an effort to better understand the past and thereby predict what will come next. It’s all about the future. We’re going to be seeing a lot more of this.

It’s still a strong market for growing FinTech, data and analytics businesses that have scale or are getting there in a hurry – as you will see by the valuation multiples and number of recent transactions referred to in the attached report. We are pleased to be a part of it.

A few of the more interesting recent FinTech, Data, and Analytic transactions include:

Marlin & Associates is one of the most active investment banking and strategic advisory firms providing counsel to worldwide buyers and sellers of middle-market Financial Technology; Data and Analyticsfirms. Headquartered in New York City, with offices in Washington, D.C., Chicago, and Toronto, Marlin & Associates has won numerous awards including the “Middle-Market Investment Bank of the Year”“Boutique Investment Bank of The Year”; Capital Raising Advisory Firm of the Year”; “Middle-Market Financing Agent of the Year – Equity”; and “TMT Advisory Bank of the Year.”

DEAR CLIENTS AND FRIENDS,

• FNZ (LSE:LSE) agreed to acquire GBST (M&A Client) (Sydney, AUS) for AUD$269mm, valuing the company at an implied 2.9x LTM revenue and 23.6x LTM EBITDA. The deal represents a 94.9% premium to the closing price of the company’s shares on April 11, when Bravura made an initial approach. Read more here.

• Nubank (Sao Paulo, Brazil) raised $400mm in a Series F funding round led by TCV and joined by DST Global, Sequoia Capital and RedPoint ventures at a $10 billion+ valuation

• Curve 1 (London, UK) raised $55mm in a Series B funding round led by Gauss Ventures, valuing the company at $250mm post-money

• DataRobot (Boston, MA) raised $200mm in a Series E funding round led by Meritech Capital and Sapphire Ventures at a valuation of more than $1 billion

• London Stock Exchange Group plc (LSE:LSE) agreed to acquire Refinitiv for $27bn in total enterprise value

• Cint (Stockholm, Sweden) acquires P2Sample (M&A Client) (Alpharetta, GA). Read more here

More Evidence that the Second Wave Is Coming. Our August Report on M&A in the FinTech, Enterprise Data and Analytics Industry

Ken Marlin| Managing PartnerMarlin & Associates | www.marlinllc.com

Sincerely,

See below for our August FinTech, Data and Analytics M&A Update.

https://www2.deloitte.com/content/dam/Deloitte/us/Documents/mergers-acqisitions/us-mergers-acquisitions-trends-2019-report.pdf

https://www.marlinllc.com/newsletters/the-second-wave-of-fintech-is-coming-are-we-safe-our-latest-report-on-fintech-ma-values-and-trends/

https://www.finextra.com/newsarticle/34173/fnz-seals-deal-to-acquire-gbst

https://www.marlinllc.com/press-inthenews/marlin-associates-advises-p2sample-on-its-sale-to-cint

http://www.marlinllc.com/

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 7/31/19. 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.

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Sector Analyses

Banking Software & Processors

Capital Markets Software & Services

Data & Analytics – Financial Services

Information & Market Research

Insurance Technology

Payment Technology

Securities Exchanges

MARLIN & ASSOCIATES FINTECH, DATA AND ANALYTICS MARKET UPDATE

AUGUST 2019

03

Merger-and-Acquisition Activity Trends


Banking Software & Processors

Public Market Data

04

Recent Activity

AUGUST 2019

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

11/28/16

QuantGroup (Beijing, China) raised $72mm in a Series C round of funding led by new investor Sunshine Insurance Group, and including participation from Guosen Hongsheng Investment Co., Fosun Capital, and other undisclosed investors. QuantGroup provides online financial services in China.

11/16/16

LendingTree (NASDAQ:TREE) acquired Iron Horse Holdings (dba: CompareCards) for $130mm. CompareCards is an online platform enabling consumer credit card comparisons, and providing credit education and credit health management solutions. The transaction consideration consists of $85mm cash at closing and up to $45mm of earn-out payments paid during 2017 and 2018.

11/10/16

Meta Financial Group (NASDAQ:CASH) acquired Specialty Consumer Services (SCS) for $54mm. SCS offers a loan management platform and a proprietary underwriting model that are primarily used to deliver consumer tax advances and other consumer credit services. The transaction consideration consists of approximately $15mm at closing, with potential for additional contingent payments.


