Payments Tech B2B Payments Digitization And Vertically ...

1

Payments Tech – B2B Payments Digitization And Vertically Integrated Solutions

Continue To Drive Heightened Transaction Activity Across The Ecosystem

Proprietary & Confidential© Copyright Marlin & Associates Holding LLC 2021

Dear Clients and Friends,

We are pleased to share our latest report on m&a values and trends in the Payments Technology sector.

Building on our previous reports focused around B2B payments, in this edition we reflect on how transaction activity across the payments eco-system (YTD

2021) has been the highest we have seen in a few years, largely driven by trends around:

• Digitization and Automation being top of mind for firms as they look to lower costs, processing times, and errors, while meaningfully increasing ROI

• B2B payment platforms are offering more vertically integrated solutions, with Expense and Spend Management becoming the next frontier

• Increased focus on capturing data to abate fraud and optimize decision-making

In our previous reports, we focused on how the B2B payments landscape is ripe for rapid digitization and automation and that COVID shutdowns accelerated

a process that was already well underway. We also focused on the permanent shift to online/digital and how it is accelerating trends around speed and

transparency, increased partnerships between banks and payment tech companies, and SMEs increasingly seeking more efficient B2B cross border

payment solutions.

All of this has led to companies evolving, innovating, and adapting. Acquirers and investors have noticed. That is where we come in. As you also will see in

this report, market values for publicly traded firms have continued to remain robust and transaction activity continues to occur at a rapid pace.

Marlin & Associates is one of the most active investment banking and strategic advisory firms, providing trusted counsel to middle market companies

worldwide that offer enterprise and vertical application software, services, data and analytics including firms across the FinTech ecosystem (Payments, Real

Estate Tech, Payments, BankTech, WealthTech, InsurTech, LegalTech, GRC, Capital Markets Tech, Digital Tech, Business Intelligence, and Market

Intelligence). Over the course of 19+ years Marlin & Associates has advised more than 200 fintech, data and analytic companies on m&a transactions in 27

countries. We enjoy helping CEOs and their shareholders achieve their most important strategic objectives.

Please reach out to me ([email protected]) with any questions or to discuss this in further detail. We are keen to hear from you and happy to share

what we are witnessing in the markets and how that could relate to your company.

Kind regards,

Aalap Merchant | Senior Managing Director | Marlin & Associates

570 Lexington Ave | 48th Floor | New York, NY 10022

[email protected] | www.MarlinLLC.com

mailto:[email protected]

mailto:[email protected]

http://www.marlinllc.com/

Payments Technology

B2B Payments

Industry Update – June 2021

3

M&A And Capital Raising Activity In The Payments Technology Sector Continues

At A Rapid Pace

Source: Marlin & Associates Internal Analysis, PitchBook


Quarterly Payments Transaction Activity ($bn)

$12.3

$7.1

$12.8

$62.6

$17.8

$15.0

Q1 2020 Q2 Q3 Q4 Q1 2021 Q2

Deal Volume

Ant Group – $34.4 bn

4

Digitization Across B2B Payments Is Lowering Costs & Reducing Processing

Times And Errors


▪ Finance departments that put automation at center-focus can quickly see meaningful ROI uplift by reducing errors in

AP/AR processing

▪ Ardent Partners found that best-in-class organizations that leverage AP automation benefit from invoice exception rates

that are 57% lower than companies that are not automating

▪ According to PaymentSource, automation lowers the average cost to process an invoice by as much as 80%. By way of

example, the cost per invoice has the potential to decrease from $5 to less than $1. For a firm that processes 5,000

invoices per month, the savings add up quickly, generating annual savings of $256,000

▪ Best-in-class organizations that have adopted automation are processing invoices in less than 30 seconds, according to

the 2020 Shares Services Organization Network AP Automation Maturity Study

Conversely, organizations that have not automated are reporting invoice processing times of 20 minutes or more

Proprietary & Confidential

Company HQ City InvestorLast

Round AmountDescription

LondonTiger Global

Management$450mm

▪ Provides an online payments platform intended to track and secure digital payments

across the Internet.

