Analytics MARKET - Marlin & Associates · including “Boutique Investment Bank of the Year,”...

December 2017

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

INVESTMENT BANKING AND STRATEGIC ADVISORY TO THE TECHNOLOGY, INFORMATION AND HEALTHCARE INDUSTRIES

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

Toronto

Washington, D.C.

New York

E n t e r p r i s e D a t a & A n a l y t i c sM A R K E TU P D A T E

Dear Clients and Friends,

The year is almost over. The report found below covers m&a trends, values and deals in the four sectors of Enterprise Data and Analytics that we follow, and sometimes lead. As you will see, it’s been a strong year. (Please see our year-end report below.)

We’ve been advising buyers and sellers of Data and Analytics companies for more than 15 years now – more than 200 transactions - and each deal is still a treat. This week we announced another one: We were exclusive financial and strategic advisor to Tier1CRM, Inc., a fast-growing SaaS-based, CRM company, on a $34 million equity investment from Wavecrest Growth Partners, Salesforce Ventures, and Mass Mutual Ventures. We love it when we are able to help strong companies find new partners to helpthem reach the next level in their development. It never gets old.

SaaS is hot these days; it’s where many firms aspire to be – and for good reason. At the same time, we note with some amusement that some in the media (and some investors) treat “SaaS” as if it is a defined industry. It’s not any more than Big Data or the Internet are industries. SaaS (and Big Data and the Internet) is a powerful model that can help customers in many industries solve problems faster and at lower cost than some alternatives. But software vendors compete based on their ability to effectively solve specific customer problems - not based on technology. That’s what makes Tier1CRM successful – not the fact that they are “in the Cloud”.

As you will see from our report below, m&a values, volume and trends in all four sectors of the Enterprise Data and Analytics industry remain strong. We believe they are likely to remain strong for some time – as demand by customers, investors, and buyers continues to outpace many other sectors.

We love working with strong Data and Analytics companies that solve real customer problems in clearly defined industries. We look forward to working with you in the future. In the meantime, we wish you and your families happy, healthy, peaceful and prosperous holidays and New Year.

Some of the more interesting deals this past month include:

DEAR CLIENTS AND FRIENDS,We’re Bullish on Late Stage, Vertical SaaS. Our December 2017 Enterprise Data and Analytics M&A Update

Marlin & Associates is one of the most active firms advising buyers and sellers of U.S. and international middle-market firms that provide software, data, andrelated services. The firm is based in New York City, with offices in Washington, D.C., and Toronto, Canada. It has been the recipient of numerous awardsincluding “Boutique Investment Bank of the Year,” “Middle-Market Investment Bank of the Year,” "Middle-Market Financing Agent of the Year – Equity," and “TMTAdvisory Bank of the Year.” Marlin & Associates' team of professionals has advised over 200 information-technology transactions.

• Verisk Analytics (NASDAQ:VRSK) agreed to acquire Power Advocate for $280mm,

• Uptake Technologies (Chicago, IL) raised $117mm in a Series D funding round led by Baillie Gifford, valuing the company at a post-money valuation of $2.3bn,

• Qubole (Santa Clara, CA) raised $25mm in an equity funding round led by Harmony Partners,

• Logz.io (Tel Aviv, Israel) raised $23mm in a Series C funding round led by OpenView Venture Partners,

• Sanderson Group (AIM:SND) acquired Anisa for $17.2mm, valuing the company at an implied 1.2x LTM revenue,

• TransUnion (NYSE:TRU) acquired FactorTrust, a provider of alternative credit data, analytics and risk scoring information.

Please see our December 2017 Enterprise Data and Analytics Update below.

Also, please don’t forget to remind Congress to keep the Internet neutral. Click here to help.

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Sincerely,

Kenneth B. Marlin | Managing PartnerMarlin & Associates | www.marlinllc.com

P.S. My book: “The Marine Corps Way To Win on Wall Street” does a pretty good job of showing what we do that is different than most firms – and why. For more please visit www.marlinLLC.com.

https://www.marlinllc.com/transactions/recent/tier1crm-receives-significant-equity-capital-to-accelerate-growth

https://www.battleforthenet.com/

http://www.marlinllc.com/

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

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

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

DECEMBER 2017

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 11/30/17. These companies are asample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean andmedian multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflectedabove.

