Analytics MARKET - Marlin & Associates€¦ · Washington, D.C. New York. Enterprise Data &...

February 2018

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 report found below gives our sense of the current m&a trends, values and deals in the four segments of the Enterprise Dataand Analytics sector that we follow and sometimes lead. Please see below for detailed m&a statistics and deals.

A recent BCG study analyzed 37,000+ tech m&a deals over the past few years and concluded that only about half of them generated positive “Cumulative Abnormal Returns” (“CAR”). To us, that implies that acquirers are victims of chance. We beg to differ. Marines know that “luck” has little to do with success. Acquirers have the clear ability to materially increase the probability that their deals add value. They just need to follow some of the guidance in my book. Here are five rules:

Take the long view. The first chapter in my book is about having clear long-term strategic goals and aligning all tactics with that goal. It’s easy to say “buy the right company.” But how do you know? Picking a battle or targeting acquisitions is a science. It’s not just about what’s available. Picking a target that advances your firm towards that clear strategic goal is critical.

Know how to value what you are getting. A simplistic reason a company’s CAR may not be positive is that the buyer paid too much. But how do you know what is too much? Marines have their own way to value territory. It has nothing to do with “comparables” or “multiples”. The strategic value and cultural fit are worth more for some than for others. If it advances your strategy, it may be worth paying more – just not too much. It’s an art.

Plan for the integration. For bankers, the closing of a deal is usually the end of a process. For principals it’s a phase point. Detailed “backwards” planning is key to success. Marines know where they need to be and how they intend to get there. Too many buyers give short shrift to creating detailed post-acquisition plans. That’s dangerous.

Motivate the right people. Marines’ successes and those of successful Tech acquirers derive in large part from selecting and motivating the right people, not about cost synergies. Lose your key customer-facing people (enemy-facing) and disaster may loom; lose your leadership and your chance of success drops even more precipitously.

Execute with discipline. Marines know that successful execution requires clear assignment of roles and responsibilities; establishing measurable milestones and following up. Those who “wing it” are playing the lotto.

We don’t particularly like the CAR method – it relies too much on short term stock price movements. For us, the measure of success for tech m&a transactions is all about aligning tactics with strategy, executing with discipline and building long-term sustainable businesses. Those who do it right have a much higher probability of positive results. Don’t be a victim of chance.

A few of the more interesting deals this month include:

DEAR CLIENTS AND FRIENDS,5 Rules a Marine Would Use to Ensure A Tech M&A Deal Adds Value. Our February 2018 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.

• Private equity funds managed by The Blackstone Group (NYSE:BX), Canada Pension Plan Investment Board and GIC agreed to acquire a 55% stake in the Financial & Risk business of Thomson Reuters, valuing the business unit at $20bn,

• SAP (DB:SAP) agreed to acquire Callidus for $2.4bn, valuing the company at an implied 10x LTM revenue,

• Igloo (Ontario, Canada) raised $47mm in a Growth Equity funding round led by Frontier Capital,

• Rubikloud Technologies (Toronto, Canada) raised $37mm in a Series B funding round led by Intel Capital,

• Usermind (Seattle, WA) raised $24mm in a Series C funding round led by Northgate Capital.

01

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.

Please see our February Enterprise Data & Analytics Market Update below.

https://www.bcg.com/publications/2017/corporate-development-finance-technology-digital-2017-m-and-a-report-doing-tech-deals-right.aspx

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

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

03

04

04

05

06

07

08

09

Sector Comparison Snapshot

Sector Analyses

Data Analytics - Services (DAS)

Enterprise Software & Data Analytics (ESDA)

Business Intelligence Software (BIS)

Data & Analytics – Financial Services (DAFS)

02

Merger & Acquisition Activity Trends

Capital Raising Activity Trends

Enterprise Data & AnalyticsEnterprise Data & Analytics is a broad industry containing several sectors that encompass thelarge and growing data assets used and generated by businesses, along with the related analyticsthat enhance insight and drive better business decisions.