Cambridge

Great Hill Partners,

.406 Ventures, Eight

Roads

$54mm▪ Provides a cloud-based automation software designed to automate accounts payable

and B2B payments.

Palo Alto

FleetCor

Technologies,

MasterCard, Fidelity

$88mm

▪ Provides expense management and budgeting software combined with smart

corporate cards to its more-than 115,000 customer base and its network of 2.5 million

members.

Relevant Companies

© Copyright Marlin & Associates Holding LLC 2021

Digitization Is

Lowering Costs,

Processing Times

And Errors

5

Expense And Spend Management Capabilities Are The Next Frontier

Source: Marlin & Associates Internal Analysis, PitchBook, and

PYMTS.com

▪ Corporate card adoption is on the rise. Now, B2B payment and service providers want in on the action, with new

commercial card products and features rolling out at an accelerating rate

Billtrust announced strong first quarter earnings with help from rising card transaction volume. Billtrust raised

expectations for full year 2021 earnings which can be attributed to its multi-pronged approach to B2B payments

digitization

▪ Corporate card innovation, and competition, are accelerating as industry participants are pursuing new funding and

investing in value-added functionality

Corporate card startup Brex secured $425mm in funding, raising its valuation to $7.4 bn. In addition to the fund raise,

Brex debuted its business financial management platform to connect small businesses with a dashboard that unifies

visibility across card and cash accounts, with integrated spend management and bill payment tools

▪ With interest in and adoption of corporate card products increasing, financial institutions are turning toward collaboration

to elevate offerings for small businesses and enterprises




San Francisco NOMO Ventures n/a

▪ Provides a corporate card and online expense-report management platform that

generates online reimbursement reports for credit card-based expenses and receipts

using accounting software. Expensify recently filed a draft registration for an IPO.

San FranciscoTiger Global

Management$425mm

▪ A corporate credit card designed to simplify the process for startups applying for credit

cards.

New York CityStripe and D1 Capital

Partners$115mm

▪ A corporate card and spend management platform that offers automated expense

management and accounting integration.

Relevant Companies


Expense And Spend

Management

Capabilities Are The

Next Frontier

6

Capturing Data Is Even More Critical In The Decision-making Process And In

Abating Fraud


▪ The coronavirus crisis caused increased unemployment, economic uncertainty, and a new remote working environment,

which have all increased susceptibility to B2B payments fraud

▪ Utilizing paper-based, manual processes exposes companies to an unnecessary level of risk every time a company

receives, processes, and pays an invoice

Electronic payments, in contrast to paper checks, offer layers of security by encrypting payment data in transit. Virtual

card technology goes a step further by employing tokenization and restricting each payment to a one-time-use credit

card number for a fixed transactions amount

In addition to improved security, electronic payment methods expedite the payment process, providing extended

working capital benefits and improved command over cash flow

▪ According to PYMTS.com, 85% of security professionals are not confident that their companies have deployed sufficient

technology to protect against payments fraud, illustrating the need for improved fraud controls




Waltham Undisclosed $2mm

▪ Provides an enterprise security platform designed to eliminate B2B payment fraud and

ensures regulatory compliance through a holistic view of each payee, machine

learning algorithms, and third-party attested identity credentials.

Dubai Media City Wa'ed Ventures $20mm

▪ Provides an online payment gateway designed to make online transactions seamless.

Its payment gateway is a payment processing and fraud prevention service platform

that offers convenient and secure online B2B payment technology.

New York CityBessemer Venture

Partners$125mm

▪ Provides a fraud prevention platform designed to help online retailers detect and

eliminate transaction risks.

