Analytics MARKET UPDATE...global forest products market. This acquisition follows Euromoney’s...

April 2017

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

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

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

Dear Clients and Friends,

Our latest update on m&a trends for the four segments of the Enterprise Data & Analytics sector that we follow, and sometimes lead, can be found below. Increasingly, it’s starting to look like the early phases of a revolution.

The way in which some modern businesses are managed – using massive amounts of data and analytic tools to determine what they will buy or sell, through what channel, at what price, etc. - is much talked about and yet, for at least three reasons, the revolutionary power of these tools has not yet been fully grasped.

First, in spite of the talk, only a small percentage of businesses are actually using these tools in a meaningful way. Second, for those businesses that do take advantage of the tools, most of the action takes place out of sight. And third, because the revolutionary power of these tools is just beginning to be tapped. This post is mostly about that third factor. The revolution is coming. Count on it.

The revolution is already making it much easier for leading edge managers to do a lot more than monitor and measure performance.They now can get systems that are flexible and interactive – allowing the user to define the questions he/she wants answered (“What happened?”, “What will happen?”, “What if?” etc. ) without being limited to parameters set by some computer programmer. Clients are getting analyzed data in near real-time, on tablets, and mobile devices. They now can have systems that take advantage of the native capabilities of these devices, such as touchscreen, camera and location awareness. They can integrate with third-party data and applications. They are getting systems that allow them to look forwards not just backwards – predicting outcomes. They are seeing data in ways that – as Gartner says: “…go beyond those of basic pie, bar and line charts, to include trellis, heat and tree maps, scatter plots, and other special-purpose visuals….” For those who dare, it is now possible to use modern enterprise data and analytical tools combined with local knowledge to increase efficiency a hundred fold - and that is revolutionary.

It’s a brave new world. We’re just at the beginning.

Our report found below notes recent m&a values and trends for many of these firms. Some recent interesting transactions include:

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

DEAR CLIENTS AND FRIENDS,

Sincerely,

• Wolters Kluwer (ENXTAM:WKL) agreed to acquire Tagetik from White Bridge Investments for €300mm (~$317mm) at an implied 5.2x LTM revenue,

• MuleSoft (NYSE:MULE), which provides integrated solutions for connecting applications and API management, raised $221mm in an IPO, priced at $17 per share, implying an enterprise value of $2.9bn and valuing the company at an implied 15.5x LTM revenue,

• Alteryx (NYSE:AYX) raised $126mm in an IPO, implying an enterprise value of $905mm and valuing the company at an implied 10.5x LTM revenue,

• Euromoney Institutional Investor (LSE:ERM) has agreed to acquire RISI from AXIO Group Management for $125mm valuing the company at an implied 4.2x LTM revenue and 16.2x LTM EBITDA.

The revolution is right around the corner. Our April 2017 Enterprise Data & Analytics Market Update

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

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

Please see our full April 2017 Enterprise Data & Analytics Market Update below.

http://www.marlinllc.com/

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

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Sector Comparison Snapshot

Sector Analyses

Data Analytics - Services (DAS)

Enterprise Software & Data Analytics (ESDA)

Business Intelligence Software (BIS)

Data & Analytics – Financial Services (DAFS)

02

Merger & Acquisition Activity Trends

Capital Raising Activity Trends

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

MARLIN & ASSOCIATES: MARKET UPDATE

APRIL 2017

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 3/31/17. 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.

03

Enterprise Value / Revenue

Enterprise Value / EBITDA

ENTERPRISE DATA & ANALYTICSSector Comparison Snapshot:

APRIL 2017

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

DAS

BIS

DAFS

ESDA

2016A EV/Revenue 2017E EV/Revenue

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

DAS

DAFS

BIS

ESDA

2016A EV/EBITDA 2017E EV/EBITDA


Data Analytics - Services

Public Market Data

04

APRIL 2017

Recent Activity

10x

12x

14x

16x

18x

2.0x

2.5x

3.0x

3.5x

4.0x

Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17

EV /

EBIT

DA

EV /

Rev

enue

5 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA

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

Reed Elsevier (RELX Group) 39,244 43,669 5.1x 4.7x 17.0x 13.5x na 8% 30% 35%Nielsen 14,860 22,228 3.5x 3.4x 13.7x 11.0x 2% 4% 26% 31%Wolters Kluw er 12,241 14,312 3.1x 3.0x 12.0x 10.9x 2% 6% 26% 27%Gartner 9,065 9,285 3.8x 3.4x 23.2x 18.1x 13% 11% 16% 19%Pearson 7,121 7,147 1.3x 1.2x 10.0x 8.1x 2% 3% 13% 15%Informa 6,726 8,628 5.1x 4.0x 16.4x 11.8x 11% 30% 31% 34%UBM 3,888 4,684 4.4x 3.7x 15.7x 12.3x 12% 16% 28% 30%Euromoney Institutional Investor 1,724 1,684 3.3x 3.2x 12.8x 12.1x 2% 5% 26% 26%comScore 851 737 1.4x 1.3x 6.2x 4.9x 41% 13% 23% 26%Forrester Research 738 598 1.8x 1.8x 14.8x 15.8x 4% 1% 12% 12%

Trim Mean 7,060 8,588 3.3x 3.0x 14.0x 11.9x 7% 8% 23% 26%Median 6,924 7,888 3.4x 3.3x 14.3x 11.9x 4% 7% 26% 27%

EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

80

100

120

140

160

180


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

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

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

[1]

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.


3/7/17

Gartner (NYSE:IT) has agreed to acquire L2 for an undisclosed sum. L2 offers annual subscription services for brands to benchmark their digital presence against competitors. The acquisition is expected to further accelerate Gartner’s long-term growth in its marketing focused business.

3/3/17

Euromoney Institutional Investor (LSE:ERM) has agreed to acquire RISI from AXIO Group Management for $125mm valuing the company at an implied 4.2x LTM revenue and 16.2x LTM EBITDA. RISI is the leading price reporting agency for the global forest products market. This acquisition follows Euromoney’s acquisition of FastMarkets in 2016, a provider of real-time metals market pricing information.

2/3/17

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


Enterprise Software & Data Analytics

Public Market Data

05

APRIL 2017

Recent Activity

70

100

130

160

190

220

250


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

M&A Application Software Index S&P 500

15x

20x

25x

30x

35x

40x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x


EV /

EBIT

DA

EV /

Rev

enue



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

Oracle 187,540 182,563 4.9x 4.8x 12.5x 10.8x (1%) 2% 39% 45%SAP 118,153 122,400 5.2x 4.8x 19.0x 13.9x 6% 8% 27% 35%Salesforce 57,825 58,326 7.0x 5.7x nm 26.8x 26% 21% 6% 21%Intuit 30,157 30,670 6.3x 5.8x 21.7x 15.0x 9% 8% 29% 39%Workday 16,783 15,321 9.8x 7.6x na 56.7x 35% 29% na 13%CA Technologies 13,132 12,393 3.1x 3.1x 9.7x 7.9x (0%) (1%) 32% 39%Constellation Softw are 10,297 10,285 4.8x 4.3x 25.3x 16.6x 16% 12% 19% 26%Amdocs 8,975 8,035 2.1x 2.1x 11.4x 10.3x 3% 4% 19% 20%NICE Systems 4,066 4,344 4.3x 3.2x 18.3x 12.4x 10% 33% 23% 26%Manhattan Associates 3,703 3,608 6.0x 5.8x 17.7x 16.4x 9% 3% 34% 35%Paycom Softw are 3,386 3,356 10.2x 7.9x 49.4x 29.3x 47% 29% 21% 27%Softw are AG 3,027 2,943 3.2x 3.1x 10.6x 9.8x (0%) 3% 30% 31%Zendesk 2,686 2,461 7.9x 5.9x na nm 49% 35% na 3%Paylocity 1,985 1,903 7.2x 5.7x nm 40.2x 41% 26% 3% 14%Callidus Softw are 1,359 1,175 5.7x 4.8x na 39.0x 19% 18% na 12%



3/20/17

CloudCheckr (Rochester, NY) raised $50mm in a Series A funding round from Level Equity. CloudCheckr provides a cloud management platform that helps organizations be more efficient and secure in the cloud while saving money through cost management, security & compliance and cloud automation.

