December 2017
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 & A n a l y t i c sM A R K E TU P D A T E
Dear Clients and Friends,
The year is almost over. The report found below covers m&a trends, values and deals in the four sectors of Enterprise Data and Analytics that we follow, and sometimes lead. As you will see, it’s been a strong year. (Please see our year-end report below.)
We’ve been advising buyers and sellers of Data and Analytics companies for more than 15 years now – more than 200 transactions - and each deal is still a treat. This week we announced another one: We were exclusive financial and strategic advisor to Tier1CRM, Inc., a fast-growing SaaS-based, CRM company, on a $34 million equity investment from Wavecrest Growth Partners, Salesforce Ventures, and Mass Mutual Ventures. We love it when we are able to help strong companies find new partners to helpthem reach the next level in their development. It never gets old.
SaaS is hot these days; it’s where many firms aspire to be – and for good reason. At the same time, we note with some amusement that some in the media (and some investors) treat “SaaS” as if it is a defined industry. It’s not any more than Big Data or the Internet are industries. SaaS (and Big Data and the Internet) is a powerful model that can help customers in many industries solve problems faster and at lower cost than some alternatives. But software vendors compete based on their ability to effectively solve specific customer problems - not based on technology. That’s what makes Tier1CRM successful – not the fact that they are “in the Cloud”.
As you will see from our report below, m&a values, volume and trends in all four sectors of the Enterprise Data and Analytics industry remain strong. We believe they are likely to remain strong for some time – as demand by customers, investors, and buyers continues to outpace many other sectors.
We love working with strong Data and Analytics companies that solve real customer problems in clearly defined industries. We look forward to working with you in the future. In the meantime, we wish you and your families happy, healthy, peaceful and prosperous holidays and New Year.
Some of the more interesting deals this past month include:
DEAR CLIENTS AND FRIENDS,We’re Bullish on Late Stage, Vertical SaaS. Our December 2017 Enterprise Data and Analytics 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.
• Verisk Analytics (NASDAQ:VRSK) agreed to acquire Power Advocate for $280mm,
• Uptake Technologies (Chicago, IL) raised $117mm in a Series D funding round led by Baillie Gifford, valuing the company at a post-money valuation of $2.3bn,
• Qubole (Santa Clara, CA) raised $25mm in an equity funding round led by Harmony Partners,
• Logz.io (Tel Aviv, Israel) raised $23mm in a Series C funding round led by OpenView Venture Partners,
• Sanderson Group (AIM:SND) acquired Anisa for $17.2mm, valuing the company at an implied 1.2x LTM revenue,
• TransUnion (NYSE:TRU) acquired FactorTrust, a provider of alternative credit data, analytics and risk scoring information.
Please see our December 2017 Enterprise Data and Analytics Update below.
Also, please don’t forget to remind Congress to keep the Internet neutral. Click here to help.
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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.
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
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Sector Comparison Snapshot
Sector Analyses
Data Analytics - Services (DAS)
Enterprise Software & Data Analytics (ESDA)
Business Intelligence Software (BIS)
Data & Analytics – Financial Services (DAFS)
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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
DECEMBER 2017
Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 11/30/17. 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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Enterprise Value / Revenue
Enterprise Value / EBITDA
ENTERPRISE DATA & ANALYTICSSector Comparison Snapshot:
DECEMBER 2017
0x 1x 2x 3x 4x 5x 6x 7x
DAS
BIS
ESDA
DAFS
2017A EV/Revenue 2018E EV/Revenue
0x 5x 10x 15x 20x 25x
DAS
DAFS
ESDA
BIS
2017A EV/EBITDA 2018E EV/EBITDA
Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 11/30/17. 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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Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17
5 Year M&A Data and Analytics Services Index vs. S&P 500, base = 100
M&A DAS Index S&P 500
Data & Analytics - Services
Public Market Data
04
DECEMBER 2017
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.