7/15/19

Curve 1 (London, United Kingdom) raised $55mm in a Series B funding round led by Gauss Ventures, valuing the company at $250mm post-money. Curve 1 develops over the top banking platform that consolidates all bank cards into single card and application.

7/12/19

Kakao Corp (KOSE:A035720) acquired an unknown minority stake in KakaoBank of Korea Corp. for ₩210bn (~$177mm). KakaoBank provides Internet based banking services including payment and settlement, loans and deposits through a mobile banking application.

7/2/19

NCR Corporation (NYSE:NCR) acquired D3 Technology for an unknown amount. D3 Banking develops white-label digital banking front-end products including online personal financial management (PFM) software tools, business finance management & cash flow prediction tools for banks and credit unions to enable their personal and business banking customers digitally.

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin(USD millions) Cap Value CY2018A CY2019E CY2018A CY2019E CY2018A CY2019E CY2018A CY2019E

FIS 39,218 48,168 5.7x 5.7x 20.2x 14.6x (3%) 0% 28% 39%Fiserv 34,267 40,009 6.9x 6.5x 21.1x 17.0x 2% 6% 33% 38%Temenos 12,937 13,486 16.0x 13.6x 55.8x 35.3x 14% 18% 29% 39%Jack Henry & Associates 10,141 10,141 6.4x 6.3x 20.7x 19.5x 10% 0% 31% 32%Oracle Financial Services 4,257 3,800 5.5x 5.1x 13.3x 11.7x 7% 8% 41% 43%ACI Worldw ide 3,652 4,219 4.2x 3.2x 25.0x 11.5x (1%) 31% 17% 28%Q2 Holdings 3,206 3,261 13.5x 10.5x na nm 24% 29% na 7%Bottomline Technologies 1,818 1,840 4.4x 4.2x 43.2x 18.3x 13% 5% 10% 23%Virtusa 1,308 1,581 1.3x 1.2x 17.2x 13.0x 24% 11% 8% 9%Aptitude Softw are Group 372 350 3.9x 4.8x 16.4x 22.7x 12% (17%) 24% 21%Sw ord Group 311 212 1.1x 0.9x 10.1x 7.0x 19% 18% 11% 13%Gresham Technologies 93 86 3.5x 2.7x na 23.4x (7%) 30% na 12%

Trim Mean 7,227 7,890 5.5x 5.0x 22.1x 16.9x 10% 12% 23% 25%Median 3,429 3,531 4.9x 4.9x 20.4x 17.0x 11% 9% 26% 26%

13x

17x

21x

25x

29x

33x

37x

41x

2.0x

2.7x

3.4x

4.1x

4.8x

5.5x

6.2x

6.9x

Aug-14 Aug-15 Aug-16 Aug-17 Aug-18 Aug-19

EV /

EBIT

DA

EV /

Rev

enue

5 Year LTM Revenue & EBITDA Multiples[1]

EV / LTM Revenue EV / LTM EBITDA

60

90

120

150

180

210

240

270


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

M&A Banking Software Index S&P 500


Capital Markets Software & Services

Public Market Data

05

Recent Activity

AUGUST 2019

Billy PF SS&C

Cinnober


4/3/19

OpenGamma (London, UK) raised £7.6 mm in growth funding round led by Dawn Capital LLP, and that included return investors CME Ventures, Accel, and angel investor Cristóbal Conde. OpenGamma provides an open source analytics and risk management platform for the financial services industry. It aims to reduce trading derivatives costs by providing actionable advice to front-office, risk and treasury.

3/27/19

BidFX Systems Limited (London, UK) raised $25mm in funding led by Asian Gateway Investments, the subsidiary of Singapore Exchange Limited (SGX: S68). BidFX Systems offers trading solutions for the FX market. Marlin and Associates was the advisor on this transaction. Please click here for details.

3/22/19

BlackRock(NYSE:BLK) agreed to acquire eFront for $1.3bn. eFront provides software solutions to streamline the management of alternative investments and corporate risk. Its products include data and analytics, portfolio monitoring, and fund/portfolio admin and accounting.


8/01/19London Stock Exchange Group plc (LSE:LSE) agreed to acquire Refinitiv for $27bn in total enterprise value. Refinitiv is a financial data and trading platform provider for the financial services industry.