Relevant Companies


Capturing Data Is

Critical To Fighting

Fraud

7

Case Study: Bill.com Furthers Its Vision To Transform SMB Financial Operations

By Acquiring Divvy

Source: PitchBook, Tracxn


Bill.com Overview Transaction Overview

Divvy Overview

• On May 6, 2021, Bill.com entered into a definitive

agreement to acquire Divvy in a stock and cash

transaction valued at ~$2.5bn

• The transaction successfully closed on June 1, 2021

• Founded in 2006, Bill.com provides expense

management and budgeting software combined with

smart corporate cards to its more-than 115,000

customer base and its network of 2.5mm members

Transaction

Rationale:

• The transaction will support Bill.com’s mission and

enhances its ability to deliver value to the combined

customer base

• Expands market opportunity

Description:

• Founded in 2016, Divvy provides spend

management that modernizes finance for business

by combining expense management software and

smart corporate cards into a single platform

Transaction

Rationale:

• As a result of the transaction, Divvy will be able to

offer automated payables, receivables, and workflow

capabilities to the more-than 7,500 monthly active

SMBs that it serves

• Expands market opportunity

Description:

• With the combination of Bill.com and Divvy,

businesses will benefit from real-time insight into all

their B2B spending and access to multiple payment

solutions, and be empowered to spend smarter, better

manage their budgets and cash flow, and simplify their

back-office financial operations

Cash Common Stock EV / Revenue

$625mm ~$1.875bn ~25x

8

The B2B Payments Market Landscape Continues To Evolve…


Expense & Spend Management / Analytics

Select market participants:

AP / AR


Cross Border & FX


9Proprietary & Confidential

…And Bringing Differentiated Platforms To The Fore

Source: PitchBook

• Aligns card acceptance

from customers with virtual

card issuance to suppliers.

By connecting two

traditionally separate

payment functions, it

fundamentally de-risks the

payment process and

unlocks new benefits

• Total Raised: $15.9mm

• Investor Logos:

• Optimizes the use and

acceptance of commercial

cards through its suite of

proprietary technology-

enabled solutions. It has

reinvented how commercial

card payments are initiated,

accepted, and processed

for thousands of companies

around the world


• Investor Logos:

• Provides the only platform

designed to optimize and

monetize your AP

payments. It currently

serves 60,000+ companies

making and receiving

payments across the world


• Investor Logos:

• Enables neo-banks, payroll

providers, platforms, and

marketplaces to begin

offering cross-border

payments to their customers

in days instead of months


• Investor Logos:

(50%)

(30%)

(10%)

10%

30%

50%

70%

90%

110%

130%

150%

170%

190%

210%

230%

250%

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct-

20

Nov-2

0

Dec-2

0

Jan

-21

Fe

b-2

1

Ma

r-2

1

Ap

r-21

Ma

y-2

1

Jun

-21

Networks Merchant Acquiring Digital Payments Transaction Processing B2B Payments

POS Solutions Payments Infrastructure Core Bank Solutions S&P 500


Digital Payments Continues To Lead The Pack Among Payment Participants

Source: PitchBook as of market close on June 8, 2021


71%68%

207%

57%

75%

0%

21%

112%

30%

11

The Majority Of Public Payments Technology Verticals Expect Revenue Growth

And EBITDA Margin Expansion In 2021


“n.a.” stands for “Not Available” and “n.m.” stands for “Not Meaningful” Proprietary & Confidential© Copyright Marlin & Associates Holding LLC 2021

Disclaimer: Public equity multiples typically reflect a significant premium over private

equity multiples. Any single multiple reflects a combination of company size, growth,

profitability, product differentiation, TAM, security liquidity, etc., making benchmarking

against public equity an art rather than a science

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

Company Cap Value CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E

Networks

Visa $506,393 $512,162 20.8x 17.6x 30.1x 24.8x 17% 18% 69% 71%

MasterCard 362,743 369,004 20.0x 16.9x 34.6x 27.7x 22% 18% 58% 61%

Median 20.4x 17.2x 32.3x 26.3x 19% 18% 63% 66%

Merchant Acquiring

Square $97,308 $94,541 6.7x 5.7x n.m. n.m. 50% 17% 5% 7%

Global Payments 57,331 65,550 8.7x 7.9x 18.3x 16.3x 12% 9% 47% 49%

Worldline 25,747 31,119 5.1x 4.7x 20.0x 17.7x 95% 9% 25% 26%

Nexi 12,558 16,939 12.4x 11.5x 21.1x 19.1x (27%) 8% 59% 60%

PagSeguro 17,064 16,681 9.6x 7.1x 26.0x 20.2x 44% 35% 37% 35%

EVO Payments 1,413 2,664 5.5x 4.9x 15.4x 13.0x 11% 12% 36% 38%

Realtime Electronic Payments 1,947 2,037 11.1x 9.5x 25.8x 21.5x 20% 17% 43% 44%

Tyro Payments 1,383 1,287 6.2x 4.9x n.m. 67.9x 32% 26% 5% 7%

Net 1 UEPS Technologies 294 103 0.7x n.a. n.m. n.a. 1% n.a. (13%) n.a.