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5 Year LTM Revenue & EBITDA Multiples
EV / LTM Revenue EV / LTM EBITDA
Company Market Enterprise(USD millions) Cap Value CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E
Reed Elsevier (RELX Group) 47,334 54,053 5.4x 5.2x 15.3x 14.3x 13% 3% 35% 36%Wolters Kluw er 14,935 17,623 3.3x 3.3x 12.3x 12.0x 3% 1% 27% 28%Nielsen 13,134 21,120 3.2x 3.1x 10.5x 10.2x 4% 3% 31% 30%Gartner 10,956 13,675 4.1x 3.4x 19.6x 16.4x 37% 20% 21% 21%Informa 8,346 10,456 4.5x 4.3x 13.3x 12.6x 29% 3% 34% 35%Pearson 7,774 9,313 1.5x 1.5x 9.8x 10.0x 1% (2%) 15% 15%UBM 3,999 4,772 3.6x 3.6x 11.7x 11.6x 16% (0%) 30% 31%Euromoney Institutional Investor 1,737 1,935 3.3x 3.3x 12.5x 12.0x 5% 2% 27% 27%comScore 1,143 1,029 1.7x 1.5x 6.5x 5.3x 18% 12% 26% 28%Forrester Research 838 703 2.1x 2.0x 18.4x 15.2x 2% 6% 12% 13%
Trim Mean 7,753 9,990 3.2x 3.1x 13.0x 12.2x 11% 4% 26% 27%Median 8,060 9,885 3.3x 3.3x 12.4x 12.0x 9% 3% 27% 28%
EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin
DateAnnounced Acquirer(s) / Investor(s) Target / Issuer Description
11/14/16
Verisk Analytics (NasdaqGS:VRSK) acquired The GeoInformation Group for an undisclosed sum. The GeoInformation Group offers large-scale mapping services and geospatial data and analytic solutions to a broad set of companies and more than 300 public sector organizations. The acquisition bolsters Verisk’s presence in the United Kingdom as a data and analytics provider across multiple markets.
11/9/16
Gartner (NYSE:IT) acquired Machina Research for an undisclosed sum. Machina Research provides market intelligence and strategic insight on Internet of Things (IoT), Machine-to-Machine (M2M), and big data opportunities. The acquisition is part of Gartner’s strategy of investing further in IoT capabilities.
10/17/1620/20 Research (Nashville, TN) acquired iModerate for an undisclosed sum. iModerate offers online qualitative market research services and fits strategically with 20/20’s QualBoard discussion and QualMeeting interview platforms.
DateAnnounced Acquirer(s) / Investor(s) Target / Issuer Description
11/30/17Verisk Analytics (NASDAQ:VRSK) agreed to acquire Power Advocate for $280mm. Power Advocate provides market and cost intelligence solutions to energy companies.
11/6/17
Focus Pointe Global (Philadelphia, PA) acquired Trotta Associates for an undisclosed sum. Trotta Associates conducts research for major companies in industry segments including consumer goods and services, business-to-business and health care.
10/31/17Astreya Partners (Santa Clara, CA) agreed to acquire 9Lenses for an undisclosed sum. 9Lenses provides a cloud-based organizational intelligence platform to gather organizational intelligence.
Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 11/30/17. 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.
Enterprise Software & Data Analytics
Public Market Data
05
DECEMBER 2017
Recent Activity
[1] Cloudera (NYSE:CLDR) added to the index as of IPO 4/27/17
DateAnnounced Acquirer(s) / Investor(s) Target / Issuer Description
11/30/17
Uptake Technologies (Chicago, IL) raised $117mm in a Series D funding round led by Baillie Gifford, valuing the company at a post-money valuation of $2.3bn. Uptake provides an industrial predictive analytics platform that uses machine learning to monitor and anticipate equipment performance.
11/15/17
K1 Investment Management (El Segundo, CA) acquired Actiance for an undisclosed sum. Actiance provides communication, collaboration, and social media governance solutions for enterprises and banks. K1 plans to combine Actiance and Smarsh, a provider of cloud-based archiving and compliance solutions.