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Enterprise Value / Revenue

Enterprise Value / EBITDA

ENTERPRISE DATA & ANALYTICSSector Comparison Snapshot:

DECEMBER 2017

0x 1x 2x 3x 4x 5x 6x 7x

DAS

BIS

ESDA

DAFS

2017A EV/Revenue 2018E EV/Revenue

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

DAS

DAFS

ESDA

BIS

2017A EV/EBITDA 2018E EV/EBITDA


100

115

130

145

160

175

190

Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

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

M&A DAS Index S&P 500

Data & Analytics - Services

Public Market Data

04

DECEMBER 2017

Recent Activity

[1] As of February 8th 2017, comScore’s shares were suspended from the NASDAQ since comScore was unable to file financial data regarding the handling of certain cash and non-cash transactions. The stock is quoted on the over-the-counter market.

10x

12x

14x

16x

18x

2.0x

2.5x

3.0x

3.5x

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EV /

EBIT

DA

EV /

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5 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA

Company Market Enterprise(USD millions) Cap Value CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E

Reed Elsevier (RELX Group) 47,334 54,053 5.4x 5.2x 15.3x 14.3x 13% 3% 35% 36%Wolters Kluw er 14,935 17,623 3.3x 3.3x 12.3x 12.0x 3% 1% 27% 28%Nielsen 13,134 21,120 3.2x 3.1x 10.5x 10.2x 4% 3% 31% 30%Gartner 10,956 13,675 4.1x 3.4x 19.6x 16.4x 37% 20% 21% 21%Informa 8,346 10,456 4.5x 4.3x 13.3x 12.6x 29% 3% 34% 35%Pearson 7,774 9,313 1.5x 1.5x 9.8x 10.0x 1% (2%) 15% 15%UBM 3,999 4,772 3.6x 3.6x 11.7x 11.6x 16% (0%) 30% 31%Euromoney Institutional Investor 1,737 1,935 3.3x 3.3x 12.5x 12.0x 5% 2% 27% 27%comScore 1,143 1,029 1.7x 1.5x 6.5x 5.3x 18% 12% 26% 28%Forrester Research 838 703 2.1x 2.0x 18.4x 15.2x 2% 6% 12% 13%

Trim Mean 7,753 9,990 3.2x 3.1x 13.0x 12.2x 11% 4% 26% 27%Median 8,060 9,885 3.3x 3.3x 12.4x 12.0x 9% 3% 27% 28%

EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

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

11/14/16

Verisk Analytics (NasdaqGS:VRSK) acquired The GeoInformation Group for an undisclosed sum. The GeoInformation Group offers large-scale mapping services and geospatial data and analytic solutions to a broad set of companies and more than 300 public sector organizations. The acquisition bolsters Verisk’s presence in the United Kingdom as a data and analytics provider across multiple markets.

11/9/16

Gartner (NYSE:IT) acquired Machina Research for an undisclosed sum. Machina Research provides market intelligence and strategic insight on Internet of Things (IoT), Machine-to-Machine (M2M), and big data opportunities. The acquisition is part of Gartner’s strategy of investing further in IoT capabilities.

10/17/1620/20 Research (Nashville, TN) acquired iModerate for an undisclosed sum. iModerate offers online qualitative market research services and fits strategically with 20/20’s QualBoard discussion and QualMeeting interview platforms.


11/30/17Verisk Analytics (NASDAQ:VRSK) agreed to acquire Power Advocate for $280mm. Power Advocate provides market and cost intelligence solutions to energy companies.

11/6/17

Focus Pointe Global (Philadelphia, PA) acquired Trotta Associates for an undisclosed sum. Trotta Associates conducts research for major companies in industry segments including consumer goods and services, business-to-business and health care.

10/31/17Astreya Partners (Santa Clara, CA) agreed to acquire 9Lenses for an undisclosed sum. 9Lenses provides a cloud-based organizational intelligence platform to gather organizational intelligence.


