Analytics MARKET UPDATE - Marlin & Associates€¦ · A recent report by IDC predicted that in...

March 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

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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

Below you will find our latest report on m&a trends values and deals in the four segments of the Enterprise Data and Analytics sector that we follow, and sometimes lead.

As you will see, values in all four sectors remain strong, albeit slightly off of their 2016 highs as growth rates have moderated a bit. A recent report by IDC predicted that in 2017, the “big data and business analytics” market will grow at a rate of about 11% over 2016 and continue growing at or above that level through 2020.

Analysis of “unstructured data” continues to be the holy grail sought by many. It makes sense since something like 90% of the data that businesses would like to consume does not fit neatly into relational databases - including video, social media, RSS documents, etc. There are literally scores of firms working on solving this complex problem – applying artificial intelligence, machine learning, data visualization, and other tools that did not exist a few years ago.

As the cost of computing power and storage capacity continues to plummet, and the power and very nature of these tools increases, breakthroughs happen almost daily. We love the idea of “imbedded BI analytics”, “behavior analytics” and “prescriptive analytics”. (More on this latter phenomenon as it applies to the healthcare world in our recent Healthcare IT newsletter here.) It’s an exciting time to watch this world.

Some of the more interesting m&a transactions in this space are described in our report, found below.

A few of them include:

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,and related services. The firm is based in New York City, with offices in San Francisco, CA, Washington, D.C., and Toronto, Canada. It has been therecipient of numerous awards including “Boutique Investment Bank of the Year,” “Middle-Market Investment Bank of the Year,” "Middle-Market FinancingAgent of the Year – Equity," and “TMT Advisory Bank of the Year.” Marlin & Associates' team of professionals has advised over 200 information-technology transactions.

DEAR CLIENTS AND FRIENDS,

Sincerely,

• Axway (Euronext:AXW.PA) agreed to acquire Syncplicity in an all-cash deal from Skyview Capital,

• Elsevier, a subsidiary of RELX (LSE:REL), acquired Plum Analytics from EBSCO Information Services for an undisclosed sum,

• comScore (OTCPK: SCOR) acquired Compete Media Reporting for $29mm in cash. The transaction occurred in April 2016 but was not reported until late February 2017,

• CrediFi (New York, NY) raised $13mm in Series B funding led by Liberty Israel Venture Fund and included participation from other new and existing investors,

• Moody’s (NYSE:MCO) acquired the structured finance data and analytics business of SCDM for an undisclosed sum.

Big Data and Data Analytics. Can m&a values keep rising? Our March 2017 Enterprise Data & Analytics Market Update

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.

We will be attending The Quirk’s Event in New York on March 21-22. To arrange a meeting there, please contact Michael Maxworthy at [email protected].

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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)

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

FEBRUARY 2017

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 2/28/17. These companies are a sampleof 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 and medianmultiples 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

Enterprise Value / Revenue

Enterprise Value / EBITDA

ENTERPRISE DATA & ANALYTICSSector Comparison Snapshot:

FEBRUARY 2017

0x 2x 4x 6x

DAS

ESDA

BIS

DAS

2016A EV/Revenue 2017E EV/Revenue

0x 5x 10x 15x 20x 25x 30x

DAS

ESDA

BIS

DAS

2016A EV/EBITDA 2017E EV/EBITDA

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 2/28/17. These companies are a sampleof 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 and medianmultiples 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.

Data Analytics - Services

Public Market Data

04

MARCH 2017

Recent Activity

10x

12x

14x

16x

18x

2.0x

2.5x

3.0x

3.5x

4.0x

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

EV /

EBIT

DA

EV /

Rev

enue

5 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA

Company Market Enterprise(USD millions) Cap Value CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E

