M&A MARKET UPDATE - Marlin & Associates · Marlin& Associates is one of the most activefirms...

July 2017

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

M A R K E TU P D AT E

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.

San Francisco

New York

Dear Clients and Friends,

Our latest report - found below - contains an update on m&a deals, values and trends in the dozen+ segments of the information industry that we follow and sometimes lead. Please see below for our July M&A Market Update.

One of the trends you will notice is the continuation of cross-border m&a transactions - especially in the Fintech, Marketingtech and Infotech arenas. That trend has been good for much of the world – as innovations and improved efficiency have brought benefits to many – and many US and international firms have expanded beyond their native borders.

Cross-border trade, and by extension cross-border tech m&a, is a big part of our business. Over the past 15 years, we’ve worked with buyers, sellers and investors in 27 countries. We’ve had a few transactions get reviewed for perceived national security reasons or because of concerns related to transfers of sensitive technology. But by and large the policies in place have fostered robust cross-border deals – in every direction - for years. So anything that impacts the free movement of people, goods, currencies, technologies – or transactions is important to us. Right now, in spite of the rhetoric in the news, we’re cautiously optimistic about the future.

We’re certainly not averse to a periodic review of international trade pacts, as long as those reviews are conducted quickly with a bias towards open markets – with adequate protections for things such as worker safety, intellectual property, and privacy. And the new US administration has certainly approached these reviews aggressively – albeit with a seeming focus more on trade imbalances than anything else. They have withdrawn the US from final negotiations on the Trans Pacific Partnership (“TPP”) and the new T-TIP with the EU seems dead. Those actions give us pause – especially with the future for NAFTA and other trade agreements also seemingly in question. This climate of uncertainty – and focus on trade imbalances has already made a few buyers and investors nervous. But most seem to believe – as we do – that those trying to foster an “America First” Policy that is reasonably enlightened are likely to soon realize the long-term benefits of open international trade agreements to US employees, employers, consumers – and to a growing, prosperous, innovative, productive an inclusive global society. We hope…

Some of the more interesting deals of this month can be found below:

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,

• GTCR agreed to acquire Sage Payment Solutions from The Sage Group (LSE:SGE) for $260mm,

• Insight Venture Partners (New York, NY) agreed to acquire Zyme from Susquehanna Growth Equity for $100mm,

• Euronext (ENXTPA:ENX) acquired a 90% stake in FastMatch for $153mm,

• Addepar (Mountain View, CA) raised $140mm in a Series D funding round co-led by existing investor Valor Equity Partners and new investors Eight Partners and Harald McPike,

• Fiserv (NASDAQ:FISV) agreed to acquire Monitise for $52mm,

• OPAP (Metochiou, Cyprus) agreed to acquire Neurosoft (BIT:NRST) for $38.3mm,

• Investment Metrics received a significant equity investment from Resurgens Technology Partners and HarbourVest Partners. Marlin & Associates acted as exclusive strategic and financial advisor to Investment Metrics,

• Vela (New York, NY) acquired OptionsCity for an undisclosed sum. Marlin & Associates as exclusive strategic and financial advisor to OptionsCity.

Why US Trade Policy Matters for Cross-Border M&A – Our July M&A Market Report

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 were recently honored with a few industry awards, including M&A Cross-Border Deal of the Year Award for acting as exclusive strategic and financial advisor to Xignite from The M&A Advisor. We were also honored with the 2017 Boutique Investment Banking Firm Of The Year (US), 2017 Gamechanger of The Year (Ken Marlin), and 2017 TMT Advisory Firm of the Year (US) by the ACQ5 Global Awards. We work hard to help our clients achieve their long-term strategic goals and it is always a pleasure to have this hard work be recognized.

Also, please standby for some interesting changes to our newsletters over the coming weeks. We’re working hard on them.

http://www.marlinllc.com/

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

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

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 6/30/17. 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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Sector Comparison Snapshot

Sector Analyses

Application Software

B2B E-commerce & Marketing Technologies

Banking Software & Processors

Business Intelligence Software

Capital Markets Software & Services

Data & Analytics – Financial Services

Information & Market Research

Insurance Technology

Payment Technology

Securities Exchanges

Security Software

Technology-Enabled Financial Institutions

Merger-and-Acquisition Activity Trends

MARLIN & ASSOCIATES MARKET UPDATE

JULY 2017

02


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Tech-enabled Financial Institutions *



Security Software


Payment Technology




Data & Analytics - Financial Services


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SECTOR COMPARISON SNAPSHOT:CURRENT REVENUE & EBITDA MULTIPLESEnterprise Value / 2017 Revenue

Enterprise Value / 2017 EBITDA

*Tech-enabled Financial Institutions multiples calculated using Market Cap / Revenue and Market Cap / EBT