Enterprise Software & Data Analytics

Public Market Data

05

DECEMBER 2017

Recent Activity

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


11/30/17

Uptake Technologies (Chicago, IL) raised $117mm in a Series D funding round led by Baillie Gifford, valuing the company at a post-money valuation of $2.3bn. Uptake provides an industrial predictive analytics platform that uses machine learning to monitor and anticipate equipment performance.

11/15/17

K1 Investment Management (El Segundo, CA) acquired Actiance for an undisclosed sum. Actiance provides communication, collaboration, and social media governance solutions for enterprises and banks. K1 plans to combine Actiance and Smarsh, a provider of cloud-based archiving and compliance solutions.

11/9/17Elastic (Amsterdam, Netherlands) acquired Swiftype for an undisclosed sum. Swiftype provides an artificial intelligence powered enterprise search platform and software for websites and applications.

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin(USD millions) Cap Value CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E

Oracle 210,173 196,974 5.1x 4.9x 11.0x 10.5x 5% 4% 46% 47%SAP 134,871 135,557 4.9x 4.5x 14.0x 13.5x 7% 7% 35% 34%Salesforce 76,999 75,959 7.3x 6.1x 34.2x 27.8x 24% 20% 21% 22%Intuit 40,248 40,346 7.4x 6.8x 20.1x 18.5x 12% 9% 37% 37%Workday 21,546 19,809 9.3x 7.4x 57.4x 44.4x 36% 25% 16% 17%CA 13,757 13,857 3.3x 3.2x 9.0x 8.5x 3% 4% 37% 38%Constellation 12,599 12,496 5.1x 4.5x 19.5x 16.8x 16% 14% 26% 26%Amdocs 9,542 8,562 2.2x 2.1x 11.1x 10.5x 4% 3% 20% 20%NICE 5,392 5,463 4.1x 3.8x 14.6x 13.2x 32% 7% 28% 29%Paycom Softw are 4,828 4,795 11.1x 8.8x 36.1x 28.8x 31% 26% 31% 31%Softw are 4,034 3,982 3.8x 3.7x 11.8x 11.5x 2% 3% 32% 32%Zendesk 3,383 3,157 7.4x 5.7x nm nm 37% 30% 3% 5%Xero 3,080 3,024 11.4x 8.5x nm 68.3x 41% 34% 3% 12%Manhattan Associates 3,066 2,936 4.9x 5.2x 13.8x 20.1x (2%) (6%) 36% 26%Paylocity 2,520 2,422 7.3x 6.0x 36.6x 28.8x 26% 22% 20% 21%Callidus 1,921 1,745 7.0x 5.8x 55.3x 37.6x 21% 20% 13% 16%


20x

25x

30x

35x

40x

45x

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4.0x

5.0x

6.0x

7.0x

8.0x


EV /

EBIT

DA

EV /

Reve

nue



100

140

180

220

260

300


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

M&A Application Software Index S&P 500


Business Intelligence Software

Public Market Data

06

[1] Tableau Software (DATA) added to the index as of IPO 5/17/13, Hortonworks (HDP) added to the index as of IPO 12/12/14, Alteryx (AYX) added to the index as of IPO 2/24/17

Recent Activity

DECEMBER 2017


11/24/17Sanderson Group (AIM:SND) acquired Anisa for $17.2mm, valuing the company at an implied 1.2x LTM revenue. Anisa provides a business intelligence platform utilized by industrial manufacturers.

11/15/17Logz.io (Tel Aviv, Israel) raised $23mm in a Series C funding round led by OpenView Venture Partners. Logz.io provides an open-source log analysis platform utilized for business intelligence for security and compliance purposes.

11/08/17Qubole (Santa Clara, CA) raised $25mm in an equity funding round led by Harmony Partners. Qubole offers a business intelligence and cloud-based data platform for analyzing and processing data sets.