Reed Elsevier (RELX Group) 37,444 41,700 4.9x 4.5x 16.3x 12.9x 15% 8% 30% 35%Nielsen 15,957 23,325 3.7x 3.5x 14.4x 11.5x 2% 5% 26% 31%Wolters Kluw er 11,979 14,012 3.1x 2.9x 11.7x 10.8x 2% 6% 26% 27%Gartner 8,663 8,884 3.6x 3.3x 22.2x 17.3x 13% 11% 16% 19%Pearson 6,763 6,788 1.2x 1.2x 16.5x 7.0x 2% 3% 7% 17%Informa 5,383 6,684 3.9x 3.0x 12.1x 9.1x 13% 29% 33% 33%UBM 3,647 4,412 4.1x 3.6x 14.8x 11.6x 12% 15% 28% 31%Euromoney Institutional Investor 1,694 1,655 3.3x 3.2x 12.6x 12.1x 1% 3% 26% 26%comScore 946 832 1.7x 1.4x 7.0x 5.5x 36% 17% 24% 26%Forrester Research 678 545 1.7x 1.7x 13.4x 13.7x 4% 1% 12% 12%

Trim Mean 6,879 8,324 3.1x 2.8x 14.0x 11.1x 8% 8% 24% 26%Median 6,073 6,736 3.4x 3.1x 13.9x 11.5x 8% 7% 26% 26%

EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

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

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

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.


2/24/17 Compete Media ReportingcomScore (OTCPK: SCOR) acquired Compete Media Reporting for $29mm in cash. The transaction occurred in April 2016 but was not reported until late February 2017.

2/3/17

Elsevier, a subsidiary of RELX (LSE:REL), acquired Plum Analytics from EBSCO Information Services for an undisclosed sum. Plum provides of alternative metrics and research impact measurement services. Elsevier plans to integrate Plum metrics into its research products, expanding capabilities for researchers.

1/5/17Gartner (NYSE:IT) acquired Corporate Executive Board (“CEB”) for $2.6bn in cash, valuing the company at an implied 3.5x LTM Revenue and 17x LTM EBITDA. CEB is a leading provider of best practice and talent management insights.

[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 non-cash transactions. The stock is quoted on the over-the-counter market.

[1]


Enterprise Software & Data Analytics

Public Market Data

05

MARCH 2017

Recent Activity

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120

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

M&A Application Software Index S&P 500

15x

20x

25x

30x

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3.0x

4.0x

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6.0x

7.0x


EV /

EBIT

DA

EV /

Rev

enue



Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin(USD millions) Cap Value CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E

Oracle 178,665 175,169 4.7x 4.6x 10.6x 10.3x (0%) 2% 44% 44%SAP 111,661 113,432 4.8x 4.5x 15.1x 13.0x 6% 8% 32% 35%Salesforce 57,026 57,527 6.9x 5.7x na 26.5x 26% 21% 8% 21%Intuit 32,614 33,127 6.8x 6.3x 23.5x 16.2x 9% 9% 29% 39%Workday 16,713 15,251 9.7x 7.5x na 56.3x 35% 29% n/a 13%CA Technologies 13,360 12,621 3.1x 3.2x 9.8x 8.2x (0%) (1%) 32% 38%Constellation Softw are 9,899 9,886 4.7x 4.1x 24.3x 16.0x 16% 12% 19% 26%Amdocs 8,925 7,985 2.1x 2.0x 11.4x 10.2x 3% 4% 19% 20%NICE Systems 4,247 4,525 4.5x 3.4x 19.1x 12.8x 10% 33% 23% 26%Manhattan Associates 3,568 3,472 5.7x 5.6x 17.1x 15.8x 9% 3% 34% 35%Paycom Softw are 3,170 3,139 9.5x 7.4x 46.2x 27.4x 47% 29% 21% 27%Softw are AG 2,820 2,730 2.9x 2.9x 9.9x 9.2x (0%) 3% 30% 31%Zendesk 2,608 2,384 7.6x 5.7x na na 49% 35% n/a 3%Paylocity 1,812 1,730 6.5x 5.2x na 37.0x 41% 25% 3% 14%Callidus Softw are 1,200 1,015 4.9x 4.2x na 33.7x 19% 18% n/a 12%



11/16/16Infor (New York, NY) raised more than $2bn in funding from Koch Equity Development. The investment was a combination of preferred and common equity. Infor plans to use the proceeds to accelerate innovation and expand distribution.