JULY 2017

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



Payment Technology




Data & Analytics - Financial Services

Tech-enabled Financial Institutions *




Security Software


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

Oracle 212,995 205,212 5.5x 5.3x 14.1x 11.6x (1%) 4% 39% 46%SAP 125,585 126,472 5.0x 4.6x 18.4x 13.5x 6% 8% 27% 35%Salesforce 61,155 60,471 7.2x 5.9x nm 27.5x 26% 23% 6% 21%Intuit 34,531 33,438 6.9x 6.3x 23.7x 16.3x 9% 10% 29% 39%Workday 19,770 18,196 11.6x 8.9x na 61.2x 35% 31% na 14%CA 14,305 14,462 3.6x 3.5x 11.3x 9.7x (0%) 2% 32% 36%Constellation 11,111 10,984 5.2x 4.6x 27.0x 17.8x 16% 13% 19% 26%Amdocs 9,461 8,512 2.3x 2.2x 12.1x 11.0x 3% 4% 19% 20%NICE 4,893 5,026 4.9x 3.7x 22.8x 13.3x 10% 32% 22% 28%Paycom Softw are 4,004 3,942 12.0x 9.2x 58.0x 33.2x 47% 30% 21% 28%Manhattan Associates 3,376 3,275 5.4x 5.4x 16.1x 15.1x 9% 1% 34% 36%Softw are 3,321 3,214 3.2x 3.1x 11.0x 9.7x (0%) 4% 29% 32%Zendesk 2,708 2,460 7.9x 5.8x na nm 49% 35% na 3%Xero 2,514 2,432 12.3x 8.7x na nm 48% 42% na 1%Paylocity 2,440 2,338 8.9x 7.1x nm 41.1x 41% 25% 3% 17%Callidus 1,558 1,374 6.6x 5.6x na 45.5x 19% 18% na 12%

Trim Mean 21,369 21,087 6.7x 5.6x 18.2x 21.3x 19% 17% 24% 25%Median 7,177 6,769 6.1x 5.5x 17.2x 15.7x 13% 15% 25% 27%


Public Market Data

04

JULY 2017

Recent Activity

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

6/29/17Microsoft (NASDAQ:MSFT) acquired Cloudyn for an undisclosed sum. Cloudyn develops and delivers technologies for optimizing the way companies use cloud computing resources.

6/15/17Trace3 (Irvine, CA) raised an undisclosed sum from H.I.G. Capital. Trace3 provides cloud computing, big data intelligence, and data center solutions to organizational in the United States.

6/14/17

Element AI (Montreal, QC) raised $102mm in a Series A funding round led by Data Collective. Element AI operates an online platform that helps organizations identify opportunities to use artificial intelligence and machine learning in ways that impact their business.

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

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5 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA

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

M&A Application Software Index S&P 500


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5 Year LTM Revenue & EBITDA Multiples[1]


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

Adobe 70,770 67,727 11.6x 9.4x 37.1x 22.8x 22% 23% 31% 41%Mercadolibre 11,078 10,833 12.8x 8.5x 48.4x 34.7x 30% 50% 27% 25%Shopify 6,569 6,173 15.9x 9.8x nm nm 90% 62% nm 1%NeuStar 2,404 2,282 8.4x 6.4x nm nm 49% 32% nm 3%HubSpot 1,902 2,587 2.1x 2.0x 5.6x 4.5x 15% 5% 38% 45%ChannelAdvisor 304 242 2.1x 2.0x nm nm 13% 9% nm 2%QuinStreet 191 149 0.5x 0.5x nm 7.5x 6% 1% nm 7%Mediagrif Interactive 178 193 3.3x 3.1x 9.9x 8.9x 7% 6% 33% 34%


EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin


Public Market Data

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[1] Shopify (SHOP) added to the index as of IPO 5/21/15

JULY 2017

Recent Activity

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

M&A eCommerce Index S&P 500

Date Announced Acquirer(s) / Investor(s) Target / Issuer Description

11/17/16SendGrid (Denver, CO) raised $33mm in series D funding led by Bain Capital Ventures. SendGrid provides a cloud-based platform that provides email services to solve the challenges of reliably delivering emails on behalf of growing companies.

10/4/16

Criteo (NASDAQ:CRTO) acquired HookLogic for $250mm. HookLogic provides performance marketing services to manufacturers and hotels, offers retail search exchange/native advertising, paid product listings integration, and closed-loop advertising solutions to e-commerce site owners through its platform.

Date Announced Acquirer(s) / Investor(s) Target / Issuer Description

6/15/17Alterego Web Services acquired The etailers from IDODI for an undisclosed sum. The etailers operates an e-commerce platform that enables shop owners to open their own virtual stores.

5/11/17

Shopify (NYSE:SHOP) acquired Oberlo for €13.8mm (~$15mm). Oberlo provides an online marketplace for entrepreneurs to search and find products to sell online. Its platform allows the client to import dropshipped products into an ecommerce store and ship them directly to customers.

4/17/17

Insight Venture Partners (New York, NY) agreed to acquire Zyme from Susquehanna Growth Equity for $100mm. Zyme is a channel data management (CDM) cloud platform provider. Insight plans to develop a new solution category around Zyme’s current CDM technology, with a focus on channel marketing, sales, and inventory.



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 GuosenHongsheng 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.