Splunk 11,203 10,200 8.2x 6.5x nm 48.9x 31% 25% 12% 13%Open Text 8,682 11,044 4.3x 4.0x 12.3x 10.8x 32% 6% 35% 37%Tableau Software 5,605 4,662 5.4x 4.9x nm 62.8x 5% 9% 7% 8%Verint Systems 2,788 3,196 2.8x 2.6x 12.4x 10.7x 7% 6% 23% 25%Microstrategy 1,573 926 1.9x 1.8x 9.0x 13.5x (2%) 2% 21% 13%Alteryx 1,475 1,319 10.2x 7.5x na na 50% 36% na naHortonworks 1,320 1,256 4.9x 3.8x na na 39% 27% na naTalend 1,165 1,070 7.2x 5.5x na na 40% 30% na na



100

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

M&A BI Index S&P 500

10x

20x

30x

40x

50x

60x

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4.0x

6.0x

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EV /

EBIT

DA

EV /

Reve

nue

5 Year LTM Revenue & EBITDA Multiples[1]



Data & Analytics – Financial Services

Public Market Data

07

DECEMBER 2017

Recent Activity


11/28/17

Moody’s (NYSE:MCO) acquired a minority stake in Rockport VAL for an undisclosed sum. Rockport VAL provides cloud-based commercial real estate (“CRE”) valuation and cash flow modeling tools. In collaboration with Rockport VAL, Moody's Analytics plans to expand its CRE solutions offering, which include CMBS and related economic data.

11/27/17

Information Publishing (London, United Kingdom) acquired CapitalTrack for an undisclosed sum. CapitalTrack provides information to the fixed income market, covering floating rate, asset backed and structured securities markets. CapitalTrack maintains one of the largest independent, on-line databases of static and event-based operation data in the floating and variable rate spaces.

11/14/17

TransUnion (NYSE:TRU) acquired FactorTrust, a provider of alternative credit data, analytics and risk scoring information. The addition of FactorTrust’s short-term and small dollar lending data bolsters TransUnion’s existing credit solutions. Short-term and small dollar loans are the largest category of consumer credit obligations not currently part of nationwide credit reporting agency databases.


S&P Global 42,677 45,148 7.6x 7.2x 15.7x 14.7x 5% 6% 48% 49%Thomson Reuters 32,045 38,751 3.4x 3.3x 11.4x 10.9x 2% 2% 30% 31%Moody's 29,468 34,247 8.4x 7.6x 17.5x 15.7x 14% 10% 48% 48%Experian 19,386 22,793 5.2x 4.8x 14.9x 14.1x (6%) 9% 35% 34%Verisk Analytics 16,194 18,930 8.9x 8.2x 18.2x 16.8x 7% 8% 49% 49%Equifax 13,854 16,311 4.9x 4.7x 13.4x 13.3x 6% 3% 36% 35%MSCI 11,823 13,102 10.3x 9.3x 19.9x 17.5x 10% 10% 52% 53%TransUnion 10,504 12,647 6.6x 6.1x 17.0x 15.2x 12% 9% 39% 40%CoStar Group 10,007 9,690 10.0x 8.7x 33.6x 25.8x 15% 15% 30% 34%FactSet Research Systems 7,851 8,199 6.5x 6.0x 18.8x 17.4x 11% 8% 34% 34%FICO 5,020 5,519 5.8x 5.5x 24.2x 20.7x 5% 6% 24% 26%Dun & Bradstreet 4,580 5,847 3.3x 3.2x 11.6x 11.2x 3% 3% 29% 29%Morningstar 3,950 3,831 4.5x 4.3x 16.4x 14.8x 7% 4% 27% 29%CoreLogic 3,711 5,321 2.9x 2.8x 11.2x 10.8x (5%) 2% 26% 26%



10x

12x

14x

16x

18x

3.0x

4.0x

5.0x

6.0x

7.0x


EV /

EBIT

DA

EV /

Reve

nue



100

150

200

250


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

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


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

DECEMBER 2017

08

DateAnnounced Investor Issuer Description

11/30/17

Uptake Technologies (Chicago, IL) raised $117mm in a Series D funding round led by Baillie Gifford, valuing the company at a post-money valuation of $2.3bn. Uptake provides an industrial predictive analytics platform that uses machine learning to monitor and anticipate equipment performance.

11/15/17Logz.io (Tel Aviv, Israel) raised $23mm in a Series C funding round led by OpenView Venture Partners. Logz.io provides an open-source log analysis platform utilized for business intelligence for security and compliance purposes.