11/15/16MacroPoint LLC (Cleveland, OH) raised $44mm in funding from Susquehanna Growth Equity. MacroPoint develops automated location tracking solutions for freight brokers, third party logistic firms and shippers.

10/27/16 Aspen Technology (Nasdaq:AZPN) acquired Mtelligence for $37mm. Mtelligenceprovides asset performance optimization software to manufacturers and utilities.


2/22/17Axway (Euronext:AXW.PA) agreed to acquire Syncplicity in an all-cash deal from Skyview Capital. Syncplicity is an enterprise file sync and share (EFSS) solution for secure collaboration. Skyview had acquired Syncplicity from EMC in July 2015.

1/24/17

Cisco Systems (Nasdaq:CSCO) agreed to acquire AppDynamics for $4.0bn, valuing the Company at an implied 18.9x LTM revenue. AppDynamics provides an integrated suite of software application and IT infrastructure monitoring and analytics products. Cisco plans to use AppDynamics' applications to monitor the performance of applications across delivery platforms.

1/17/17

Hewlett Packard (NYSE:HPE) agreed to acquire SimpliVity for $650mm in cash. SimpliVity provides hyper converged infrastructure, which combines computer, storage and networking to accelerate the deployment of resources and workloads. HP plans to use SimpliVity's platform to expand its software-defined capability.


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

Recent Activity

MARCH 2017

10x

20x

30x

40x

50x

60x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x


EV /

EBIT

DA

EV /

Rev

enue

5 Year LTM Revenue & EBITDA Multiples[1]


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

M&A BI Index S&P 500


Open Text 8,644 9,293 4.7x 3.6x 16.0x 10.0x 7% 32% 30% 36%Splunk 8,409 7,425 7.8x 6.2x na 53.6x 42% 25% na 12%Tableau Softw are 4,046 3,137 3.8x 3.6x na 58.3x 27% 7% na 6%Verint Systems 2,374 2,827 2.6x 2.5x 12.3x 10.7x (6%) 6% 21% 23%Microstrategy 2,218 1,628 3.2x 3.1x 14.0x 11.5x (3%) 3% 23% 27%Talend 773 683 6.4x 4.8x na na 40% 35% na naHortonw orks 608 522 2.8x 2.2x na na 51% 29% na na




11/17/16Connotate Technologies (New Brunswick, NJ) raised $11mm in a Series B1 round led by Long River Ventures. Connotate provides a Web data extraction platform provider for the information services industry and data-centric businesses.

10/12/16

Metamarkets (San Francisco, CA) raised $14mm in a debt round led by Wellington Financial. Metamarkets Group develops a real-time analytics platform for the digital advertising space. The capital will help Metamarkets expand its engineering team and invest even further in its real-time data processing infrastructure.

10/4/16

Wavefront (Palo Alto, CA) raised $53mm in a funding round led by Tenaya Capital. Wavefront operates a cloud-based analytics platform for managing data centers. Its platform enables users to ask new questions; get real-time answers; send data points every day; localize an issue by identifying and addressing the culprit during a crisis; prevent downtime; and get alerts on various situations.


1/10/17

Logtrust (Madrid, Spain) raised $11mm in a funding round led by Atlantic Bridge. Logtrust provides real-time Big Data-in-Motion as-a-Service firm for fast Big Data analytics. Logtrust’s platform is currently used by top companies in the financial services, telecommunications, cyber security services and other industries.

12/14/16

Databricks (San Francisco, CA) raised $60mm in a Series C round led by return investor New Enterprise Associates. Databricks delivers a just-in-time data platform in the cloud powered by Apache Spark to simplify data integration, real-time exploration, and robust deployment of production applications. The new funding round brings Databricks' total funding to date to $107.5mm.

11/17/16Connotate Technologies (New Brunswick, NJ) raised $11mm in a Series B round led by Long River Ventures. Connotate provides a Web data extraction platform provider for the information services industry and data-centric businesses.