Median 6.7x 6.4x 20.5x 19.1x 20% 14% 36% 36%

Digitial Payments

PayPal Holdings $309,000 $304,856 11.9x 9.8x 40.8x 33.9x 20% 21% 29% 29%

Shopify 149,668 142,874 32.3x 24.5x n.m. n.m. 53% 32% 11% 11%

Adyen 68,660 67,259 57.9x 41.1x n.m. 66.0x 1% 41% 62% 62%

Afterpay 21,475 21,207 22.8x 15.4x n.m. n.m. 82% 48% 12% 15%

Pushpay 1,363 1,391 6.8x 6.0x 19.8x 17.7x 19% 13% 34% 34%

GreenSky 1,097 1,488 2.6x 2.3x 31.7x 8.6x 12% 12% 8% 27%

Boku 706 660 9.9x 8.7x 36.6x 29.4x 18% 14% 27% 29%

Sezzle 1,361 1,278 10.1x 6.7x n.m. n.m. 123% 52% (20%) (7%)

Median 11.0x 9.2x 34.1x 29.4x 19% 27% 20% 28%

POS Solutions

Euronet Worldw ide $7,904 $7,741 2.6x 2.2x 14.5x 10.1x 22% 20% 18% 22%

PAX Global Technology 1,378 896 1.1x 0.9x 5.3x 4.5x 16% 14% 20% 20%

Median 1.8x 1.6x 9.9x 7.3x 19% 17% 19% 21%

12

The Majority Of Public Payments Technology Verticals Expect Revenue Growth

And EBITDA Margin Expansion In 2021 (Continued)


“n.a.” stands for “Not Available” and “n.m.” stands for “Not Meaningful” Proprietary & Confidential© Copyright Marlin & Associates Holding LLC 2021





(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

Company Cap Value CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E

Tranascation Proccessing

Western Union $10,244 $9,603 1.9x 1.8x 7.2x 6.7x 6% 3% 26% 27%

PayPoint 588 654 4.2x 3.9x 8.6x 8.3x (9%) 9% 49% 47%

International Money Express 601 647 1.5x 1.4x 8.3x 7.3x 19% 13% 19% 19%

Moneygram International 886 n.a. n.a. n.a. n.a. n.a. 5% 2% 17% 17%

Median 1.9x 1.8x 8.3x 7.3x 5% 6% 22% 23%

B2B Payments

FleetCor Technologies $23,088 $26,576 10.0x 9.0x 17.4x 15.3x 12% 11% 57% 59%

Edenred 13,433 14,963 7.9x 7.0x 19.3x 17.1x 14% 12% 41% 41%

WEX 9,128 11,585 6.4x 5.6x 16.3x 13.4x 17% 15% 39% 42%

Bill.com 13,867 13,089 52.4x 40.3x n.m. n.a. 53% 30% (19%) n.a.

Median 8.9x 8.0x 17.4x 15.3x 15% 14% 40% 42%

Core Bank Solutions

Fidelity National Information Services $91,072 $109,486 8.0x 7.4x 17.9x 16.1x 9% 8% 45% 46%

Fiserv 75,045 96,412 6.4x 5.9x 15.2x 13.8x 8% 8% 42% 43%

Jack Henry & Associates 11,706 11,837 6.5x 6.1x 19.9x 18.6x 6% 8% 33% 33%

ACI Worldw ide 4,623 5,620 4.2x 4.1x 14.9x 13.9x 3% 4% 28% 29%

Bottomline Technologies 1,669 1,688 3.4x 3.0x 16.2x n.a. 12% 12% 21% n.a.