11/08/17Qubole (Santa Clara, CA) raised $25mm in an equity funding round led by Harmony Partners. Qubole offers a business intelligence and cloud-based data platform for analyzing and processing data sets.

10/26/17Logi Analytics (McLean, VA) raised an undisclosed sum in an equity funding round led by Marlin Equity. Logi offers a business intelligence and information application development platform to software, ISV and SaaS providers.

10/17/17

Feedzai (Centro, Portugal) raised $50mm in a Series C funding round led by Sapphire Ventures. Feedzai provides business intelligence applications for small and large organizations in the telecommunications, banking and utility markets.

10/7/17

Ayla Networks (Sunnyvale, CA) raised $50mm in a Series D funding round led by SUNSEA Telecom. Ayla offers Ayla Insights, an integrated business intelligence and analytics platform that provides manufacturers with real-world insights into how their connected IoT devices are being used.

10/4/17MessageBird (Amsterdam, Netherlands) raised $60mm in a Series A funding round led by Accel Partners. MessageBird develops and markets cloud based software solutions for SMS messaging.

9/28/17Logtrust (Madrid, Spain) raised $35mm in a Series B funding round led by Insight Venture Partners. Logtrust offers a platform that collects, correlates, and analyses machine, system, and user data in real-time.

9/14/17

HouseCanary (San Francisco, CA) raised $31mm in a Series B funding round led by new investor PSP Growth and included Alpha Edison and other existing investors. HouseCanary operates an online data platform that provides home valuations, forecasts and market analytics for residential lenders, investors, and real estate professionals.

9/12/17

Algomi (London, United Kingdom) raised an undisclosed amount of funding from new investor S&P Global. In addition to a minority stake in the company and a seat on its board, S&P Global formed a strategic partnership with Algomi. Algomi has created a bond information network that enables buy side and sell side firms, as well as exchanges, to harness data to improve financial trading decisions.


09

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

DECEMBER 2017

DateAnnounced Acquirer Target Description

11/30/17Verisk Analytics (NASDAQ:VRSK) agreed to acquire Power Advocate for $280mm. Power Advocate provides market and cost intelligence solutions to energy companies.

11/28/17

Moody’s (NYSE:MCO) acquired a minority stake in Rockport VAL for an undisclosed sum. Rockport VAL provides cloud-based commercial real estate (“CRE”) valuation and cash flow modeling tools. In collaboration with Rockport VAL, Moody's Analytics plans to expand its CRE solutions offering, which include CMBS and related economic data.

11/27/17

Information Publishing (London, United Kingdom) acquired CapitalTrack for an undisclosed sum. CapitalTrack provides information to the fixed income market, covering floating rate, asset backed and structured securities markets. CapitalTrack maintains one of the largest independent, on-line databases of static and event-based operation data in the floating and variable rate spaces.

11/24/17Sanderson Group (AIM:SND) acquired Anisa for $17.2mm, valuing the company at an implied 1.2x LTM revenue. Anisa provides a business intelligence platform utilized by industrial manufacturers.

11/15/17

K1 Investment Management (El Segundo, CA) acquired Actiance for an undisclosed sum. Actiance provides communication, collaboration, and social media governance solutions for enterprises and banks. K1 plans to combine Actiance and Smarsh, a provider of cloud-based archiving and compliance solutions.

11/14/17

TransUnion (NYSE:TRU) acquired FactorTrust, a provider of alternative credit data, analytics and risk scoring information. The addition of FactorTrust’s short-term and small dollar lending data bolsters TransUnion’s existing credit solutions. Short-term and small dollar loans are the largest category of consumer credit obligations not currently part of nationwide credit reporting agency databases.

11/9/17Elastic (Amsterdam, Netherlands) acquired Swiftype for an undisclosed sum. Swiftype provides an artificial intelligence powered enterprise search platform and software for websites and applications.

11/6/17

Focus Pointe Global (Philadelphia, PA) acquired Trotta Associates for an undisclosed sum. Trotta Associates conducts research for major companies in industry segments including consumer goods and services, business-to-business and health care.