11/9/17Elastic (Amsterdam, Netherlands) acquired Swiftype for an undisclosed sum. Swiftype provides an artificial intelligence powered enterprise search platform and software for websites and applications.
Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin(USD millions) Cap Value CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E
Oracle 210,173 196,974 5.1x 4.9x 11.0x 10.5x 5% 4% 46% 47%SAP 134,871 135,557 4.9x 4.5x 14.0x 13.5x 7% 7% 35% 34%Salesforce 76,999 75,959 7.3x 6.1x 34.2x 27.8x 24% 20% 21% 22%Intuit 40,248 40,346 7.4x 6.8x 20.1x 18.5x 12% 9% 37% 37%Workday 21,546 19,809 9.3x 7.4x 57.4x 44.4x 36% 25% 16% 17%CA 13,757 13,857 3.3x 3.2x 9.0x 8.5x 3% 4% 37% 38%Constellation 12,599 12,496 5.1x 4.5x 19.5x 16.8x 16% 14% 26% 26%Amdocs 9,542 8,562 2.2x 2.1x 11.1x 10.5x 4% 3% 20% 20%NICE 5,392 5,463 4.1x 3.8x 14.6x 13.2x 32% 7% 28% 29%Paycom Softw are 4,828 4,795 11.1x 8.8x 36.1x 28.8x 31% 26% 31% 31%Softw are 4,034 3,982 3.8x 3.7x 11.8x 11.5x 2% 3% 32% 32%Zendesk 3,383 3,157 7.4x 5.7x nm nm 37% 30% 3% 5%Xero 3,080 3,024 11.4x 8.5x nm 68.3x 41% 34% 3% 12%Manhattan Associates 3,066 2,936 4.9x 5.2x 13.8x 20.1x (2%) (6%) 36% 26%Paylocity 2,520 2,422 7.3x 6.0x 36.6x 28.8x 26% 22% 20% 21%Callidus 1,921 1,745 7.0x 5.8x 55.3x 37.6x 21% 20% 13% 16%
Trim Mean 23,990 23,740 6.3x 5.4x 23.2x 21.7x 18% 14% 25% 26%Median 7,467 7,013 6.0x 5.5x 17.0x 18.5x 18% 12% 27% 26%
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5 Year LTM Revenue & EBITDA Multiples
EV / LTM Revenue EV / LTM EBITDA
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Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17
5 Year M&A Application Software Index[1] vs. S&P 500, base = 100
M&A Application Software Index S&P 500
Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 11/30/17. 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.
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, Alteryx (AYX) added to the index as of IPO 2/24/17
Recent Activity
DECEMBER 2017
DateAnnounced Acquirer(s) / Investor(s) Target / Issuer Description
11/24/17Sanderson Group (AIM:SND) acquired Anisa for $17.2mm, valuing the company at an implied 1.2x LTM revenue. Anisa provides a business intelligence platform utilized by industrial manufacturers.
11/15/17Logz.io (Tel Aviv, Israel) raised $23mm in a Series C funding round led by OpenView Venture Partners. Logz.io provides an open-source log analysis platform utilized for business intelligence for security and compliance purposes.
11/08/17Qubole (Santa Clara, CA) raised $25mm in an equity funding round led by Harmony Partners. Qubole offers a business intelligence and cloud-based data platform for analyzing and processing data sets.