6/29/17

Marquis Software Solutions (Plano, TX) acquired DocuMatix for an undisclosed sum. DocuMatix provides marketing automation solutions to banks and credit unions. DocuMatix is the first add-on acquisition completed by Marquis since it was acquired by Falfurrias Capital Partners in September 2016.

6/21/17

Callcredit Information Group (Leeds, UK) acquired the Confirma group of companies (Confirma Sistemas and Soluciones Confirma) for an undisclosed sum. The Confirma group of companies focuses on providing fraud prevention and anti-money laundering solutions. Callcredit, backed by GTCR, has now made three acquisitions since the start of 2016.

6/13/17

Fiserv (NASDAQ:FISV) agreed to acquire Monitise for $52mm, valuing the company at an implied 0.7x LTM revenue. Monitise, which initially listed publicly in June 2007, was valued at more than $2bn as recently as May 2014. Prior to this acquisition, Monitise was working with Fiserv to resell its software.


Public Market Data

06

[1] Q2 Holdings (QTWO) added to the index as of IPO 3/20/14

Recent Activity

JULY 2017

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

M&A Banking Software Index S&P 500

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FIS 28,438 37,350 4.0x 4.0x 16.5x 12.1x 1% 2% 25% 33%Fiserv 26,817 31,138 5.7x 5.4x 18.1x 15.2x 5% 5% 31% 36%Jack Henry & Associates 8,095 8,102 5.8x 5.5x 16.4x 15.6x 7% 5% 35% 35%Temenos 6,322 6,491 10.2x 9.3x 38.8x 26.5x 17% 10% 26% 35%Oracle Financial Services 4,738 4,193 6.1x 5.7x 14.8x 14.7x 10% 8% 42% 39%Ellie Mae 3,914 3,521 9.8x 8.0x 48.0x 24.3x 42% 22% 20% 33%ACI Worldw ide 2,609 3,211 3.2x 3.1x 27.1x 13.3x (4%) 1% 12% 24%Q2 Holdings 1,501 1,419 9.4x 7.3x na nm 38% 29% na 4%Bottomline Technologies 975 1,015 2.9x 2.8x 32.4x 12.7x 2% 4% 9% 22%Sw ord Group 385 352 2.0x 1.8x 13.6x 11.4x 16% 11% 14% 15%Polaris Consulting & Services 378 294 0.9x na 8.8x na 0% na 11% naMicrogen 259 242 4.4x 4.1x 19.6x 16.8x 35% 7% 22% 24%Gresham Technologies 140 131 5.9x 5.1x 33.9x 19.5x 16% 17% 17% 26%





Open Text 8,372 10,517 5.4x 4.1x 18.1x 11.8x 7% 30% 30% 35%Splunk 7,870 6,867 7.2x 5.7x na 50.6x 42% 26% na 11%Tableau Softw are 4,776 3,822 4.6x 4.4x na nm 27% 6% na 6%Verint Systems 2,551 2,969 2.8x 2.6x 30.5x 11.5x (6%) 7% 9% 23%Microstrategy 2,222 1,604 3.1x 3.1x 13.8x 11.7x (3%) 2% 23% 26%Alteryx 1,113 948 11.1x 7.7x na na 59% 44% na naTalend 1,003 908 8.6x 6.2x na na 40% 37% na naHortonw orks 810 726 3.9x 3.0x na na 51% 30% na na




Public Market Data

07

[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

JULY 2017

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

M&A BI Index S&P 500


6/20/17FusionOps (Mountain View, CA) raised $50mm in an equity funding round led by New Enterprise Associates. FusionOps provides cloud-based supply chain intelligence solutions.

6/14/17Main Capital Partners agreed to acquire Inergy (Utrecht, Netherlands) for an undisclosed sum. Inergy provides a cloud-based analytics platform that provides managed business intelligence solutions.

6/09/17OPAP (Metochiou, Cyprus) agreed to acquire Neurosoft (BIT:NRST) for $38.3mm.Neurosoft provides business intelligence and gaming analytics software solutions to the sports betting industry.

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Public Market Data

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Recent Activity

JULY 2017


IHS Markit 18,303 22,199 6.1x 6.3x 16.5x 16.0x 10% (3%) 37% 39%Broadridge 9,120 10,117 2.9x 2.4x 15.9x 13.2x 23% 22% 18% 18%SS&C Technologies 8,055 10,390 7.0x 6.2x 20.2x 15.1x 48% 13% 35% 41%Computershare 5,864 7,077 3.5x 3.3x 16.2x 12.9x 4% 5% 21% 26%DST 3,949 4,348 2.8x 2.2x 13.2x 11.4x (23%) 29% 21% 19%SimCorp 2,426 2,371 7.1x 6.2x 29.9x 22.4x 6% 16% 24% 28%Envestnet 1,734 1,980 3.4x 3.0x 46.7x 15.8x 37% 15% 7% 19%IRESS 1,617 1,734 6.0x 5.3x 22.7x 17.8x 8% 13% 26% 30%Fidessa group 1,165 1,042 2.4x 2.3x 13.4x 10.2x 12% 7% 18% 22%First Derivatives 983 998 5.4x 4.6x 47.2x 24.9x 33% 18% 11% 18%Linedata Services 432 477 2.5x 2.2x 9.9x 8.0x (3%) 17% 26% 27%Cinnober 233 204 5.1x 4.1x nm nm 16% 24% 1% 4%StatPro Group 99 113 2.3x 1.8x 20.3x 12.6x 24% 30% 11% 14%Brady 79 70 1.8x 1.8x 31.7x 24.4x 11% (3%) 6% 8%Lombard Risk Management 68 59 1.5x 1.2x na 8.3x 34% 24% na 14%