10/31/17

Astreya Partners (Santa Clara, CA) agreed to acquire 9Lenses for an undisclosed sum. 9Lenses provides a cloud-based organizational intelligence that digitally automates the development, collection, organization, connection, and analytics during a consulting process.

10/26/17Vista Equity Partners (Austin, TX) agreed to acquire Datto for an undisclosed sum. Datto provides backup, recovery, and business continuity solutions to managed service providers worldwide.

Note: Not a complete list

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

10

DECEMBER 2017

“The team at Marlin & Associates was critical to our completion of this important strategic transaction, providing invaluable guidance throughout every step of the process. Their expertise in financial technology, SaaS, and the Salesforce ecosystem helped us to prepare effectively and best position Tier1CRM to potential investors. Their knowledge of the market helped us to identify the ideal investors as we move into the next phase of growth at Tier1. We could not have closed this transaction without their steady hand throughout,” Mark Notten, CEO, Tier1CRM

has received an equity investment from

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

has been acquired by

Marlin & Associates acted as exclusive strategic and financial advisor to OptionsCity Software

Toronto, Canada

Atlanta, GA

Marlin & Associates acted as exclusive strategic and financial

advisor to TMX Group

has sold the Atrium wireless and extranet infrastructure

businesses to

a portfolio company of

Hamilton, Bermuda

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


London, UKreceived an investment

from


advisor to OpenGamma

New York City, NY




advisor to Advise Technologies, LLC

New York City, NY

Lake Success, NY

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


Phoenix, AZ

Boston, MA and San Francisco, CA


advisor to BillingTree

has completed a majority recapitalization with

Salt Lake City, UT

Chicago, IL

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

has been acquired byreceived an investment from

Port Talbot, United Kingdom

London, United Kingdom

Marlin & Associates acted as exclusive strategic and

financial advisor to Vizolution.

San Mateo, CA

Marlin & Associates acted asexclusive strategic and

financial advisor to Xignite.

received a strategicinvestment from

Tokyo, Japan


advisor to Tier1CRM

has received an equityinvestment from


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

11

DECEMBER 2017

“Throughout this process, the team at Marlin & Associates provided great financial and strategic advice. They served as a true strategic partner and integral part of the team as they guided the complex cross-border carve-out project. Marlin & Associates unique industry expertise played a critical role in bringing this project to a successful conclusion for all stakeholders." Eric SinclairPresident, TMX Datalinx



financial advisor to Alacra, Inc.

Palo Alto, CA

New York, NY Paris, France

Palo Alto, CA


financial advisor to Everteam.

has acquired the Business Process Management

business from

Campbell, CA

received an investment from


advisor to Trunomi.

Boston, MA

Windsor, CT

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

has been acquired byNew York, NY

Dublin, Ireland

Marlin & Associates acted as financial advisor to Aquiline

Capital Partners.

has invested in

has sold the assets of

to

Marlin & Associates acted as exclusive strategic and financial advisor to CNO Financial Group.

Dublin, Ireland

London, United KingdomMarlin & Associates acted as

exclusive strategic and financial advisor to Information Mosaic.


San Francisco, CA

has led a $60 millioninvestment in

New York, NY

Marlin & Associates acted as exclusive financial advisor

Francisco Partners.

Vienna, Austria

received a majority investment from

New York, NY


advisor to AIM Software.

Campbell, CA


Englewood, CO


financial advisor to Infonetics Research, Inc.

New York, NY

has entered into a strategic alliance with

New York, NY


advisor to Alacra, Inc.

Brentwood, TN


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


M&A Award USA TMT Advisory Firm of the Year (2012, 2015) – Acquisition International

• Financial Technology Deal of the Year (2012, 2011)• North America Small Mid Markets Corporate Deal of the Year (2013)• Corporate M&A Deal of the Year (2010)• Technologies Deal of the Year (2010)* Firm-wide Awards