MARLIN & ASSOCIATES: MARKET UPDATE

FEBRUARY 2018

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 1/31/18. 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.

03

Enterprise Value / Revenue

Enterprise Value / EBITDA

ENTERPRISE DATA & ANALYTICSSector Comparison Snapshot:

FEBRUARY 2018

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

DAS

BIS

DAFS

ESDA

2017A EV/Revenue 2018E EV/Revenue

0x 4x 8x 12x 16x 20x 24x 28x

DAS

BIS

DAFS

ESDA

2017A EV/EBITDA 2018E EV/EBITDA


Data & Analytics - Services

Public Market Data

FEBRUARY 2018

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.

04

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

1/18/18

Eyeota (New York, NY) raised $12mm in a venture funding round led by Jolt Capital. Eyeota’s data empowers marketers, advertisers and agencies to deliver targeted campaigns and engage with the right audiences, while enabling publishers and data suppliers to monetize their audiences more widely.

1/10/18

Claritas (Cincinnati, OH) acquired Geoscape from The Carlyle Group for an undisclosed sum. Geoscape provides actionable business intelligence via unique data, technology and analytic services to help clients access high-growth opportunities in our culturally-diverse business environment.

12/26/17

Cision (NYSE:CISN) agreed to acquire Prime Research for an undisclosed sum. Prime Research integrates, analyzes and evaluates media performance across all channels – social, digital, print and broadcast – to deliver actionable insights and strategic guidance for better communications and business results.

10x

12x

14x

16x

18x

2.0x

2.5x

3.0x

3.5x

4.0x

Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18

EV /

EBIT

DA

EV /

Rev

enue

5 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA

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

Reed Elsevier (RELX Group) 45,569 52,650 5.1x 4.8x 14.6x 13.7x 13% 4% 35% 35% Wolters Kluwer 15,387 18,214 3.3x 3.3x 12.1x 12.0x 3% (0%) 27% 27% Nielsen 13,381 21,367 3.3x 3.2x 10.6x 10.4x 4% 3% 31% 30% Gartner 12,573 15,293 4.6x 3.8x 21.9x 18.4x 35% 22% 21% 21% Informa 8,186 10,416 4.2x 4.1x 12.6x 11.7x 29% 3% 34% 35% Pearson 8,050 9,677 1.5x 1.6x 9.5x 9.9x 1% (5%) 15% 16% UBM 5,137 5,954 4.2x 4.3x 13.9x 14.0x 16% (3%) 30% 31% Euromoney Institutional Investor 1,797 2,007 3.3x 3.3x 12.3x 12.1x 5% 1% 27% 27% comScore 893 779 1.3x 1.1x 4.9x 4.0x 17% 13% 26% 28% Forrester Research 788 652 2.0x 1.9x 17.1x 15.2x 2% 5% 12% 12%

Trim Mean 8,176 10,463 3.3x 3.2x 12.8x 12.4x 11% 3% 26% 27% Median 8,118 10,046 3.3x 3.3x 12.5x 12.1x 9% 3% 27% 28%

100

115

130

145

160

175

190


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

M&A DAS Index S&P 500


Enterprise Software & Data Analytics

Public Market Data

05

FEBRUARY 2018

Recent Activity

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

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin(USD millions) Cap Value CY2017A CY2018E CY2017A CY2018E CY2017A CY2018E CY2017A CY2018E