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

M&A Capital Markets Index S&P 500


6/20/17

Investment Metrics received a significant equity investment from Resurgens Technology Partners and HarbourVest Partners. Investment Metrics provides a suite of performance analytics and reporting solutions to institutional consultants, plan sponsors, asset managers and private wealth advisors. Marlin & Associates acted as exclusive strategic and financial advisor to Investment Metrics. Read more HERE.

6/20/17

Vela (New York, NY) acquired OptionsCity for an undisclosed sum. OptionsCity provides futures and options trading and analytics solutions, and will help expand Vela’s front-office offerings. This is Vela’s second acquisition since being acquired by Insight Venture Partners in 2012. Marlin & Associates as exclusive strategic and financial advisor to OptionsCity. Read more HERE.

6/8/17

Harald McPike

Addepar (Mountain View, CA) raised $140mm in a Series D funding round co-led by existing investor Valor Equity Partners and new investors Eight Partners and Harald McPike. Addepar plans to use the funding to continue to fuel global expansion and invest in R&D. This round brings the total capital raised to-date by Addepar to more than $205mm.

https://www.invmetrics.com/blog/investment-metrics-announces-strategic-equity-partnership-with-resurgens-technology-partners-and-harbourvest-partners



Data & Analytics – Financial Services

Public Market Data

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JULY 2017

Recent Activity

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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 38,074 40,363 7.1x 7.0x 16.3x 14.9x 7% 3% 44% 47%Thomson Reuters 33,834 40,718 3.6x 3.6x 17.1x 12.1x (1%) 2% 21% 30%Moody's 23,642 25,572 7.1x 6.6x 15.6x 14.0x 3% 7% 46% 47%Experian 19,352 22,532 4.8x 5.1x 14.2x 14.6x (0%) (6%) 34% 35%Equifax 16,751 19,362 6.2x 5.7x 17.2x 15.5x 18% 8% 36% 37%Verisk Analytics 14,356 16,485 8.3x 7.9x 17.6x 16.0x 13% 4% 47% 50%MSCI 9,436 10,815 9.4x 8.7x 19.0x 17.0x 7% 8% 49% 51%CoStar Group 8,584 8,315 9.9x 8.7x 38.7x 31.1x 18% 14% 26% 28%FactSet Research Systems 6,557 6,938 6.1x 5.5x 17.2x 16.1x 11% 10% 35% 34%FICO 4,497 5,007 5.6x 5.3x 24.2x 20.3x 6% 5% 23% 26%Dun & Bradstreet 4,012 5,359 3.1x 3.0x 11.9x 10.7x 4% 4% 26% 28%CoreLogic 3,745 5,190 2.7x 2.8x 12.4x 11.1x 28% (5%) 21% 25%Morningstar 3,384 3,302 4.1x n/a 14.3x n/a 1% n/a 29% n/a




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.


6/20/17

Investment Metrics received a significant equity investment from Resurgens Technology Partners and HarbourVest Partners. Investment Metrics provides a suite of performance analytics and reporting solutions to institutional consultants, plan sponsors, asset managers and private wealth advisors. Marlin & Associates acted as exclusive strategic and financial advisor to Investment Metrics. Read more HERE.

6/1/17Index Platform from Global Research Division

Intercontinental Exchange (NYSE:ICE) agreed to acquire the Index Platform from Bank of America Merrill Lynch Global Research Division for an undisclosed sum. The BofAML indices are one of the most used fixed income indices by assets under management (AUM) globally. Upon closing, the AUM benchmarked against the combined fixed income index business of ICE is expected to be nearly $1 trillion.

5/30/17&

Citi Fixed Income Indices

London Stock Exchange Group (LSE:LSE) agreed to acquire The Yield Book and Citi Fixed Income Indices from Citi for $685mm, valuing the company at an implied 6.4x 2016 revenue and 14.9x 2016 EBITDA. The Yield Book and Citi Fixed Income Indices are both leading providers of fixed income indices and analytics globally.




Public Market Data

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Reed Elsevier (RELX Group) 43,422 47,900 5.5x 4.9x 18.3x 14.0x 5% 12% 30% 35%Nielsen 13,881 22,042 3.5x 3.3x 13.6x 10.9x 2% 5% 26% 31%Wolters Kluw er 12,399 14,603 3.0x 2.8x 11.4x 10.5x 2% 5% 26% 27%Gartner 10,387 10,794 4.4x 3.2x 26.9x 15.3x 13% 39% 16% 21%Pearson 7,301 7,327 1.2x 1.2x 9.8x 8.0x 2% 1% 13% 15%Informa 6,984 8,909 5.1x 4.0x 16.3x 11.8x 11% 29% 31% 34%UBM 3,551 4,356 3.9x 3.4x 14.3x 11.0x 12% 16% 27% 30%Euromoney Institutional Investor 1,639 1,719 3.3x 3.0x 11.4x 11.5x 1% 7% 28% 26%comeScore 1,035 921 1.8x 1.6x 7.4x 5.7x 41% 9% 24% 29%Forrester Research 726 589 1.8x 1.8x 14.6x 15.6x 4% 1% 12% 11%



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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

[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.