7/25/19

FNZ (LSE:LSE) agreed to acquire GBST for $178mm, valuing the company at an implied 2.9x LTM revenue and 23.6x LTM EBITDA. GBST provides retail wealth and institutional software products. Its capital markets offerings include transaction processing software. Its wealth management offerings include fund administration software for life and pension companies, brokers, fund managers and banks.

6/18/19Intertrust (ENXTAM:INTER) agreed to acquire Viteos Capital Markets from Bayshore Capital for $330mm. Viteos provides securities processing and fund administration and consulting services to the global capital markets industry.

12x

15x

18x

21x

24x

27x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

5.0x


EV /

EBIT

DA

EV /

Rev

enue

5 Year LTM Revenue & EBITDA Multiples


95

110

125

140

155

170

185

200

215


5 Year M&A Capital Markets Index vs. S&P 500, base = 100

M&A Capital Markets Index S&P 500

Company Market Enterprise(USD millions) Cap Value CY2018A CY2019E CY2018A CY2019E CY2018A CY2019E CY2018A CY2019E

IHS Markit 26,367 31,532 7.9x 7.1x 23.8x 18.0x 11% 11% 33% 39%Broadridge 15,064 16,261 3.8x 3.7x 20.0x 17.1x 1% 2% 19% 22%SS&C Technologies 12,644 20,511 6.0x 4.5x 18.6x 11.4x 15% 34% 32% 39%Computershare 5,867 7,293 3.2x 3.1x 11.8x 10.5x 5% 1% 27% 30%SimCorp 3,687 3,665 8.6x 7.5x 31.0x 25.7x 11% 14% 28% 29%Envestnet 3,475 4,100 5.0x 4.5x 47.1x 21.1x 19% 12% 11% 21%IRESS 1,645 1,764 5.6x 5.0x 23.7x 19.0x 8% 11% 24% 26%First Derivatives 992 1,009 4.0x 3.5x 33.3x 19.7x 19% 13% 12% 18%Linedata Services 217 304 1.6x 1.6x 7.6x 6.4x (3%) (1%) 21% 25%StatPro Group 118 157 2.4x 2.2x 19.7x 11.4x 11% 6% 12% 19%Brady 57 52 1.9x 1.8x nm 12.3x 4% 5% 1% 14%


EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

https://www.marlinllc.com/press-releases/marlin-associates-advises-bidfx-on-strategic-investment-by-sgx


Data & Analytics – Financial Services

Public Market Data

06

AUGUST 2019

Recent Activity


7/29/19DataRobot (Boston, MA) raised $200mm in a Series E funding round led by Meritech Capital and Sapphire Ventures at a valuation of more than $1.0bn. DataRobot provides automated machine learning and artificial intelligence software.

7/22/19

Trax Technologies, Inc (Scottsdale, AZ) raised $100mm in a Series D funding round led by Hopu Investments valuing the company at $1.3bn. Trax provides a SaaS-based platform to aggregate and analyze data for shippers, logistics providers and lenders, with a specialty in image recognition in retail markets.

7/17/19

AlphaSense, Inc. (New York, NY) raised $50mm in a Series B round co-led by Innovation Endeavors LLC and Soros Fund Management LLC. AlphaSense offers a proprietary search engine solution for information discovery, data aggregation and analysis.

12x

15x

18x

21x

24x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x


EV /

EBIT

DA

EV /

Rev

enue



90

120

150

180

210

240

270


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

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


S&P Global Inc. 63,636 68,097 10.9x 10.4x 21.5x 20.4x 3% 5% 51% 51%Moody's Corporation 41,330 46,103 8.8x 9.8x 21.9x 20.6x 2% (10%) 40% 48%Experian plc 28,003 31,213 6.5x 6.2x 20.1x 17.8x 6% 4% 32% 35%Verisk Analytics, Inc. 25,491 28,126 11.7x 10.9x 26.9x 23.0x 12% 8% 44% 47%CoStar Group, Inc. 22,204 21,049 17.7x 15.2x 59.7x 41.7x 23% 17% 30% 36%MSCI Inc. 19,242 21,235 14.8x 13.8x 27.9x 25.3x 13% 8% 53% 54%Equifax Inc. 16,860 19,781 5.8x 5.7x 26.6x 16.7x 1% 2% 22% 34%TransUnion 15,792 19,568 8.4x 7.4x 23.9x 19.1x 20% 14% 35% 39%Fair Isaac Corporation 10,899 11,643 11.0x 10.0x 47.2x 47.1x 12% 10% 23% 21%FactSet Research Systems Inc. 10,896 11,120 8.1x 7.7x 24.3x 21.3x 9% 6% 33% 36%Morningstar, Inc. 6,506 6,246 6.1x 7.0x 23.2x 24.1x 12% (12%) 26% 29%CoreLogic, Inc. 3,705 5,501 3.1x 3.2x 14.1x 11.4x (3%) (3%) 22% 28%