Median 6.4x 5.9x 16.2x 15.0x 8% 8% 33% 38%

Payments Infrastructure

NCR $6,185 $9,921 1.5x 1.4x 8.1x 7.0x 8% 6% 18% 20%

Euronet Worldw ide 7,904 7,741 2.6x 2.2x 14.5x 10.1x 22% 20% 18% 22%

Diebold Nixdorf 1,126 3,161 0.8x 0.8x 6.4x 6.0x 6% 2% 12% 12%

Cardtronics 1,763 2,414 2.1x 1.9x 9.0x 8.3x 7% 6% 23% 23%

CPI Card Group 217 514 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

QIWI 685 275 1.0x 1.0x 2.1x 2.1x (22%) 7% 50% 47%

Median 1.5x 1.4x 8.1x 7.0x 7% 6% 18% 22%

32.5x

16.9x

19.8x 19.9x 20.4x

15.0x

8.6x 8.9x

32.3x

34.1x

21.3x

16.4x17.4x

9.9x

7.8x 8.3x

0x

5x

10x

15x

20x

25x

30x

35x

20.1x

7.4x

10.3x

5.8x

6.4x

2.3x1.8x 1.7x

20.4x

15.6x

8.9x7.5x

5.7x

1.9x 1.8x 1.5x0x

2x

4x

6x

8x

10x

12x

14x

16x

18x

20x

22x

24x

13

EBITDA And Revenue Multiples Across The Payments Technology Sector Have

Fluctuated, With A Few Sectors Outperforming Others



EV / 2021E Revenue as of January 1, 2020 vs June 8 , 2021 EV / 2021E EBITDA as of January 1, 2020 vs June 8 , 2021

(Bottom Multiples) EV/2020E

Revenue Multiple as of 6/8/21

(Top Multiples) EV/2020E

Revenue Multiple as of 1/1/20

(Bottom Multiples) EV/2020E

EBITDA Multiple as of 6/8/21

(Top Multiples) EV/2020E

EBITDA Multiple as of 1/1/20





14

M&A Activity Has Picked Up Over the Last Few Months

Date Acquirer(s) Target Target Location CommentsEnterprise Value

($ mm)

04/29/21 Saint Petersburg, Russia ▪ Provides a mobile payment application designed to offer digital wallet services. n/a

04/26/21 Tours, France

▪ Provides a debt collection software that optimizes customer outstanding, collects

unpaid bills, provides an alternative to factoring, keeps follow-up, and ensures

payments of invoices.

n/a

04/22/21 Fort Worth, TX▪ Provides payment processing services to partners and merchants throughout the

Americas and Europe.$960

04/21/21 San Francisco, CA▪ Provides a digital return experiences platform intended for direct-to-consumer

brands.$300

04/19/21 Somerset, NJ▪ Provides proprietary plastic cards for luxury retail, resorts, financial services and

other markets.n/a

04/16/21 Atlanta, GA▪ Provides a payment technology software that offers instant bank transfers

including deposits, withdrawals, and payment facilitation.$371

04/08/21 San Mateo, CA▪ Provides digital marketing products intended to aid brands engage customers,

predict behaviors and increase sales.$500

04/02/21 Munster, IN▪ Provides a safe and secure payment processing for retailers, food & beverage

companies and hospitality organizations.n/a

04/02/21 Santa Barbara, CA▪ Provides a SaaS-based patient payments platform designed to improve the

financial performance of healthcare providers.n/a

04/01/21 Chicago, IL▪ Provides a cloud-based logistics platform designed to automate repeatable and

costly back-office and operations tasks.$97

02/03/21 New York, NY▪ Provides a payment platform designed to facilitate global commerce with an

innovative cross-border payments solution.n/a



Financing Activity Has Also Rebounded

Date Investor(s) Target Target Location CommentsTransaction Size

($ mm)