Data & Analytics – Financial Services

Public Market Data

07

MARCH 2017

Recent Activity

10x

13x

15x

18x

3.0x

4.0x

5.0x

6.0x


EV /

EBIT

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Rev

enue



80

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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 33,869 36,164 6.4x 6.3x 14.6x 13.8x 7% 1% 44% 46%Thomson Reuters 30,904 36,560 3.3x 3.2x 16.4x 11.0x (9%) 1% 20% 29%Moody's 21,249 22,559 6.3x 5.9x 13.7x 12.9x 3% 5% 46% 46%Experian 18,729 21,882 4.7x 4.6x 13.7x 13.2x (0%) 3% 34% 35%Equifax 15,917 18,518 5.9x 5.4x 16.5x 14.8x 18% 8% 36% 37%Verisk Analytics 14,113 16,362 8.2x 7.8x 17.5x 15.4x 13% 5% 47% 50%MSCI 8,877 10,160 8.8x 8.2x 17.8x 16.2x 7% 7% 49% 51%FactSet Research Systems 7,134 7,305 6.4x 6.0x 18.2x 16.9x 11% 6% 35% 35%CoStar Group 6,598 6,369 7.6x 6.8x 29.6x 24.1x 18% 12% 26% 28%FICO 4,232 4,765 5.3x 5.1x 23.0x 19.1x 6% 4% 23% 27%Dun & Bradstreet 3,916 5,194 3.0x 2.9x 11.5x 10.4x 4% 4% 26% 28%Morningstar 3,466 3,412 4.3x 4.1x 13.6x 12.3x 1% 5% 31% 33%CoreLogic 3,421 4,912 2.5x 2.6x 11.7x 10.6x 28% (5%) 21% 25%




11/21/16

London Stock Exchange Group (LSE:LSE) acquired Mergent for an undisclosed sum. Mergent is a leading provider of business and financial information on public and private companies and adds to LSEG’s data and analytics capabilities. The Mergentbusiness will form part of LSEG’s Information Services Division which includes FTSE Russell, among other real time and reference data products.

11/10/16

eVestment Alliance (New York, NY) acquired Public Plan IQ for an undisclosed sum. Public Plan IQ is a SaaS-based platform that provides access to public pension plan reporting and board documents and houses more than 10,000 documents. The acquisition builds upon eVestment’s intelligence offering to institutional investors, consultants and managers.

11/1/16

Strategic Insight (New York, NY) acquired BrightScope for an undisclosed sum. BrightScope is a financial information company that provides a suite of proprietary datasets, data management capabilities and analytics to asset managers, record-keepers, financial advisors, and other market participants. The transaction follows Strategic Insight’s recent acquisitions of Market Metrics and Matrix Solutions.


2/15/17

Moody’s (NYSE:MCO) acquired the structured finance data and analytics business of SCDM for an undisclosed sum. SCDM, based in Germany, is a leading provider of analytical tools for participants in securitization markets primarily serving European clients. The acquisition expands Moody’s growing data, analytics and reporting solutions.

2/13/17

CrediFi (New York, NY) raised $13mm in Series B funding led by Liberty Israel Venture Fund and included participation from other new and existing investors. CrediFi is a leading provider of data and analytics for commercial real estate finance and has raised $23mm in funding to date.

2/6/17

Thomson Reuters (TSX:TRI) agreed to acquire Avox from The Depository Trust & Clearing Corporation (DTCC) for undisclosed sum. Avox validates, corrects, enriches, and maintains business entity reference data such as corporate hierarchies, registered address information, industry sector codes, and company identifiers.


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

FEBRUARY 2017

08

DateAnnounced Investor Issuer Description

2/13/17

CrediFi (New York, NY) raised $13mm in Series B funding led by Liberty Israel Venture Fund and included participation from other new and existing investors. CrediFi is a leading provider of data and analytics for commercial real estate finance and has raised $23mm in funding to date.