Information & Market Research

Public Market Data

AUGUST 2019

07

Recent Activity


7/25/19Illuminate Ventures (Oakland, CA) led a $4.6mm Series A funding round for Pyze (Redwood City, CA). Pyze provides a mobile intelligence platform for app publishers to engage, retain and monetize users through recommendations.

7/16/19Greater Pacific Capital (Mumbai, IND) invested $100mm in Series D funding for Near (Bangalore, IND). Near provides a location intelligence platform for real-time information on places, people and products.

7/10/19TapClicks (San Jose, CA) agreed to acquire iSpionage (Santa Clara, CA) for an undisclosed sum. iSpionage provides competitive intelligence tools for keywords search and ad-effectiveness-testing.

13x

15x

17x

19x

21x

2.8x

3.1x

3.4x

3.7x

4.0x


EV /

EBIT

DA

EV /

Rev

enue



95

110

125

140

155


5 Year M&A Info & Mkt Research Index vs. S&P 500, base = 100

M&A Info & Mkt Research Index S&P 500


Reed Elsevier (RELX Group) 44,821 52,917 5.8x 5.5x 19.2x 15.3x 2% 6% 30% 36%Wolters Kluw er 19,482 22,088 4.6x 4.3x 16.9x 15.0x (2%) 8% 27% 29%Informa 12,686 16,328 5.7x 4.7x 18.2x 13.4x 35% 21% 31% 35%Gartner 11,712 14,580 3.7x 3.4x 23.9x 21.4x 20% 7% 15% 16%Nielsen 7,760 16,762 2.6x 2.6x 11.4x 9.0x (1%) (1%) 23% 29%Pearson 7,630 9,129 1.8x 1.9x 13.8x 10.1x (9%) (5%) 13% 19%Euromoney Institutional Investor 1,742 1,706 3.6x 3.4x 7.2x 12.6x (1%) 5% 50% 27%Forrester Research 704 860 2.4x 1.9x 27.6x 29.3x 6% 29% 9% 6%comScore 183 368 0.9x 0.9x na 25.5x 4% (1%) na 3%




Insurance Software

Public Market Data

08

[1] Majesco added to the index as of IPO 6/30/15

Recent Activity

AUGUST 2019


7/31/19SixThirty (Saint Louis, MO) invested in Fenris Digital for an undisclosed sum. Fenris Digital provides software solutions to improve the quoting and underwriting processes for insurers.

7/22/19Volvo (Gothenburg, SE) invested in MDGo for an undisclosed sum. MDGo provides AI-based data analysis solutions which assist in health and auto insurance claim processing.

5/16/19 FinTLV (Tel-Aviv, IL) invested in Akinova for an undisclosed sum. Akinova provides an online marketplace for the transfer and trading of insurance risks.

8x

13x

18x

23x

28x

1.5x

2.5x

3.5x

4.5x


EV /

EBIT

DA

EV /

Rev

enue



90

150

210

270

330


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

M&A Insurance Tech Index S&P 500


Guidew ire Softw are 8,443 7,743 10.5x 10.4x nm 48.5x 29% 1% 9% 21%CorVel 1,597 1,595 2.7x na 20.0x nm 7% na 14% nmEbix 1,362 2,108 4.2x 3.4x 12.9x 9.9x 37% 23% 33% 35%Sapiens 801 849 2.9x 2.6x 22.3x 15.7x 8% 11% 13% 17%Majesco 422 396 2.9x na 31.4x nm 15% na 9% nm




Payment Technology

Public Market Data

09

Recent Activity

AUGUST 2019

[1] PayPal (PYPL) added as of 7/7/15, Worldpay (WPG) added as of 10/14/15, First Data (FDC) added as of 10/16/15, Square (SQ) added as of 11/20/15.