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.


6/30/17

GIC (Singapore) agreed to acquire a 30% stake in Mergermarket from BC Partners for an undisclosed sum. Mergermarket provides corporate financial news and analysis. It offers proprietary, forward-looking and actionable intelligence to a wide range of investor, advisory and corporate clients.

6/22/17Schlesinger Associates (Iselin, NJ) acquired BDI Research for an undisclosed sum. BDI Research operates as a data collection company that provides qualitative and quantitative solutions for research needs.

6/5/17Bregal Sagemount (New York, NY) acquired Lux Research for an undisclosed sum. Lux Research provides subscription-based market intelligence services for global customers.


Insurance Software

Public Market Data

11

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

Recent Activity

JULY 2017


6/20/17

Next Insurance (Palo Alto, CA) raised $35mm in a Series A funding round led by Munich Re/HSB Ventures with participation from Markel, Nationwide, American Express and other existing investors. The company plans to use the funds for continued operations, further development of Next’s proprietary insurance products, and to expand their offering to new business sectors.

5/30/17

Ebix (NASDAQ:EBIX) acquired an 80% stake in ItzCash for $120mm. ItzCash is a pioneer in electronic payments in India, offering utility bill payments, travel bookings, movie tickets, prepaid gift cards, remittances, insurance premium payments, property tax payments and mobile transactions.

4/26/17

Singapore Life (Singapore) raised $50mm in a Series A funding round co-led by Impact Capital Holdings, a subsidiary of Credit China Fintech Holdings and IPGL. Singapore Life offers on-demand long-term life and savings solutions for customers. The company plans to use the funds for continued operations and development purposes.

0x

6x

12x

18x

24x

1.0x

2.0x

3.0x

4.0x

5.0x


EV /

EBIT

DA

EV /

Reve

nue



100

150

200

250

300


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 5,097 4,619 10.3x 8.5x nm 40.8x 14% 21% 4% 21%Ebix 1,723 1,922 6.4x 5.6x 17.5x 16.0x 12% 15% 37% 35%CorVel 913 884 1.7x na 13.4x nm 3% na 13% nmSapiens 549 555 2.6x 2.1x 18.5x 19.3x 16% 24% 14% 11%Majesco 180 181 1.4x 1.4x 49.3x 18.4x 23% (0%) 3% 8%

Trim Mean 1,062 1,120 3.6x 3.8x 18.0x 18.9x 14% 18% 10% 16%Median 913 884 2.6x 3.8x 18.0x 18.9x 14% 18% 13% 16%



Payment Technology

Public Market Data

12

[1] EVERTEC (EVTC) added to the index as of 4/17/13, Blackhawk Network (HAWK) added as of 4/24/13, SafeCharge (SCH) added as of 4/4/14, 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.

Recent Activity

JULY 2017

8x

10x

12x

14x

16x

18x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x


EV /

EBIT

DA

EV /

Reve

nue



75

100

125

150

175

200

225

250

275

300


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

M&A Payment Tech Index S&P 500


11/10/16

Vantiv (NYSE:VNTV) acquired Moneris Solutions, Inc. (the US business of Moneris) for $425mm. Moneris offers credit, debit, wireless and online payment services for merchants in virtually every industry segment and processed approximately $12bn in US transaction volume in 2015.

11/7/16

GTCR (Chicago, IL) acquired RevSpring and committed up to $400mm to complete this as well as pursue complementary acquisitions. RevSpring is a leading provider of multi-channel billing and communications solutions to the healthcare and financial services industries.

10/20/16

Cardtronics (NASDAQ:CATM) acquired DirectCash Payments for $460mm. The purchase included First Data’s Australian ATM portfolio, which DirectCash acquired on September 30. DirectCash is a leading provider of prepaid card products, ATM services, and debit terminals.


1/26/17

Ant Financial Services Group, an affiliate of Alibaba Group (NYSE:BABA), agreed to acquire MoneyGram (NASDAQ:MGI) for $880mm, implying an enterprise value of $1.5bn and valuing the company at an implied 1.0x LTM revenue and 7.0x LTM EBITDA. The offer of $13.25 per share represents a premium of ~11.5% to MoneyGram’s closing share price on 1/25/17.

1/13/17

Advent International (Boston, MA) and Bain Capital (Boston, MA) agreed to acquire Concardis for an undisclosed sum. Originally focused on connecting retailers to credit card systems, Concardis has recently developed a leading position as a full-service payment provider in Germany, Austria and Switzerland.