3/16/17 Initial Public Offering

MuleSoft (NYSE:MULE), which provides integrated solutions for connecting applications and API management, raised $221mm in an IPO, priced at $17 per share, implying an enterprise value of $2.9bn and valuing the company at an implied 15.5x LTM revenue.

3/7/17 (Tax & Accounting)

Wolters Kluwer (ENXTAM:WKL) agreed to acquire Tagetik from White Bridge Investments for €300mm (~$317mm) at an implied 5.2x LTM revenue. Tagetik develops cloud based solutions for corporate performance management. Wolters Kluwer Tax & Accounting plans to combine its internal audit solution, TeamMate, with Tagetik to create a new business unit – Corporate Performance Solutions.



Open Text 8,913 9,563 4.9x 3.7x 16.5x 10.3x 7% 32% 30% 36%Splunk 8,544 7,547 7.9x 6.3x na 55.0x 42% 26% na 11%Tableau Softw are 3,801 2,893 3.5x 3.3x na 53.8x 27% 7% na 6%Verint Systems 2,742 3,189 3.0x 2.8x 32.7x 12.5x (6%) 7% 9% 22%Microstrategy 2,171 1,581 3.1x 3.0x 13.6x 11.1x (3%) 3% 23% 27%Talend 850 760 7.2x 5.3x na na 40% 35% na naHortonw orks 600 515 2.8x 2.2x na na 51% 29% na naAlteryx 511 558 6.5x na na na 59% na na na



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

APRIL 2017

10x

20x

30x

40x

50x

60x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x


EV /

EBIT

DA

EV /

Rev

enue

5 Year LTM Revenue & EBITDA Multiples[1]


80

100

120

140

160

180

200


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

M&A BI Index S&P 500


3/16/17

Looker (Santa Cruz, CA) raised $82mm in a Series D funding round led by CapitalG. Looker provides a browser-based data analytics platform that offers insights to various functions of an enterprise. Looker serves the ecommerce, fintech, healthcare, media, SaaS, and technology industries.

3/15/17

Knime (Zurich, Switzerland) raised €20mm (~$21mm) in an equity funding round led by Invus Group. Knime provides open-source enterprise software for advanced data science. Knime’s platform includes software for Big Data mining, statistics, visualizations and reporting.


Alteryx (NYSE:AYX) raised $126mm in an IPO, implying an enterprise value of $905mm and valuing the company at an implied 10.5x LTM revenue. Alteryx provides a self-service data analytics software platform designed to enable organizations to enhance productivity across the enterprise.


Data & Analytics – Financial Services

Public Market Data

07

APRIL 2017

Recent Activity

10x

13x

15x

18x

3.0x

4.0x

5.0x

6.0x


EV /

EBIT

DA

EV /

Rev

enue



80

120

160

200

240


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

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


S&P Global 34,202 36,497 6.4x 6.4x 14.8x 13.9x 7% 1% 44% 46%Thomson Reuters 31,410 37,000 3.3x 3.3x 15.5x 11.1x (1%) 1% 21% 29%Moody's 21,377 22,687 6.3x 6.0x 13.8x 13.0x 3% 5% 46% 46%Experian 19,851 23,004 4.9x 4.8x 14.4x 13.9x (0%) 3% 34% 35%Equifax 16,600 19,202 6.1x 5.6x 17.1x 15.4x 18% 8% 36% 37%Verisk Analytics 13,810 16,059 8.0x 7.6x 17.1x 15.2x 13% 5% 47% 50%MSCI 9,121 10,404 9.0x 8.4x 18.3x 16.5x 7% 7% 49% 51%CoStar Group 6,729 6,500 7.8x 6.9x 30.2x 24.6x 18% 12% 26% 28%FactSet Research Systems 6,547 6,727 5.9x 5.5x 16.7x 15.7x 11% 7% 35% 35%FICO 4,196 4,728 5.2x 5.0x 22.8x 18.9x 6% 4% 23% 27%Dun & Bradstreet 4,005 5,283 3.1x 3.0x 11.7x 10.6x 4% 4% 26% 28%CoreLogic 3,554 5,046 2.6x 2.7x 12.0x 10.8x 28% (5%) 21% 25%Morningstar 3,396 3,303 4.1x 3.9x 14.3x 11.9x 1% 5% 29% 33%




11/21/16

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

11/10/16

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

11/1/16

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


3/8/17Numerix (New York, NY) acquired TFG Financial Systems for an undisclosed sum. TFG Financial Systems is a leading provider of SaaS-based real-time risk, profit & loss, and position management solutions to global buy-side institutions.