Company Market Enterprise(USD millions) Cap Value CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E
Splunk 11,203 10,200 8.2x 6.5x nm 48.9x 31% 25% 12% 13%Open Text 8,682 11,044 4.3x 4.0x 12.3x 10.8x 32% 6% 35% 37%Tableau Software 5,605 4,662 5.4x 4.9x nm 62.8x 5% 9% 7% 8%Verint Systems 2,788 3,196 2.8x 2.6x 12.4x 10.7x 7% 6% 23% 25%Microstrategy 1,573 926 1.9x 1.8x 9.0x 13.5x (2%) 2% 21% 13%Alteryx 1,475 1,319 10.2x 7.5x na na 50% 36% na naHortonworks 1,320 1,256 4.9x 3.8x na na 39% 27% na naTalend 1,165 1,070 7.2x 5.5x na na 40% 30% na na
Trim Mean 3,574 3,617 5.5x 4.6x 12.3x 24.4x 26% 17% 18% 17%Median 2,181 2,257 5.1x 4.5x 12.3x 13.5x 31% 17% 21% 13%
EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin
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Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17
5 Year M&A BI Index[1] vs. S&P 500, base = 100
M&A BI Index S&P 500
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EV /
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5 Year LTM Revenue & EBITDA Multiples[1]
EV / LTM Revenue EV / LTM EBITDA
Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 11/30/17. 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.
Data & Analytics – Financial Services
Public Market Data
07
DECEMBER 2017
Recent Activity
DateAnnounced Acquirer(s) / Investor(s) Target / Issuer Description
11/28/17
Moody’s (NYSE:MCO) acquired a minority stake in Rockport VAL for an undisclosed sum. Rockport VAL provides cloud-based commercial real estate (“CRE”) valuation and cash flow modeling tools. In collaboration with Rockport VAL, Moody's Analytics plans to expand its CRE solutions offering, which include CMBS and related economic data.
11/27/17
Information Publishing (London, United Kingdom) acquired CapitalTrack for an undisclosed sum. CapitalTrack provides information to the fixed income market, covering floating rate, asset backed and structured securities markets. CapitalTrack maintains one of the largest independent, on-line databases of static and event-based operation data in the floating and variable rate spaces.
11/14/17
TransUnion (NYSE:TRU) acquired FactorTrust, a provider of alternative credit data, analytics and risk scoring information. The addition of FactorTrust’s short-term and small dollar lending data bolsters TransUnion’s existing credit solutions. Short-term and small dollar loans are the largest category of consumer credit obligations not currently part of nationwide credit reporting agency databases.
Company Market Enterprise(USD millions) Cap Value CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E
S&P Global 42,677 45,148 7.6x 7.2x 15.7x 14.7x 5% 6% 48% 49%Thomson Reuters 32,045 38,751 3.4x 3.3x 11.4x 10.9x 2% 2% 30% 31%Moody's 29,468 34,247 8.4x 7.6x 17.5x 15.7x 14% 10% 48% 48%Experian 19,386 22,793 5.2x 4.8x 14.9x 14.1x (6%) 9% 35% 34%Verisk Analytics 16,194 18,930 8.9x 8.2x 18.2x 16.8x 7% 8% 49% 49%Equifax 13,854 16,311 4.9x 4.7x 13.4x 13.3x 6% 3% 36% 35%MSCI 11,823 13,102 10.3x 9.3x 19.9x 17.5x 10% 10% 52% 53%TransUnion 10,504 12,647 6.6x 6.1x 17.0x 15.2x 12% 9% 39% 40%CoStar Group 10,007 9,690 10.0x 8.7x 33.6x 25.8x 15% 15% 30% 34%FactSet Research Systems 7,851 8,199 6.5x 6.0x 18.8x 17.4x 11% 8% 34% 34%FICO 5,020 5,519 5.8x 5.5x 24.2x 20.7x 5% 6% 24% 26%Dun & Bradstreet 4,580 5,847 3.3x 3.2x 11.6x 11.2x 3% 3% 29% 29%Morningstar 3,950 3,831 4.5x 4.3x 16.4x 14.8x 7% 4% 27% 29%CoreLogic 3,711 5,321 2.9x 2.8x 11.2x 10.8x (5%) 2% 26% 26%
Trim Mean 13,724 15,946 6.3x 5.8x 16.6x 15.2x 6% 7% 36% 37%Median 11,164 12,874 6.2x 5.7x 16.7x 15.0x 7% 7% 35% 34%
EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin
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Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17
EV /
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5 Year LTM Revenue & EBITDA Multiples
EV / LTM Revenue EV / LTM EBITDA
100
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Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17
5 Year M&A Data & Analytics Financials Index vs. S&P 500, base = 100
M&A D&A Financial Index S&P 500
Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 11/30/17. 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.