7/25/19

Nubank (Sao Paulo, Brazil) raised $400mm in a Series F funding round led by TCV and joined by DST Global, Sequoia Capital and RedPoint ventures at a $10 billion+ valuation. NuBank provides payment processing solutions and banking products such as credit cards, loans and rewards programs.

7/22/19

PayMate India Private Limited (Mumbai, India) raised $25mm in a Series D funding round led by Brand Capital at a $150mm valuation. PayMate offers cloud-based electronic B2B payment solutions including vendor payment, customer payment, invoicing and cash flow automation.

7/22/19Bolt (San Francisco, CA) raised $68mm in a Series B funding round led by Activant Capital Group at an unknown valuation. Bolt operates a payment network allowing digital currency payment processing and fraud detection software

12x

14x

15x

17x

18x

20x

2.5x

3.3x

4.1x

4.9x

5.7x

6.5x


EV /

EBIT

DA

EV /

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90

114

138

162

186

210


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

M&A Payment Tech Index S&P 500


PayPal 131,045 125,636 8.1x 7.1x 46.0x 26.5x 18% 15% 18% 27%Square 34,038 33,905 21.4x 14.9x nm nm 61% 43% 16% 18%Global Payments 26,407 31,755 8.0x 7.1x 24.1x 19.6x 13% 13% 33% 36%FleetCor Technologies 25,613 29,112 12.0x 11.0x 21.7x 19.1x 8% 9% 55% 57%Total System Services 24,228 27,829 7.3x 6.9x 24.8x 19.1x 12% 5% 29% 36%Wirecard 20,874 18,881 8.2x 6.3x 29.0x 21.6x 34% 30% 28% 29%WEX 9,543 11,926 8.0x 6.9x 21.8x 16.9x 20% 16% 37% 41%Western Union 9,078 11,206 2.0x 2.1x 8.1x 8.6x 1% (5%) 25% 25%Euronet Worldw ide 8,529 8,463 3.3x 3.0x 18.0x 13.7x 13% 11% 19% 22%Cielo 4,902 7,791 2.7x 2.8x 6.9x 10.5x 1% (6%) 39% 27%EVERTEC 2,347 2,855 6.3x 5.9x 16.5x 12.7x 11% 6% 38% 47%PayPoint 787 742 2.8x 5.1x 10.1x 9.5x 3% (45%) 28% 54%MoneyGram International 162 920 0.6x 0.7x 4.5x 4.3x (10%) (9%) 14% 16%




Securities Exchanges

Public Market Data

10

AUGUST 2019

Recent Activity


8/1/19London Stock Exchange Group plc (LSE:LSE) agreed to acquire Refinitiv for $27bn in total enterprise value. Refinitiv is a financial data and trading platform provider for the financial services industry.

5/1/19Intercontinental Exchange (NYSE:ICE) agreed to acquire Simplifile, LC for $335mm. Simplifile connects lenders, settlement agents, and counties through its collaboration, e-recording, and post-closing services.

4/9/19Deutsche Börse (XTRA:DB1) agreed to acquire Axioma for $850mm, valuing the company at an implied 8.5x LTM revenue. Axioma develops and markets portfolio optimization solutions for portfolio managers to implement their investment strategies.