2/27/17

Dow Jones, a subsidiary of News Corporation (NASDAQ:NWSA), acquired RiskAverter for an undisclosed sum. RiskAverter’s solution enables customers to automate risk scoring in order to more quickly and effectively assess third parties in relation to anti-corruption and other regulatory compliance risk areas.

2/15/17Moody’s (NYSE:MCO) acquired the structured finance data and analytics business of SCDM for an undisclosed sum. SCDM, based in Germany, is a leading provider of analytical tools for participants in securitization markets primarily serving European clients. The acquisition expands Moody’s growing data, analytics and reporting solutions.


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

APRIL 2017

08

DateAnnounced Investor Issuer Description

3/20/17

CloudCheckr (Rochester, NY) raised $50mm in a Series A funding round from Level Equity. CloudCheckr provides a cloud management platform that helps organizations be more efficient and secure in the cloud while saving money through cost management, security & compliance and cloud automation.


MuleSoft (NYSE:MULE), which provides integrated solutions for connecting applications and API management, raised $221mm in an IPO, priced at $17 per share, implying an enterprise value of $2.9bn and valuing the company at an implied 15.5x LTM revenue.

3/16/17

Looker (Santa Cruz, CA) raised $82mm in a Series D funding round led by CapitalG. Looker provides a browser-based data analytics platform that offers insights to various functions of an enterprise. Looker serves the ecommerce, fintech, healthcare, media, SaaS, and technology industries.

3/15/17

Knime (Zurich, Switzerland) raised €20mm (~$21mm) in an equity funding round led by Invus Group. Knime provides open-source enterprise software for advanced data science. Knime’s platform includes software for Big Data mining, statistics, visualizations and reporting.


Alteryx (NYSE:AYX) raised $126mm in an IPO, implying an enterprise value of $905mm and valuing the company at an implied 10.5x LTM revenue. Alteryx provides a self-service data analytics software platform designed to enable organizations to enhance productivity across the enterprise.

2/13/17

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

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

1/10/17

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

12/14/16

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

12/7/16

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


09

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

APRIL 2017

DateAnnounced Acquirer Target Description

3/8/17

Numerix (New York, NY) acquired TFG Financial Systems for an undisclosed sum. TFG Financial Systems is a leading provider of SaaS-based real-time risk, profit & loss, and position management solutions to global buy-side institutions.

3/7/17

(Taxes & Accounting)

Wolters Kluwer (ENXTAM:WKL) agreed to acquire Tagetik from White Bridge Investments for €300mm (~$317mm) at an implied 5.2x LTM revenue. Tagetik develops cloud based solutions for corporate performance management. Wolters Kluwer Tax & Accounting plans to combine its internal audit solution, TeamMate, with Tagetik to create a new business unit – Corporate Performance Solutions

3/7/17(Tax & Accounting)

Gartner (NYSE:IT) has agreed to acquire L2 for an undisclosed sum. L2 offers annual subscription services for brands to benchmark their digital presence against competitors. The acquisition is expected to further accelerate Gartner’s long-term growth in its marketing focused business.

3/3/17

Euromoney Institutional Investor (LSE:ERM) has agreed to acquire RISI from AXIO Group Management for $125mm valuing the company at an implied 4.2x LTM Revenue and 16.2x LTM EBITDA. RISI is the leading price reporting agency for the global forest products market. This acquisition follows Euromoney’s acquisition of FastMarkets in 2016, a provider of real-time metals market pricing information.

2/27/17

Dow Jones, a subsidiary of News Corporation (NASDAQ:NWSA), acquired RiskAverter for an undisclosed sum. RiskAverter’s solution enables customers to automate risk scoring in order to more quickly and effectively assess third parties in relation to anti-corruption and other regulatory compliance risk areas.