1/18/17Pipedrive (New York, NY) raised $17mm in series B funding from AtomicoInvestment Holdings. Pipedrive Inc. develops web-based customer relationship management and sales pipeline management software solutions.

1/10/17

Logtrust (Madrid, Spain) raised $11mm in a funding round led by Atlantic Bridge. Logtrust provides real-time Big Data-in-Motion as-a-Service firm for fast Big Data analytics. Logtrust’s platform is currently used by top companies in the financial services, telecommunications, cyber security services and other industries.

12/14/16

Databricks (San Francisco, CA) raised $60mm in a Series C round led by return investor New Enterprise Associates. Databricks delivers a just-in-time data platform in the cloud powered by Apache Spark to simplify data integration, real-time exploration, and robust deployment of production applications. The new funding round brings Databricks' total funding to date to $107.5 million.

12/7/16

Finicity (Murray, UT) raised $42mm in a Series B funding round led by new investor Experian and including existing investors. Finicity, a provider of real-time financial data aggregation, plans to use the capital to expand the size of its engineering and support teams in order to accelerate the development of solutions built on its platform.

11/17/16Connotate Technologies (New Brunswick, NJ) raised $11mm in a Series B round led by Long River Ventures. Connotate provides a Web data extraction platform provider for the information services industry and data-centric businesses.

11/16/17

Infor (New York, NY) raised more than $2bn in funding from Koch Equity Development. The investment was a combination of preferred and common equity. Infor plans to use the proceeds to accelerate innovation and expand distribution.

11/15/17MacroPoint LLC (Cleveland, OH) raised $44mm in funding from Susquehanna Growth Equity. MacroPoint develops automated location tracking solutions for freight brokers, third party logistic firms and shippers.

10/24/16Paxata (Redwood City, CA) raised $33.5mm in its fourth round of funding led by Intel Capital. Paxata provides an adaptive self-service data preparation platform.

10/19/16

360insights.com (Whitby, ON) raised $30mm in funding from Sageview Capital. 360insights.com provides a platform that empowers brands to create, measure, and manage their incentives programs, such as sales incentives, rebates and co-op/MDF in real time.

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 2/28/17. These companies are a sampleof 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 and medianmultiples 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. 09

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

FEBRUARY 2017

DateAnnounced Acquirer Target Description

2/24/17Compete Media

ReportingcomScore (OTCPK: SCOR) acquired Compete Media Reporting for $29mm in cash. The stock is quoted on the over-the-counter market. The transaction occurred in April 2016 but was not reported until late February 2017.

2/22/17

Axway (Euronext:AXW.PA) agreed to acquire Syncplicity in an all-cash deal from Skyview Capital. Syncplicity is an enterprise file sync and share (EFSS) solution for secure collaboration. Skyview had acquired Syncplicity from EMC in July 2015.

2/15/17

Moody’s (NYSE:MCO) acquired the structured finance data and analytics business of SCDM for an undisclosed sum. SCDM, based in Germany, is a leading provider of analytical tools for participants in securitization markets primarily serving European clients. The acquisition expands Moody’s growing data, analytics and reporting solutions.

2/6/17

Thomson Reuters (TSX:TRI) agreed to acquire Avox from The DepositoryTrust & Clearing Corporation (DTCC) for undisclosed sum. Avox validates, corrects, enriches, and maintains business entity reference data such as corporate hierarchies, registered address information, industry sector codes, and company identifiers.

2/3/17

Elsevier, a subsidiary of RELX (LSE:REL), acquired Plum Analytics from EBSCO Information Services for an undisclosed sum. Plum provides of alternative metrics and research impact measurement services. Elsevier plans to integrate Plum metrics into its research products, expanding capabilities for researchers.

1/23/17

Verisk Analytics (NasdaqGS:VRSK) acquired Arium Limited for an undisclosed sum. Arium specializes in liability risk modeling and decision support and will become part of AIR Worldwide, a Verisk Analytics business. Arium will enable AIR to provide its clients with additional modeling solutions and analytics for the casualty market.