RECENT CAPITAL RAISESBelow is a selection of recent capital raises in the Enterprise Data & AnalyticsIndustry.
DECEMBER 2017
08
DateAnnounced Investor Issuer Description
11/30/17
Uptake Technologies (Chicago, IL) raised $117mm in a Series D funding round led by Baillie Gifford, valuing the company at a post-money valuation of $2.3bn. Uptake provides an industrial predictive analytics platform that uses machine learning to monitor and anticipate equipment performance.
11/15/17Logz.io (Tel Aviv, Israel) raised $23mm in a Series C funding round led by OpenView Venture Partners. Logz.io provides an open-source log analysis platform utilized for business intelligence for security and compliance purposes.
11/08/17Qubole (Santa Clara, CA) raised $25mm in an equity funding round led by Harmony Partners. Qubole offers a business intelligence and cloud-based data platform for analyzing and processing data sets.
10/26/17Logi Analytics (McLean, VA) raised an undisclosed sum in an equity funding round led by Marlin Equity. Logi offers a business intelligence and information application development platform to software, ISV and SaaS providers.
10/17/17
Feedzai (Centro, Portugal) raised $50mm in a Series C funding round led by Sapphire Ventures. Feedzai provides business intelligence applications for small and large organizations in the telecommunications, banking and utility markets.
10/7/17
Ayla Networks (Sunnyvale, CA) raised $50mm in a Series D funding round led by SUNSEA Telecom. Ayla offers Ayla Insights, an integrated business intelligence and analytics platform that provides manufacturers with real-world insights into how their connected IoT devices are being used.
10/4/17MessageBird (Amsterdam, Netherlands) raised $60mm in a Series A funding round led by Accel Partners. MessageBird develops and markets cloud based software solutions for SMS messaging.
9/28/17Logtrust (Madrid, Spain) raised $35mm in a Series B funding round led by Insight Venture Partners. Logtrust offers a platform that collects, correlates, and analyses machine, system, and user data in real-time.
9/14/17
HouseCanary (San Francisco, CA) raised $31mm in a Series B funding round led by new investor PSP Growth and included Alpha Edison and other existing investors. HouseCanary operates an online data platform that provides home valuations, forecasts and market analytics for residential lenders, investors, and real estate professionals.
9/12/17
Algomi (London, United Kingdom) raised an undisclosed amount of funding from new investor S&P Global. In addition to a minority stake in the company and a seat on its board, S&P Global formed a strategic partnership with Algomi. Algomi has created a bond information network that enables buy side and sell side firms, as well as exchanges, to harness data to improve financial trading decisions.
Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 11/30/17. 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.
09
RECENT MERGERS & ACQUISITIONSBelow is a selection of recent mergers & acquisitions in the Enterprise Data &Analytics Industry.
DECEMBER 2017
DateAnnounced Acquirer Target Description
11/30/17Verisk Analytics (NASDAQ:VRSK) agreed to acquire Power Advocate for $280mm. Power Advocate provides market and cost intelligence solutions to energy companies.
11/28/17
Moody’s (NYSE:MCO) acquired a minority stake in Rockport VAL for an undisclosed sum. Rockport VAL provides cloud-based commercial real estate (“CRE”) valuation and cash flow modeling tools. In collaboration with Rockport VAL, Moody's Analytics plans to expand its CRE solutions offering, which include CMBS and related economic data.
11/27/17
Information Publishing (London, United Kingdom) acquired CapitalTrack for an undisclosed sum. CapitalTrack provides information to the fixed income market, covering floating rate, asset backed and structured securities markets. CapitalTrack maintains one of the largest independent, on-line databases of static and event-based operation data in the floating and variable rate spaces.