1/10/17

iZettle (Stockholm, Sweden) raised €60mm (~$63.5mm) in a round of funding fromIntel Capital, Zouk Capital and Victory Park Capital. The funding round included €45mm of debt funding from new investor Victory Park Capital and €15mm in equity funding from existing investors Intel Capital and Zouk Capital.


11/10/16

Vantiv (NYSE:VNTV) acquired Moneris Solutions, Inc. (the US business of Moneris) for $425mm. Moneris offers credit, debit, wireless and online payment services for merchants in virtually every industry segment and processed approximately $12bn in US transaction volume in 2015.

11/7/16

GTCR (Chicago, IL) acquired RevSpring and committed up to $400mm to complete this as well as pursue complementary acquisitions. RevSpring is a leading provider of multi-channel billing and communications solutions to the healthcare and financial services industries.

10/20/16

Cardtronics (NASDAQ:CATM) acquired DirectCash Payments for $460mm. The purchase included First Data’s Australian ATM portfolio, which DirectCash acquired on September 30. DirectCash is a leading provider of prepaid card products, ATM services, and debit terminals.


6/27/17

Visa agreed to make an equity investment in Klarna. Terms were not disclosed. Visa and Klarna jointly announced the agreement at the Money2020 conference in Copenhagen as well as announced plans for partnership to accelerate online and mobile commerce for consumers and merchants across Europe.

6/27/17

Riskified raised $33mm in funding, led by Pitango Venture Capital and included participation from Capital One Growth Ventures, Groupe Arnault, C4 Ventures and existing investors. Riskified leverages its machine-learning algorithm and proprietary behavioral analytics to protect merchants from fraud. Riskified plans to use the funds to accelerate market penetration and serve new merchants internationally.

6/2/17

GTCR agreed to acquire Sage Payment Solutions from The Sage Group (LSE:SGE) for $260mm. Sage Payment Solutions is a leading provider of payment processing and merchant acquiring solutions in North America. GTCR has committed up to $350 million of equity capital to the platform to fund future growth.


PayPal 65,263 56,335 5.2x 4.4x 26.8x 17.3x 17% 17% 19% 26%Cielo 20,201 23,206 6.2x 6.1x 13.9x 13.6x 11% 2% 45% 45%First Data 16,944 37,069 4.7x 4.6x 13.9x 12.3x 1% 3% 34% 38%Global Payments 13,842 17,404 6.1x 5.1x 16.4x 15.6x 3% 21% 37% 32%FleetCor Technologies 13,636 16,918 9.2x 7.7x 18.1x 14.6x 8% 21% 51% 52%Vantiv 12,509 15,880 8.3x 7.5x 18.7x 15.8x 13% 10% 45% 48%Total System Services 10,773 13,437 3.2x 2.8x 15.7x 11.5x 50% 15% 20% 24%Western Union 9,209 11,369 2.1x 2.1x 8.3x 8.8x (1%) 0% 25% 24%Square 8,604 8,058 11.7x 8.8x nm 65.0x 52% 34% nm 14%Worldpay Group 8,140 9,908 6.8x 6.1x 18.0x 15.0x 15% 11% 38% 41%Wirecard 7,853 7,014 5.8x 4.6x 20.9x 15.4x 32% 27% 28% 30%Euronet Worldw ide 4,799 4,641 2.4x 2.2x 14.1x 11.6x 11% 9% 17% 19%WEX 4,496 6,678 6.6x 5.6x 22.6x 14.0x 19% 17% 29% 40%Blackhaw k Netw ork 2,437 2,814 1.5x 1.3x 19.1x 12.1x 5% 18% 8% 10%EVERTEC 1,266 1,849 4.7x 4.6x 12.1x 9.9x 4% 3% 39% 47%MoneyGram International 1,140 1,926 1.2x 1.2x 8.7x 6.9x 6% 1% 14% 17%PayPoint 781 712 2.6x 2.7x 9.4x 9.1x (1%) (5%) 27% 30%SafeCharge 524 409 3.9x 3.5x 13.3x 11.3x 4% 11% 30% 31%





CME Group 42,575 43,432 12.1x 11.6x 17.7x 16.3x 8% 4% 68% 72%IntercontinentalExchange (ICE) 39,486 45,241 10.1x 9.7x 16.4x 15.1x 35% 3% 61% 64%Hong Kong Exchange 31,664 4,744 3.3x 3.0x 5.1x 4.2x (14%) 10% 66% 72%Deutsche Börse Group 19,690 20,526 6.5x 7.2x 13.7x 12.3x 8% (10%) 47% 58%London Stock Exchange (LSE) 17,003 17,702 8.3x 7.7x 19.9x 15.3x 17% 7% 42% 51%The Nasdaq OMX Group 12,171 15,212 4.1x 6.4x 13.1x 12.5x 71% (35%) 31% 51%BM&F Bovespa 12,162 14,295 20.2x 18.6x 30.3x 22.4x (63%) 9% 67% 83%CBOE 10,241 11,524 17.5x 11.5x 32.3x 18.3x 4% 53% 54% 63%Japan Exchange Group (JPX) 9,782 9,569 9.5x 9.6x 14.7x 15.0x (2%) (1%) 64% 64%Australian Exchange (ASX) 7,865 7,045 10.3x 11.9x 13.2x 15.6x 2% (14%) 78% 77%Singapore Exchange (SGX) 5,700 5,158 9.0x 8.6x 17.5x 14.6x (4%) 4% 51% 59%Euronext 3,604 3,425 6.1x 5.9x 10.9x 10.4x (4%) 4% 56% 57%TMX Group 3,033 3,508 5.9x 6.4x 10.7x 11.8x 5% (7%) 55% 54%