04/28/21 Marousi, Greece

▪ Provides an online payment platform that enables individuals, businesses and

professionals to pay bills, book movie tickets, pay transportation fares and shop

online using a virtual cash transaction system.$80

04/26/21 San Francisco, CA▪ Provides a corporate credit card designed to simplify the process for startups

applying for credit cards.$425

04/19/21 Bangalore, India▪ Provides an online payment platform designed to provide an affordable and secure

way for online transactions.$160

04/15/21 San Jose, CA▪ Provides a standalone risk and fraud-prevention platform designed to make

commerce safer for online retailers.$205

04/14/21 Tokyo, Japan▪ Provides an inbound payment services intended to offer QR code payment

aggregator in Japan.$91

04/08/21 New York, NY▪ Provides a corporate card and spend management platform designed to help

users spend less.$115

04/06/21 Mumbai, India▪ Provides a credit card payment application built to reward users who pay their

credit card bills on time.$215

04/02/21 Montevideo, Uruguay▪ Provides an online payment platform built to provide payment processing services

throughout Latin America.$150

04/01/21 Las Vegas, NV▪ Provides an electronic payments services designed to change the payments

paradigm in gaming industries worldwide.$100

03/31/21 Madison, WI▪ Provides a mobile savings and gift card earning application designed to rewards

shoppers and grocers for the purchases they already made.$210

03/14/21 San Francisco, CA▪ Provides an online payments processing platform intended to help small and large

companies accept web and mobile payments.$600



15

Leading Advisor To FinTech, Digital Tech, Data & Analytics

Companies And Investors Worldwide

16Proprietary & Confidential© Copyright Marlin & Associates Holding LLC 2021


We Understand The Trends That Are Driving M&A And Capital Raising Activity

Across The Payments Ecosystem

▪ In our Q1 report, we dive deep into the many trends that we believe will continue to reshape the payments

ecosystem in the decade to come

▪ In particular, we explore the ways in which built-in payments capabilities are becoming more integral and

B2B payments are being digitized, how financial inclusion remains front and center, and the innovations

around new payment flows and rails

Q1 2020Click here for the

full report


full report


full report


full report

▪ In our Q2 report, we take an early look at how the COVID-19 pandemic could be the catalyst of permanent

change in the payments sector

▪ Among other things, we discuss the consumer and corporate actions that will experience permanent shifts,

the accelerated transition to digital payments and omni-channel experiences, contactless payments

becoming mainstream, and the shift to the cloud

▪ In our Q3 report, we take a closer look at how digitization and automation are becoming the norm across the

B2B payments landscape

▪ We explore the ways in which AP/AR processes have become increasingly automated, open banking has

helped drive innovation in payments, APIs have helped solve security and integration issues, cross-border

multi-currency transactions have become easier and less expensive, and how on-demand payment systems

have become ubiquitous

▪ In our Q4 report, we shed light on the driving factors behind the rebound in M&A activity in the payments

sector

▪ We highlight the significant shift to online spending during the never-ending pandemic, growing customer

demand for speed and transparency in their transactions, the regulatory environment that is driving banks to

partner with FinTechs, and the increasing use of efficient cross-border payment solutions by SMEs

https://www.marlinllc.com/newsletters/payments/

https://www.marlinllc.com/newsletters/payments-2/

https://www.marlinllc.com/newsletters/payments-b2b-tech-is-the-new-normal-fully-digital/

https://www.marlinllc.com/newsletters/payments-are-cross-border-payments-a-benefactor-in-the-pandemic-affected-world/

18

Marlin & Associates: Advisor Of Choice To Fintech, Data & Analytics Companies

And Investors Worldwide

▪ Domain expert – advised on 200+ relevant transactions for over 19 years. Marlin & Associates (“M&A”) has been the domain expert in providing

independent and unbiased strategic counsel and advisory services to global sellers and buyers of middle-market FinTech and Data & Analytics firms

▪ Local yet global – successfully served clients from 27 countries from the New York City headquarters and Toronto office

▪ Well recognized – “Middle Market IB of the Year,” “TMT Advisory Firm of the Year,” and “Cross Border Boutique IB of the Year,” and more than 20

“Deals-of-the-Year”

Full Range of Transaction Services Industry Recognition and Awards Sector Coverage