Oracle 220,960 210,488 5.4x 5.2x 11.7x 11.1x 5% 4% 46% 47%SAP 134,751 134,830 4.6x 4.5x 15.8x 13.1x 6% 4% 29% 34%Salesforce 84,078 83,037 8.0x 6.6x 37.3x 30.7x 24% 20% 21% 22%Intuit 42,982 43,080 7.9x 7.3x 21.6x 19.7x 12% 9% 37% 37%Workday 25,080 23,342 10.9x 8.8x 67.4x 51.6x 36% 25% 16% 17%CA 14,806 14,761 3.5x 3.4x 12.1x 9.0x 3% 3% 29% 38%Constellation 13,375 13,272 5.4x 4.6x 20.7x 17.4x 16% 18% 26% 26%Amdocs 9,942 9,014 2.3x 2.3x 12.3x 11.0x 4% 2% 19% 21%NICE 5,492 5,563 4.1x 3.9x 14.6x 13.4x 32% 7% 28% 29%Paycom Softw are 5,393 5,382 12.4x 9.9x 54.9x 24.7x 32% 26% 23% 40%Softw are AG 3,990 3,890 3.6x 3.5x 12.1x 11.3x 1% 3% 30% 31%Zendesk 3,931 3,684 8.6x 6.6x na nm 38% 31% na 6%Manhattan Associates 3,634 3,508 5.9x 6.4x 17.8x 24.5x (2%) (7%) 33% 26%Xero 3,474 3,415 12.1x 9.0x nm nm 41% 35% 3% 12%Paylocity 2,866 2,755 8.3x 6.8x nm 32.6x 26% 22% 7% 21%Callidus 2,373 2,222 8.8x 7.4x nm 42.6x 22% 19% 0% 17%

Trim Mean 25,271 24,967 6.9x 6.0x 21.9x 21.0x 18% 14% 23% 26%Median 7,717 7,288 6.9x 6.5x 16.8x 18.5x 19% 14% 26% 26%

20x

25x

30x

35x

40x

3.0x

4.0x

5.0x

6.0x

7.0x


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


1/29/18SAP (DB:SAP) agreed to acquire Callidus for $2.4bn, valuing the company at an implied 10x LTM revenue. Callidus provides cloud-based sales, marketing, learning, and customer experience solutions.

1/18/18

Usermind (Seattle, WA) raised $23.5mm in a Series C funding round led by Northgate Capital. Usermind offers solutions for entity mapping, automation of complex customer journeys, customer data storage, and end-to-end business processes analytics.

1/9/18

Igloo (Ontario, Canada) raised $47mm in a Growth Equity funding round led by Frontier Capital. Igloo provides digital workplace solutions that address challenges related to communication, collaboration, knowledge management and employee management.


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

FEBRUARY 2018


1/31/18PeopleAdmin (Austin, TX) acquired Performance Matters for an undisclosed sum. Performance Matters provides a data warehousing and business intelligence platform for the education industry.

1/3/18

Rubikloud Technologies (Toronto, Canada) raised $36.7mm in a Series B funding round led by Intel Capital. Rubikloud operates a cloud-based enterprise data platform that allows consumer retailers to utilize automated business intelligence reports across the entire data set of an organization.

12/7/17

Livehire (ASX:LVH) raised $15mm in a private placement led by Telstra Super. Livehire provides business intelligence and data services to corporations in Australia. The company’s offerings provide users with a productivity and collaboration platform for talent management.

Company Market Enterprise(USD millions) Cap Value CY2017A CY2018E CY2017A CY2018E CY2017A CY2018E CY2017A CY2018E

Splunk 13,023 12,042 9.7x 7.7x nm 57.3x 31% 26% 12% 13%Open Text 9,140 11,399 4.3x 4.0x 15.6x 10.8x 34% 8% 28% 37%Tableau Softw are 6,124 5,269 6.1x 5.5x nm nm 5% 11% 7% 5%Verint Systems 2,697 3,161 2.8x 2.6x 12.4x 11.2x 7% 7% 22% 23%Alteryx 1,619 1,463 11.4x 8.3x na na 50% 37% na naMicrostrategy 1,584 909 1.8x 1.8x 8.8x 14.2x (2%) 1% 21% 13%Hortonw orks 1,385 1,322 5.1x 4.0x na na 39% 27% na naTalend 1,136 1,041 7.0x 5.4x na na 40% 30% na na


EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

100

120

140

160

180

200

220

240


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

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x


EV /

EBIT

DA

EV /

Reve

nue

5 Year LTM Revenue & EBITDA Multiples[1]



Data & Analytics – Financial Services

Public Market Data

07

FEBRUARY 2018

Recent Activity

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

S&P Global 46,543 48,683 8.1x 7.7x 16.9x 15.8x 6% 6% 48% 49%Moody's 31,403 36,183 8.8x 8.0x 18.3x 16.6x 14% 10% 48% 48%Thomson Reuters 30,566 37,272 3.3x 3.4x 10.9x 10.8x 1% (2%) 30% 31%Experian 21,217 24,624 5.7x 5.1x 16.1x 15.0x (7%) 12% 36% 34%Verisk Analytics 16,804 19,540 9.2x 8.5x 18.8x 17.4x 7% 8% 49% 49%Equifax 15,167 17,623 5.3x 5.1x 14.5x 14.4x 6% 3% 36% 36%MSCI 12,874 14,153 11.1x 9.8x 21.5x 18.0x 11% 13% 52% 54%CoStar Group 11,357 11,040 11.4x 9.9x 39.0x 29.2x 15% 15% 29% 34%TransUnion 11,231 13,373 7.0x 6.4x 18.0x 16.0x 12% 9% 39% 40%FactSet Research Systems 7,963 8,284 6.6x 6.0x 19.4x 17.6x 10% 9% 34% 34%FICO 5,449 6,019 6.3x 5.9x 27.9x 21.9x 5% 7% 23% 27%Dun & Bradstreet 4,603 5,870 3.3x 3.2x 11.7x 11.2x 3% 3% 29% 29%Morningstar 4,114 3,995 4.7x 4.5x 17.1x 15.4x 7% 4% 27% 29%CoreLogic 4,030 5,641 3.1x 3.0x 11.9x 11.6x (5%) 0% 26% 26%


EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

11x

13x

15x

17x

19x

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


1/30/18

Financial & Risk Division

Private equity funds managed by The Blackstone Group (NYSE:BX), Canada Pension Plan Investment Board and GIC Pte agreed to acquire a 55% stake in the Financial & Risk business of Thomson Reuters, valuing the business unit at $20bn. The business unit provides data, analytics and trading to Wall Street and financial professionals around the world.

1/18/18

Visible Alpha raised $38mm in an equity funding round led by new investor Goldman Sachs. The transaction included a consortium of other new and existing investors such as Bank of America, Citi, Morgan Stanley, Wells Fargo, among others. Visible Alpha provides discovery, analysis and valuation tools designed to help Wall Street firms collaborate on research, financial models and corporate access events.

12/19/1715(c) board consulting services

Broadridge (NYSE:BR) acquired Morningstar's 15(c) board consulting services business for an undisclosed sum. The acquisition strengthens Broadridge's ability to offer independent, verifiable data that mutual fund boards of directors rely on to fulfill their governance responsibilities.


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

FEBRUARY 2018

08

DateAnnounced Investor Issuer Description

1/18/18

Visible Alpha raised $38mm in an equity funding round led by new investor Goldman Sachs. The transaction included a consortium of other new and existing investors such as Bank of America, Citi, Morgan Stanley, Wells Fargo, among others. Visible Alpha provides discovery, analysis and valuation tools designed to help Wall Street firms collaborate on research, financial models and corporate access events.

1/18/18

Eyeota (New York, NY) raised $12mm in a venture funding round led by Jolt Capital. Eyeota’s data empowers marketers, advertisers and agencies to deliver targeted campaigns and engage with the right audiences, while enabling publishers and data suppliers to monetize their audiences more widely.

1/18/18

Usermind (Seattle, WA) raised $23.5mm in a Series C funding round led by Northgate Capital. Usermind offers solutions for entity mapping, automation of complex customer journeys, customer data storage, and end-to-end business processes analytics.

1/9/18

Igloo (Ontario, Canada) raised $47mm in a Growth Equity funding round led by Frontier Capital. Igloo provides digital workplace solutions that address challenges related to communication, collaboration, knowledge management and employee management.

1/3/18

Rubikloud Technologies (Toronto, Canada) raised $36.7mm in a Series B funding round led by Intel Capital. Rubikloud operates a cloud-based enterprise data platform that allows consumer retailers to utilize automated business intelligence reports across the entire data set of an organization.