11/24/17Sanderson Group (AIM:SND) acquired Anisa for $17.2mm, valuing the company at an implied 1.2x LTM revenue. Anisa provides a business intelligence platform utilized by industrial manufacturers.
11/15/17
K1 Investment Management (El Segundo, CA) acquired Actiance for an undisclosed sum. Actiance provides communication, collaboration, and social media governance solutions for enterprises and banks. K1 plans to combine Actiance and Smarsh, a provider of cloud-based archiving and compliance solutions.
11/14/17
TransUnion (NYSE:TRU) acquired FactorTrust, a provider of alternative credit data, analytics and risk scoring information. The addition of FactorTrust’s short-term and small dollar lending data bolsters TransUnion’s existing credit solutions. Short-term and small dollar loans are the largest category of consumer credit obligations not currently part of nationwide credit reporting agency databases.
11/9/17Elastic (Amsterdam, Netherlands) acquired Swiftype for an undisclosed sum. Swiftype provides an artificial intelligence powered enterprise search platform and software for websites and applications.
11/6/17
Focus Pointe Global (Philadelphia, PA) acquired Trotta Associates for an undisclosed sum. Trotta Associates conducts research for major companies in industry segments including consumer goods and services, business-to-business and health care.
10/31/17
Astreya Partners (Santa Clara, CA) agreed to acquire 9Lenses for an undisclosed sum. 9Lenses provides a cloud-based organizational intelligence that digitally automates the development, collection, organization, connection, and analytics during a consulting process.
10/26/17Vista Equity Partners (Austin, TX) agreed to acquire Datto for an undisclosed sum. Datto provides backup, recovery, and business continuity solutions to managed service providers worldwide.
Note: Not a complete list
CLIENTS CHOOSE M&A TO ADVISE THEM ON THEIR IMPORTANT STRATEGIC MOVES
10
DECEMBER 2017
“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
has been acquired by
London, UKreceived an investment
from
Marlin & Associates acted as exclusive strategic and financial
advisor to OpenGamma
New York City, NY
has been acquired by
a portfolio company of
Marlin & Associates acted as exclusive strategic and financial
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.
has been acquired by
Phoenix, AZ
Boston, MA and San Francisco, CA
Marlin & Associates acted as exclusive strategic and financial
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
Marlin & Associates acted as exclusive strategic and financial
advisor to Tier1CRM
has received an equityinvestment from
Note: Not a complete list
CLIENTS CHOOSE M&A TO ADVISE THEM ON THEIR IMPORTANT STRATEGIC MOVES
11
DECEMBER 2017
“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
has been acquired by
Marlin & Associates acted as exclusive strategic and
financial advisor to Alacra, Inc.
Palo Alto, CA
New York, NY Paris, France
Palo Alto, CA
Marlin & Associates acted as exclusive strategic and
financial advisor to Everteam.
has acquired the Business Process Management
business from
Campbell, CA
received an investment from
Marlin & Associates acted as exclusive strategic and financial
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.
has been acquired by
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
Marlin & Associates acted as exclusive strategic and financial
advisor to AIM Software.
Campbell, CA
has been acquired by
Englewood, CO
Marlin & Associates acted as exclusive strategic and
financial advisor to Infonetics Research, Inc.
New York, NY
has entered into a strategic alliance with
New York, NY
Marlin & Associates acted as exclusive strategic and financial
advisor to Alacra, Inc.
Brentwood, TN
a portfolio company of
Marlin & Associates acted as strategic and financial advisor to Agilum Healthcare Intelligence
has been acquired by
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)*• 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
DECEMBER 2017
Note: Not a complete list.
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
• 7+ 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
DECEMBER 2017
"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
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
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INVESTMENT BANKING AND STRATEGIC ADVISORY TOTHE TECHNOLOGY, INFORMATION AND HEALTHCAREINDUSTRIES