Sell-side &

Buy-side M&A

Joint Ventures

& Partnerships

Fa

irn

ess

Op

inio

ns E

qu

ity &

Deb

t Cap

ital

Rais

e

Insurance Tech

Capital Markets Tech

Data & Analytics

Wealth Tech

Payments Tech

Enterprise Software

▪ TMT Advisory Firm of the Year

▪ Middle Market IB of the Year

▪ Cross Border Boutique IB of the Year

▪ Advisory Firm of the Year

▪ FinTech Deal of the Year

▪ Corporate M&A Deal of the Year

▪ Middle Market IB of the Year

▪ Middle Market Tech Deal of the Year

Business Intelligence

Bank Tech

Regulatory Tech


Digital Lending


FOCUS

TEAM

EXPERTISE

GLOBAL

PARTNERS

TRACK

RECORD

19

We Have An “Unfair” Competitive Advantage

▪ Unrelenting focus on the financial technology sector with deep expertise in Payments, Digital Tech, and Data & Analytics

▪ Deep understanding of industry structure and drivers of value

▪ Extensive contacts at multiple levels among industry participants and financial investment firms

▪ Diverse team based in New York and Toronto

▪ Execution experience from some of the most highly regarded firms in the industry

▪ Real world and relevant operating experience

▪ 19+ years of transaction success

▪ Our partners have worked at leading FinTech firms

▪ The industry we serve is not defined geographically, nor are we

▪ Half of our transactions are cross border

▪ 1/3rd of our clients are international

▪ We are long-term thinkers and believe in partnering with our clients through their entire evolution

▪ We are domain experts and offer independent and unbiased strategic counsel and advisory services to our clients

▪ We stay with you until the end

▪ 200+ closed transactions

▪ Numerous awards and accolades

▪ Recognized as an industry leader and expert by our peers and clients


“Bringing on the Marlin & Associates team

remains one of our great decisions. The

dedication of the team was on full display as we

approached this latest chapter for ClearStructure.

The guidance, creativity and true value-add that

they brought to the table helped ClearStructure

achieve goals we didn’t think were possible.“

-Scott Turley, CEO of ClearStructure

20

We Deliver Exceptional Results

Advisory Firm of the Year (US)

Gamechanger of the Year (US), Ken Marlin

Middle-Market Investment Bank of the Year (US)

Capital Raising Advisory Firm of the Year

Boutique Investment Banking Firm of the Year

Gamechanger of the Year (US), Ken Marlin

Middle-Market Investment Bank of the Year

TMT Advisory Firm of the Year (US)

Deal of the Year (Parthenon / BillingTree)


Small Tech Fund Raising of the Year for CRM

Professional Services (B2B) Deal of the Year

(2017)


Cross Border Deal of the Year (2016)

“The team at Marlin & Associates helped us get

the best value for our company. They know the

players and values of this industry at a level few

can match. They guided us and brought multiple

highly qualified buyers into the process -

including FNZ, with whom we look forward to

joining. We thank the Marlin & Associates team

and look forward to working with them again in

the future.”

-Rob DeDominicis, CEO of GBST

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provided to us by Ken Marlin and his team. They

have been diligent and thorough, and also a

pleasure to work with. The Marlin team’s deep

knowledge of our industry makes them the

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business. They have seen and managed more or

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-Justin Wheatley, CEO of StatPro


21

Our Team Brings Relevant Transaction and Operating Experience

Ken Marlin

Founder & Managing MemberAnup Agarwal

Managing Director

Aalap Merchant

Managing Director

Jordan Wittbrot

Woolley

Capital Partners

Sam Wilcox

Al Sisca Neil Chadda

Michael Maxworthy

Managing Director

Tom Selby

Managing Director

New York City

Toronto

Samuel Martinez

Max Schroeder

Henry Kamp


22

Clients Choose Us For Their Most Important Strategic Decisions (1/2)

has been acquired by

Marlin & Associates acted as exclusive strategic and financial advisor to

Strands, Inc.

Bologna, Italy

Barcelona, Spain

has agreed to be acquired by

Brisbane, Australia

Marlin & Associates acted as financial advisor to GBST Holdings Limited

Edinburgh, United Kingdom


London, United Kingdom

Marlin & Associates acted as strategic and financial advisor to

StatPro Group plc

Pittsburgh, PA

A portfolio company of

has received a majority equity investment from


InRule Technology, Inc.