Public Market Data

13

JULY 2017

Recent Activity

10x

12x

14x

16x

18x

6.0x

7.5x

9.0x

10.5x

12.0x

Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17

EV /

EBIT

DA

EV /

Reve

nue



100

130

160

190

220

250

Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17

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

M&A Sec Exchanges Index S&P 500


6/22/17

BlockCross

Instinet (New York, NY) agreed to acquire BlockCross from State Street for an undisclosed sum. BlockCross is an alternative trading system for buy-side traders. Instinet plans to integrate BlockCross’ alternative trading system into its product suite.

6/1/17Index Platform from Global Research Division

Intercontinental Exchange (NYSE:ICE) agreed to acquire the Index Platform from Bank of America Merrill Lynch Global Research Division for an undisclosed sum. The BofAML indices are one of the most used fixed income indices by assets under management (AUM) globally. Upon closing, the AUM benchmarked against the combined fixed income index business of ICE is expected to be nearly $1 trillion.

5/23/17Euronext (ENXTPA:ENX) acquired a 90% stake in FastMatch for $153mm. FastMatch operates an electronic communication network platform for foreign exchange trading while servicing European clients.

[1] Euronext (ENX) added to the index as of IPO 6/20/14



6/8/17

Yubico (Palo Alto, CA) raised $30mm in combined new and secondary equity has been invested in the company, led by New Enterprise Associates. Yubico offers a two-factor authentication key, the YubiKey. The company plans to use the new funding on product development and to expand its team.

6/6/17

Netskope (Los Altos, CA) raised $100mm in a Series E round led by Accel Partners and Lightspeed Venture Partners. The oversubscribed round brings the company’s total amount raised to $231.4 million, making it the most well-funded cloud access security broker (CASB).

5/30/17

Sqrrl (Cambridge, MA) raised $12.3mm in a Series C round led by Spring Lake Equity Partners. Sqrrl provides threat hunting solutions. Sqrrl has raised $28.5mm in total funding to date and doubled revenue year over year for the last 4 years. Sqrrl plans to use the funds to build out its global sales team.

Security Software

Public Market Data

Recent Activity

14

JULY 2017

15x

22x

29x

36x

43x

50x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x


EV /

EBIT

DA

EV /

Reve

nue



90

110

130

150

170

190

210

230

250


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

M&A Security Index S&P 500

[1] Mimecast (MIME) added to the index as of IPO 11/19/15, Okta (OKTA) added to the index as of IPO 4/7/17

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

Check Point Softw are 18,384 16,916 9.7x 9.0x 19.6x 16.7x 7% 8% 50% 54%Symantec 17,459 21,389 5.7x 4.3x 24.4x 9.9x 4% 32% 23% 44%Palo Alto Netw orks 12,177 11,323 7.2x 5.9x nm 25.0x 36% 23% nm 24%F5 Netw orks 8,262 7,248 3.6x 3.4x 11.9x 8.6x 4% 6% 30% 39%Fortinet 6,675 5,476 4.3x 3.7x 57.2x 18.1x 26% 17% 8% 20%Proofpoint 3,754 3,713 9.9x 7.4x nm 63.3x 41% 33% nm 12%FireEye 2,620 2,495 3.5x 3.4x nm 39.2x 15% 2% nm 9%Sophos 2,589 2,867 5.6x 5.0x nm 49.6x 9% 10% 3% 10%CyberArk 1,804 1,517 7.0x 5.6x 35.7x 24.1x 35% 25% 20% 23%Imperva 1,616 1,303 4.9x 4.1x nm 40.0x 13% 22% nm 10%Mimecast 1,483 1,373 8.0x 6.0x nm nm 26% 34% nm 8%Barracuda Netw orks 1,253 1,050 3.0x 2.8x 30.1x 15.8x 12% 7% 10% 18%Okta 907 683 4.3x 2.9x nm nm 87% 47% nm nmRadw are 758 589 3.0x 2.9x nm 54.2x (9%) 4% 1% 5%Axw ay Softw are 752 737 2.1x 1.9x 12.1x 10.5x 6% 10% 18% 19%VASCO Data Security 571 425 2.2x 2.3x 26.2x 26.8x (20%) (4%) 8% 9%Zix 305 282 4.7x 4.2x 23.7x 15.8x 10% 10% 20% 27%Trim Mean 4,179 3,848 5.1x 4.3x 24.6x 26.6x 16% 16% 15% 19%Median 1,804 1,517 4.7x 4.1x 24.4x 24.1x 12% 10% 18% 18%


Company Market Market Cap / Revenue Market Cap / EBT Revenue Growth EBT Margin(USD millions) Cap CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E