11x

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EV /

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enue




CME Group 69,632 72,716 16.9x 15.0x 24.9x 23.0x 18% 12% 68% 65%IntercontinentalExchange (ICE) 49,729 57,144 11.5x 11.0x 18.6x 17.2x 7% 4% 62% 64%Hong Kong Exchange 42,277 35,269 17.5x 15.4x 24.4x 20.3x 21% 13% 71% 76%Deutsche Börse Group 25,967 27,810 8.5x 8.4x 15.6x 13.6x 9% 1% 55% 62%London Stock Exchange (LSE) 28,471 30,079 8.4x 10.8x 14.1x 20.3x 13% (22%) 60% 53%BM&F Bovespa 22,086 21,291 17.1x 14.6x 23.1x 20.7x 32% 17% 74% 71%The Nasdaq OMX Group 16,094 19,428 7.7x 7.6x 15.0x 14.5x 5% 1% 51% 52%CBOE 12,206 12,919 8.3x 11.3x 15.6x 16.9x 26% (27%) 53% 67%Australian Exchange (ASX) 11,713 10,901 14.8x 17.7x 19.3x 23.5x 9% (16%) 77% 76%Japan Exchange Group (JPX) 8,088 7,035 6.1x 6.4x 9.2x 9.7x 9% (4%) 66% 66%Singapore Exchange (SGX) 6,153 5,596 8.8x 8.2x 16.7x 14.2x 6% 8% 53% 57%Euronext 5,495 6,332 9.2x 8.8x 16.4x 15.0x 16% 4% 56% 59%TMX Group 4,157 4,858 6.4x 7.9x 10.2x 13.4x 36% (19%) 63% 59%

Trim Mean 20,753 21,255 10.7x 10.8x 17.2x 17.2x 15% (2%) 62% 63%Median 16,094 19,428 8.8x 10.8x 16.4x 16.9x 13% 1% 62% 64%


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5 Year M&A Sec Exchanges Index vs. S&P 500, base = 100

M&A Sec Exchanges Index S&P 500


11

MERGER AND ACQUISITION TRANSACTIONS

Software and Services Transaction Activity

Software and Services Transaction Multiples

AUGUST 2019

Note: Mid-market M&A defined as transactions with enterprise values below $1 billion.

(1)

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2017 2018 2019

EV /

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

12

AUGUST 2019

“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

Marlin & Associates acted as exclusive strategic and financial

advisor to Tier1CRM

has received an equityinvestment from

Marlin & Associates acted as exclusive strategic and

financial advisor to MSCI Inc.

New York, NY

has sold Financial Engineering Associates, Inc. to

A portfolio company ofDallas, TX

New York, NY

has acquired

New York, NY

Marlin & Associates acted as exclusive strategic and financial advisor to Aquiline Holdings LLC


advisor to RapidRatings

San Francisco, CA

has received a $30 million equity investment from

New York, NY

Charlotte, NC


advisor to Zenmonics

has received an equity investment from

Jacksonville, FL

has been acquired by

New York, NY


advisor to SALIDO, Inc.

Troy, MI

Marlin & Associates acted as exclusive strategic and financial advisor to TradingScreen Inc.

London, UKhas sold a minority equity interest in its subsidiary

Singapore

London, UK

London, UKhas sold Preqin Solutions to

Boston, MAA portfolio company of


advisor to Preqin, Ltd.

Shelton, CT

has acquired

Kansas City, MO


advisor to TABS Analytics

Wilton, CT

has received a majority equity investment from


advisor to Private Client Resources, LLC.

New York, NY

Reston, VA



advisor to Zoomdata, Inc.

Mclean, VAA portfolio company of

Alpharetta, GA



advisor to P2Sample, LLC

Stockholm, SwedenA portfolio company of

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

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AUGUST 2019

“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, NYParis, 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.


Brentwood, TN

a portfolio company of

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


San Mateo, CA


financial advisor to Xignite.

received a strategicinvestment from

Tokyo, Japan

Salt Lake City, UT

Chicago, IL

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


Phoenix, AZ

Boston, MA and San Francisco, CA


advisor to BillingTree

has completed a majority recapitalization with

has received an equity investment from

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

M&A Award USA TMT Advisory Firm of the Year (2012, 2015) – 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)*• 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)*• 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)• Middle Market Financial Services Deal of the Year (2007, Below $100M)

PEER AND INDUSTRY GROUP RECOGNITION

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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

AUGUST 2019

Note: Not a complete list.

Ken Marlin

Founder and Managing Partner of M&A• Named one of II’s Tech 50 - Most

Influential• 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

• 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

MARLIN AND ASSOCIATES: WHO WE ARE

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

Michael Maxworthy

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AUGUST 2019

"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

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

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

Dan Zircher

• 30+ years of investment banking experience

• Previously led fintech m&a advisory firm

• Mentor at University of Chicago • Formerly at Merrill Lynch, Mesirow

Financial and Fox Pitt Kelton• MBA, DePaul University; BS, Northern

Illinois University


New York | Washington, D.C. | Chicago | Toronto

www.MarlinLLC.com

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