• Professional Services B-to-B Deal of the Year (2017)*• TMT Advisory Firm of the Year (2017)*• Cross-Border Deal of the Year (2016)*• Cross-Border Boutique Investment Banking Firm of the Year (2016)*• Boutique Investment Banking Firm of the Year (2014, 2015, 2016, 2017)*• Advisory Firm of they Year (2015)*• Middle Market International Professional Services (B-to-B) Deal of the Year (2013)• Financial Services Deal of the Year (2013, 2012 and 2011)• Information Technology Deal of the Year (2011)• Middle Market Deal of the Year <$25M (2011)• Corporate and Strategic Acquisition of the Year (2011)• Middle Market Financial Services Deal of the Year (2011 and 2010)• Middle Market Information Technology Deal of the Year (2011 and 2010)• Middle Market International Financial Services Deal of the Year (2013 and 2010)• Middle Market International Information Technology Deal of the Year (2010)• Middle Market Financial Services Turnaround Deal of the Year (2009)• Middle Market Information Technology Turnaround Deal of the Year (2009)• Middle Market International Deal of the Year(2008)• Middle Market Financial Services Deal of the Year (2008)• Middle Market Technology Deal of the Year (2008)• Middle Market Investment Banking Firm of the Year (2008 and 2007)*• Middle Market International/Cross Border Deal of the Year (2007, Below $100M)

PEER AND INDUSTRY GROUP RECOGNITION

12

Boutique Investment Banking Firm of the Year(2014, 2015, 2016) - The M&A Advisor

The M&A Advisor and The M&A Forum have recognized Marlin & Associates for excellence in multiple deal categories including:

The Global M&A Network has recognized Marlin & Associates for excellence in multiple deal categories through its M&A Atlas Awards:

TMT Advisory Firm of the Year (2017)

Boutique Investment Banking Firm of the

Year(2017)

– ACQ5 (Acquisition Finance

Magazine)

“We are always grateful to be recognized for our hard work, but we are more pleased that we areable to help our clients achieve the results that they seek.”

Ken MarlinFounder and Managing Partner

DECEMBER 2017

Note: Not a complete list.


Ken Marlin

Founder and Managing Partner of M&A• Twice named to II’s Tech 50• Member Market Data Hall of Fame• MD Veronis Suhler Stevenson• CEO of Telesphere Corporation • CEO of Telekurs (NA)• EVP Bridge Information systems• SVP at Dun & Bradstreet• BA from the University of California (Irvine)• MBA from UCLA, post-MBA from New

York University Jason Panzer

Chief Operating Officer of M&A• 20+ years of M&A experience advising

technology and PE firms, globally• VP Business Development at FactSet• M&A attorney of Skadden, Arps, Slate,

Meagher and Flom• CFO of JCF Group• MBA from Columbia Business School• J.D. from Fordham Law School• CFA Charterholder

Paul Friday

• 20+ years of investment banking experience• Experience working with both large

corporations and entrepreneurial technology-based companies

• Formerly at Robertson Stephens and PaineWebber (UBS)

• BS, Finance from Pennsylvania State University

• 18+ years of investment banking andprivate equity experience

• Named twice to Dealer’s Digest and recently M&A Advisor’s “40-Under-40”

• Founded Marlin & Associates with Ken Marlin

• Formerly at Veronis Suhler Stevenson, Morgan Stanley, and American International Group

• BS from Binghamton University

Louis DeRose

• 7+ years of M&A experience• Formerly a corporate finance &

strategy consultant at Pöyry and Huron Consulting

• CFA Charterholder• BS, Finance & Accounting from

Villanova University

MARLIN AND ASSOCIATES: WHO WE ARE

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

Michael Maxworthy

13

DECEMBER 2017

"The Marlin & Associates team was a highly valued player in completing our transaction. Their professional expertise and commitment to the process, preparation, positioning, presentation, and leadership got us to the finish line. They’re smart, available whenever needed, and bring the work ethic to get the deal done.”

Roman BrunnerCEO, QuoVadis

Tom Selby

• 18+ years of M&A experience • VP of Business Development at SunGard• Founder of software company sold to

SunGard • Started career designing trading software

for TD Bank• BaSC, Engineering from University of

Toronto

Sam Levy

• 10+ years of technology investment banking experience

• Experience working with both large corporations and entrepreneurial technology-based companies

• Formerly at BNPParibas,• MBA, NYU Stern, MS from

CentraleSupelec

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 4/30/14. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in thesector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above 14

New York | Washington, D.C. | Toronto

www.MarlinLLC.com

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