2/24/17Compete Media

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

2/22/17

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

2/15/17

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

2/6/17

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

2/3/17

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

Note: Not a complete list

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

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has invested in

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

Partners.

Dublin, Ireland

New York, NY

has been acquired by

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

Windsor, CT

Boston, MA


Marlin & Associates acted as exclusive strategic and financial advisor

to Alacra, Inc.

Pa lo A lto, CA

New York, NY

rece ived an investment from

Marlin & Associates acted as exclusive strategic and financial advisor

to Trunomi.

Campbell, CA

Brentwood, TN

a portfolio company of

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


APRIL 2017

New York City, NY

Lake Success, NY

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


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

Phoenix, AZ

Boston, MA and San Francisco, CA

Marlin & Associates acted as exclusive strategic and

financial advisor to BillingTree

has completed a majority recapitalization with

Salt Lake City, UT

Chicago, ILMarlin & Associates acted as

exclusive strategic and financial advisor to iTransact Group, LLC

has been acquired byreceived an investment from

Port Talbot, United Kingdom

London, United Kingdom

Marlin & Associates acted as exclusive strategic and financial

advisor to Vizolution.

San Mateo, CA

Marlin & Associates acted asexclusive strategic and

financial advisor to Xignite.

received a strategicinvestment fom

Tokyo, Japan

Paris, France

Palo Alto, CA


advisor to Everteam.

has acquired the Business Process Management business from

Lucca, Italysecured a $36 million

investment from

Milan, ItalyMarlin & Associates acted as

exclusive strategic and financial advisor to Tagetik Software srl.

Hong Kong, China

Hong Kong, China

Marlin & Associates acted as strategic and financial advisor to

Wisers Information Limited.

has raised capital from

Wixom, MIhas acquired

Hamilton, NJMarlin & Associates acted as

exclusive strategic and financial advisor to RevSpring Inc.

Washington, D.C.



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

Woburn, MA


Chicago, IL

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

Chicago, IL


New York, NY

Marlin & Associates acted as exclusive strategic and financial advisor to

SpyWare LLC.

Dublin, Ireland


Marlin & Associates acted as exclusive strategic and financial advisor to

Information Mosaic.


New York City, NY


a portfolio company of


advisor to Advise Technologies, LLC

London, UK

received an investment from


advisor to OpenGamma

a portfolio company of Hamilton, Bermuda

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


Toronto, Canada

Atlanta, GA


advisor to TMX Group

has agreed to sell the Atrium wireless and extranet infrastructure

businesses to

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

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

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

PEER AND INDUSTRY GROUP RECOGNITION

11

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

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

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

TMT Advisory Firm of the Year (2016)

Boutique Investment Banking Firm of the

Year(2016)

– ACQ5 (Acquisition Finance

Magazine)

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

Ken MarlinFounder and Managing Partner

APRIL 2017

Note: Not a complete list

Ken Marlin

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

York University Jason Panzer

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

technology and PE firms, globally• VP Business Development at FactSet• M&A attorney of Skadden, Arps, Slate,Meagher and Flom• CFO of JCF Group• MBA from Columbia Business School• J.D. from Fordham Law School• CFA Charterholder

Paul Friday

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

corporations and entrepreneurial technology-based companies

• Formerly at Robertson Stephens and PaineWebber (UBS)

• BS, Finance from Pennsylvania State University

• 18+ years of investment banking andprivate equity experience• Named twice to Dealer’s Digest and

recently M&A Advisor’s “40-Under-40”• Founded Marlin & Associates with Ken

Marlin• Formerly at Veronis Suhler Stevenson,

Morgan Stanley, and American International Group

• BS from Binghamton University

Tom Selby

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

SunGard • Started career designing trading software

for TD Bank• BaSC, Engineering from University of

Toronto

Jonathan Kaufman

• 15+ years of corporate finance experience

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

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

MARLIN AND ASSOCIATES: WHO WE ARE

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

Michael Maxworthy

Paul Friday

12

APRIL 2017

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

Roman BrunnerCEO, QuoVadis

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 4/30/14. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in thesector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above 13

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

www.MarlinLLC.com

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