1/19/17

China Oceanwide Holdings (Beijing, China) and IDG Capital Group (Beijing, China) agreed to acquire International Data Group (“IDG”) for an undisclosed sum. IDG is a leading data and marketing company that also runs venture capital firm IDG Ventures. Upon closing of the transaction, China Oceanwidewill become the controlling shareholder of IDG with IDG Capital taking a minority stake.

1/9/17Atlassian (London, UK) agrees to acquire Trello for $425mm. Trello is a collaborative Web and mobile based application that helps teams and individuals to stay organized and communicate on projects.

1/5/17Indian Hill Group

Affiliates of The Carlyle Group (NasdaqGS:CG) and the Indian Hill Group agreed to acquire Claritas from Nielsen (NYSE:NLSN) for an undisclosed sum. Claritas offers consumer segmentation insights that provide marketers with a comprehensive view into consumer behavior patterns through proprietary segmentation analysis.

1/5/17

Gartner (NYSE:IT) agreed to acquire Corporate Executive Board (“CEB”) for $2.6bn in cash, implying an enterprise value of $3.3bn and valuing the company at an implied 3.5x LTM Revenue and 17x LTM EBITDA. CEB is a leading provider of best practice and talent management insights.

Note: Not a complete list

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

10

has invested in

Marlin & Associates acted as strategic and financial advisor to Aquiline Capital

Partners.

Dublin, Ireland

New York, NY

has been acquired by

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

Windsor, CT

Boston, MA


Marlin & Associates acted as exclusive strategic and financial advisor

to Alacra, Inc.

Pa lo A lto, CA

New York, NY

rece ived an investment from

Marlin & Associates acted as exclusive strategic and financial advisor

to Trunomi.

Campbell, CA

Brentwood, TN

a portfolio company of

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


FEBRUARY 2017

New York City, NY

Lake Success, NY

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


“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

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, ILMarlin & 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 fom

Tokyo, Japan

Paris, France

Palo Alto, CA


advisor to Everteam.

has acquired the Business Process Management business from

Lucca, Italysecured a $36 million

investment from

Milan, ItalyMarlin & Associates acted as

exclusive strategic and financial advisor to Tagetik Software srl.

Hong Kong, China

Hong Kong, China

Marlin & Associates acted as strategic and financial advisor to

Wisers Information Limited.

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Wixom, MIhas acquired

Hamilton, NJMarlin & Associates acted as

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Washington, D.C.



Marlin & Associates acted as exclusive strategic and financial advisor to Current Analysis, Inc.

Woburn, MA


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Chicago, IL


New York, NY

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SpyWare LLC.

Dublin, Ireland


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Information Mosaic.


New York City, NY


a portfolio company of


advisor to Advise Technologies, LLC

London, UK

received an investment from


advisor to OpenGamma

a portfolio company of Hamilton, Bermuda

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

agreed to be acquired by

Toronto, Canada

Atlanta, GA


advisor to TMX Group

has agreed to sell the Atrium wireless and extranet infrastructure

businesses to

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

• 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)• Middle Market Financing Agent of the Year – Equity (2007)*• Middle Market Computer and Information Technology Deal of the Year (2007)

PEER AND INDUSTRY GROUP RECOGNITION

11

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 (2016)

Boutique Investment Banking Firm of the

Year(2016)

– 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

FEBRUARY 2017

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

Tom Selby

• 12+ 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

Jonathan Kaufman

• 15+ years of corporate finance experience

• Thought leader in Fintech• 8+ years in investment banking at UBS and Deutsche Bank• BS from Union College• MBA from University of Virginia’s Darden

School of Business• Named to Deal’s Digest “40-Under-40”

MARLIN AND ASSOCIATES: WHO WE ARE

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

Michael Maxworthy

Paul Friday

12

FEBRUARY 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

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 13

New York | San Francisco | Washington, D.C. | Toronto

www.MarlinLLC.com

INVESTMENT BANKING AND STRATEGIC ADVISORY TOTHE TECHNOLOGY, INFORMATION AND HEALTHCAREINDUSTRIES

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