Los Angeles, CA

Chicago, IL



Points2Shop, LLC

New York, NYA portfolio company of

Alpharetta, GA

has received growth capital from


Kore.ai

Vancouver, BC

Orlando, FL



Greenwich Associates, LLC

Mumbai, India

Stamford, CT Denver, CO


NinjaTrader Group, LLC

New York, NY


a division of Greenwich Associates was acquired by


Greenwich Associates, LLC


Pleasanton, CA

Livonia, MI


Danbury, CT


ClearStructure Financial Technology, LLC

Lake Success, NY



Hanweck Associates, LLC

Chicago, IL

New York, NY

Marlin & Associates acted as exclusive strategic and financial advisor to TABS

Analytics


Shelton, CT

Lawrence, MA



Hartfield, Titus & Donnelly

New York, NY

has agreed to sell the MuniBrokers business to

Jersey City, NJ




Grapevine6

Toronto, Canada

San Diego, CA

Dublin, Ireland


ClaimVantage

Morristown, NJ



New York, NY


Novantas, Inc.


has agreed to combine with

and



OptionMetrics, LLC

New York, NY

New York, NY


has acquired

Marlin & Assocaites acted as exclusive strategic and financial advisor to

Marlin Equity Partners

St. Louis, MO

Hermosa Beach, CA

and

New York, NY

23

Clients Choose Us For Their Most Important Strategic Decisions (2/2)


Chicago, IL


OptionsCity Software

New York, NY

San Francisco, CA

has received a $30 million equity investment from

New York, NY


Rapid Ratings

New York, NY

has acquired

New York, NY


Aquiline Holdings LLC

Marlin & Associates acted as strategic and financial advisor to Empow

Boston, MA

received a series B investment led by

Boston, MA

Marlin & Associates acted as exclusive strategic and financial advisor to MSCI

Inc.

New York, NY

has sold Financial Engineering Associates, Inc. to


Dallas, TX

Toronto, Canada


Tier1CRM

has received an equity investment from

Boston, MA & San Francisco, CA


Darien, CT


Investment Metrics

Atlanta, GA

Boston, MA

Affiliate of

Addison, TX


Think Finance

Received a $250mm credit facility from affiliate of

White Plains, NY

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


Hamilton, Bermuda

Geneva, Switzerland


QuoVadis and ABRY



received an investment from

Marlin & Associates acted as exclusive strategic and financial

advisor to OpenGamma

Charlotte, NC


Zenmonics


Jacksonville, FL


TradingScreen Inc.

New York, NY

has sold a minority equity interest in its subsidiary

Singapore


to

New York, NY

has received a $61mm investment from

Boston, MA


SERMO, Inc.


New York, NY


SALIDO, Inc.

Troy, MI

has sold Preqin Solutions to



Preqin, Ltd.


Boston, MA

Shelton, CT

has acquired

Kansas City, MO

Marlin & Associates acted as exclusive strategic and financial advisor to TABS

Analytics



Private Client Resources, LLC

New York, NY

Wilton, CT


24

Marlin & Associates

For more than 19 years, Marlin & Associates has been the domain expert - providing

independent and unbiased professional investment banking and strategic counsel to middle-

market enterprise and vertical application software, services, data and analytics – including

firms across the FinTech ecosystem (InsurTech, Bank Tech, Payments, Wealth Tech, Capital

Markets Tech, Digital Lending, RegTech), Real Estate Tech, Legal Tech, GRC, Business

Intelligence, and Market Intelligence.

Headquartered in New York City, with an office in Toronto, the Marlin & Associates team of

professionals has advised on more than 200 transactions in 27 countries. More than 20

transactions on which Marlin & Associates has advised have been recognized as “Deal-of-

the-Year”. The firm has won numerous awards including the “Middle-Market Investment

Bank of the Year,” “Middle-Market Financing Agent of the Year – Equity,” and “TMT Advisory

Bank of the Year.”

Marlin & Associates Securities LLC, a wholly-owned subsidiary of Marlin & Associates

Holding LLC, is a broker-dealer registered with the Securities and Exchange Commission

and is a FINRA/SIPC member firm (www.finra.org). Investment banking and/or securities

are offered through Marlin & Associates Securities LLC.


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