12/19/17

ACL (Vancouver, Canada) raised $50mm in an equity funding round led by Norwest Venture Partners. ACL provides cloud-based software solutions for governance, risk management and compliance (GRC) professionals. Additionally, the Company offers ACL Direct Link which allows users to secure business intelligence from SAP ERP and SAP CRM running on database platforms.

12/14/17

Instana (Redwood City, CA) raised $20mm in a Series B funding round led by Accel Partners. Instana provides software for identifying, analyzing, recording and suggesting solutions for problems with business computer software applications running in data centers.

12/7/17

Livehire (ASX:LVH) raised $15mm in a private placement led by Telstra Super. Livehire provides business intelligence and data services to corporations in Australia. The company’s offerings provide users with a productivity and collaboration platform for talent management.

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.


09

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

FEBRUARY 2018

DateAnnounced Acquirer Target Description

1/31/18PeopleAdmin (Austin, TX) acquired Performance Matters for an undisclosed sum. Performance Matters provides a data warehousing and business intelligence platform for the education industry.

1/29/18

Financial & Risk Division

Private equity funds managed by The Blackstone Group (NYSE:BX), Canada Pension Plan Investment Board and GIC Pte agreed to acquire a 55% stake in the Financial & Risk business of Thomson Reuters, valuing the businessunit at $20bn. The business unit provides data, analytics and trading to Wall Street and financial professionals around the world.

1/29/18SAP (DB:SAP) agreed to acquire Callidus for $2.4bn, valuing the company at an implied 10x LTM revenue. Callidus provides cloud-based sales, marketing, learning, and customer experience solutions.

1/10/18

Claritas (Cincinnati, OH) acquired Geoscape from The Carlyle Group for an undisclosed sum. Geoscape provides actionable business intelligence via unique data, technology and analytic services to help clients access high-growth opportunities in our culturally-diverse business environment.

12/26/17

Cision (NYSE:CISN) agreed to acquire Prime Research for an undisclosed sum. Prime Research integrates, analyzes and evaluates media performance across all channels – social, digital, print and broadcast – to deliver actionable insights and strategic guidance for better communications and business results.

11/30/17 15(c) board consulting services

Broadridge (NYSE:BR) acquired Morningstar's 15(c) board consulting services business for an undisclosed sum. The acquisition strengthens Broadridge's ability to offer independent, verifiable data that mutual fund boards of directors rely on to fulfill their governance responsibilities.

11/28/17

Oracle (NYSE:ORCL) agreed to acquire Aconex for $1.2bn valuing the company at an implied 10x LTM revenue. This marks the fifth acquisition announced by Oracle in 2017. Aconex provides cloud collaboration software services for the construction industry.

11/27/17

Drillinginfo (Austin, TX) acquired Pattern Recognition Technologies (“PRT”) for an undisclosed sum. PRT provides short-term power demand and price forecasts to the electric, gas, solar and wind markets. In addition to serving energy industry clients, PRT provides insights to inform arbitrage opportunities for power traders.

11/24/17

Intuit (NASDAQ:INTU) agreed to acquire TSheets from Summit Partners for $340mm. TSheets provides solutions that enable employees and employers, as well as their accountants and payroll managers to track, manage, and report time.

11/15/17Euromoney Institutional Investor (LSE:ERM) agreed to acquireTowerXchange for an undisclosed sum. TowerXchange provides infrastructure management services to the tower market.

Note: Not a complete list

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

10

FEBRUARY 2018

“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

FEBRUARY 2018

“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, 2017) – 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

FEBRUARY 2018

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

• 8+ 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

FEBRUARY 2018

"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

INVESTMENT BANKING AND STRATEGIC ADVISORY TOTHE TECHNOLOGY, INFORMATION AND HEALTHCAREINDUSTRIES

Analytics MARKET - Marlin & Associates€¦ · Washington, D.C. New York. Enterprise Data &...

Documents

Transcript of Analytics MARKET - Marlin & Associates€¦ · Washington, D.C. New York. Enterprise Data &...