Charles Schw ab 58,039 7.8x 6.7x 19.5x 16.1x 18% 16% 40% 41%TD Ameritrade 22,785 6.9x 6.1x 17.9x 13.4x 4% 12% 38% 46%E*TRADE 10,507 5.0x 4.7x 12.0x 11.1x 17% 8% 42% 42%MarketAxess 7,664 20.7x 18.3x 40.0x 32.0x 22% 13% 52% 57%BGC Partners 5,623 2.2x 1.9x 12.7x 9.3x 2% 16% 17% 20%ICAP 3,073 4.9x 4.1x 22.2x 11.4x na 19% 22% 36%Interactive Brokers Group 2,720 2.0x 4.2x 9.7x 9.2x (1%) (53%) 21% 45%IG Group 2,588 1.8x 1.8x 3.4x 2.4x 3% 0% 53% 74%LendingClub 2,206 4.4x 3.8x na 40.5x 16% 15% na 9%Investment Technology Group 736 2.0x 1.9x 60.1x na (17%) 7% 3% naMonex Group 725 1.6x 1.5x na na (12%) 6% na naOn Deck Capital 335 1.2x 1.0x na 43.3x 14% 20% na 2%BinckBank 330 1.7x 1.8x 42.8x na (14%) (7%) 4% naGAIN Capital 298 0.7x 0.9x 5.0x 6.3x (4%) (17%) 15% 14%Elevate Credit 228 0.4x 0.3x na 2.2x 34% 20% na 15%

Trim Mean 4,584 3.2x 3.1x 20.2x 15.2x 6% 8% 28% 30%Median 2,588 2.0x 1.9x 17.9x 11.3x 3% 12% 22% 39%

Technology-Enabled Financial Institutions

Public Market Data

15

Recent Activity

JULY 2017

10x

13x

15x

18x

20x

1.0x

2.1x

3.3x

4.4x

5.5x


EV /

EBT

EV /

Reve

nue

5 Year LTM Revenue & EBT Multiples

Market Cap / LTM Revenue Market Cap / LTM EBT

80

110

140

170

200

230

260


5 Year M&A Fintech Sector Index vs. S&P 500, base = 100

M&A Tech-enabled Fin Institutions Index S&P 500


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

Intrum Justitia (STO:IJ) acquired 1st Credit for £130mm ($161mm), valuing the Company at an implied 3.9x 2015 EBITDA. 1st Credit provides debt purchase and outsourced debt collection services for banks, credit card providers, utilities, telecoms, and retail companies.


6/13/17

Futu (Hong Kong, China) raised $146mm in a Series C funding round led by Tencent. Futu is an online brokerage platform serving Chinese investors trading United States and Hong Kong-listed Stocks. Existing investors, Matrix Partners China and Sequoia Capital China, also participated in the round.

5/29/17Max (Paris, France) raised €20mm (~$22.5mm) in funding led by Crédit Mutuel Arkea. Max is a personal assistant startup that offers traditional banking services, such as budget management and the aggregation of several bank accounts.

4/6/17 Initial Public Offering Elevate Credit (NYSE:ELVT) raised $80.6mm in IPO, implying an enterprise value of $350mm and valuing the company at an implied 0.5x LTM revenue

[1] Elevate (ELVT) added to the index as of IPO 4/6/17


16

MERGER AND ACQUISITION TRANSACTIONS

Software and Services Transaction Activity

Software and Services Transaction Multiples

JULY 2017

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

(1)

(1)

(1)

0.0

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10.0

12.0

14.0

16.0

0

50

100

150

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250

300

350

400

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2015 2016 2017

Agg

rega

te V

alue

($b

n)

Num

ber

of T

rans

actio

ns

Number of Transactions Aggregate Value

0x

1x

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3x

4x

5x

6x

7x

0x

6x

12x

18x

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Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2014 2015 2016 2017

EV

/ R

even

ue

EV

/ E

BIT

DA

EV / EBITDA EV / Revenue

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

17

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.


JULY 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 from

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.

has raised capital from

Wixom, MIhas acquired

Hamilton, NJMarlin & Associates acted as

exclusive strategic and financial advisor to RevSpring Inc.

Washington, D.C.



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

Woburn, MA


Chicago, IL

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

Dublin, Ireland


Marlin & Associates acted as exclusive strategic and financial advisor to

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


Note: Not a complete list.

Toronto, Canada

Atlanta, GA


advisor to TMX Group

has sold the Atrium wireless and extranet infrastructure businesses to

Private equity funds managed by Blackstone and by the Goldman Sachs

Merchant Banking Division (together, the “Sponsors”) have agreed to acquire

From affiliates of Kohlberg Kravis Roberts & Co. L.P.

Marlin & Associates advised the Sponsors.

Darien, CThas received an equity

investment from

Atlanta, GA

Boston, MA


advisor to TMX Group

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 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)• Middle Market Financing Agent of the Year – Equity (2007)*

PEER AND INDUSTRY GROUP RECOGNITION

18

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

JULY 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

• 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

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

19

JULY 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


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

www.MarlinLLC.com

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