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August 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 TECHNOLOGYAND INFORMATION 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 & An 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 and deals in the Enterprise Data and Analytics sector that we follow and sometimes lead.

The news these days is filled with predictions by pundits about the impact of tariffs – and the potential for trade wars. As we watch, we realize that whatever else comes out of the current round of trade negotiations, all this attention to the costs ofproduction is likely to further spur a trend that we have written about before – the automation…of almost everything - as businesses look to gain whatever competitive edge they can under-new-trade-tariffs. Earlier this year, McKinsey suggested that by 2030, almost 30 percent of jobs on Earth could be automated. Tariffs and trade wars will just cause it to happen sooner.

Firms purchase enterprise data and analytics for the same reasons that they pursue AI, Robotic Process Automation (RPA), Business Process Automation (BPA) and other cognitive and embedded analytic technologies. It’s all about ensuring high product quality, improving service and containing costs. The difference is that RPA and BPA are designed to allow workers to deploy virtual counterparts that learn from and mimic the actions they use to accomplish routine tasks, therefore freeing theworkers to handle more complex and intuitive activities. New use cases for BPA and RPA are being implemented at companies around the world, examples include back-end processes, such as accounting, billing management, customer onboarding, and validating data, as well as front-end processes, such as automated customer service management or contract initiation and management.

We are just as wary of trade wars as others. But investors are not waiting to see what comes next. As an example, recently, Automation Anywhere raised $250 million, setting a record for one of the largest Series A rounds for an enterprise software company. A few weeks ago, Siemens announced its acquisition of Mendix for $700 million (8x revenue) in an effort to use this low-code application development platform to accelerate its own cloud, IoT and digital enterprise ambitions. We continue to be active in facilitating transactions in this space and are currently advising an interesting company that sits right in the middle of these trends.

A few of the more interesting trends are highlighted in the following report. Some of the more interesting recent transactions include the following:

DEAR CLIENTS AND FRIENDS,Trump, Tariffs, and Process Automation: Our August Report on M&A in the Enterprise Data and Analytics Industry

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.

• Salesforce (NYSE:CRM) agreed to acquire Datorama for approximately $800mm,

• Ipsos (ENXTPA:IPS) agreed to acquire four divisions of GfK Custom Research: Customer Experience, Experience Innovation, Health and Public Affairs for £105mm (~$121mm),

• Xero (ASX:XRO) agreed to acquire Hubdoc for $70mm in a 35% cash and 65% stock transaction,

• Groundspeed Analytics (Ann Arbor, MI) raised $30mm in a Series B funding round led by Oak HC/FT,

• C88 Financial Technologies (Singapore, Singapore) raised $28mm in a Series C round led by Experian,

• Kerridge (Berkshire, UK) acquired Electronic Data Processing (LSE:EDP) for $15.4mm.

01

Sincerely,

Anup Agarwal| Senior Managing DirectorMarlin & Associates | www.marlinllc.com

Also, ACQ Magazine announced its ACQ5 awards recently. We are pleased that they named Marlin & Associates as the Boutique Investment Banking firm of the Year. We always like when our hard work is recognized. Details on the ACQ5 awards can be found here.

Please find our full Enterprise Data & Analytics August report below.

https://www.cnbc.com/2018/07/11/robotics-automation-will-thrive-under-new-trade-tariffs.html

https://www.mckinsey.com/%7E/media/mckinsey/featured%20insights/Future%20of%20Organizations/What%20the%20future%20of%20work%20will%20mean%20for%20jobs%20skills%20and%20wages/MGI-Jobs-Lost-Jobs-Gained-Report-December-6-2017.ashx

https://www.pehub.com/2018/07/automation-anywhere-raises-250-mln/

https://techcrunch.com/2018/08/01/siemens-acquires-low-code-platform-mendix-for-700m/

http://www.marlinllc.com/

https://www.marlinllc.com/press-awards/2018-acq5-overall-boutique-investment-banking-firm-of-the-year

https://www.marlinllc.com/press-awards/2018-acq5-overall-boutique-investment-banking-firm-of-the-year

https://twitter.com/MarlinLLC

https://twitter.com/MarlinLLC

https://www.linkedin.com/in/anupagarwal02/

https://www.linkedin.com/in/anupagarwal02/

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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04

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07

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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)

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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

AUGUST 2018

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 7/31/18. 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.

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Enterprise Value / Revenue

Enterprise Value / EBITDA

ENTERPRISE DATA & ANALYTICSSector Comparison Snapshot:

0x 1x 2x 3x 4x 5x 6x 7x 8x

DAS

ESDA

BIS

DAFS

2017A EV/Revenue 2018E EV/Revenue

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

DAS

BIS

ESDA

DAFS

2017A EV/EBITDA 2018E EV/EBITDA

AUGUST 2018


100

150

200

250

Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 Aug-18

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

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

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

Reed Elsevier (RELX Group) 43,102 51,132 5.4x 5.2x 17.7x 14.9x 7% 3% 30% 35%Wolters Kluw er 16,822 19,091 3.7x 3.9x 13.6x 14.0x 3% (3%) 27% 28%Gartner 12,481 14,770 4.5x 3.7x 38.6x 20.1x 35% 21% 12% 18%Pearson 9,337 9,947 1.7x 1.8x 13.8x 11.3x (1%) (8%) 12% 16%Informa 8,767 12,318 5.4x 4.1x 17.0x 12.3x 31% 31% 32% 34%Nielsen 8,396 16,857 2.6x 2.6x 9.9x 9.0x 4% (1%) 26% 29%Euromoney Institutional Investor 1,892 1,954 3.9x 3.7x 14.5x 13.5x 8% 5% 27% 27%comScore 1,105 1,170 2.9x 2.8x na na 1% 4% na naForrester Research 846 710 2.1x 2.0x 20.3x 16.3x 4% 5% 10% 12%

Trim Mean 8,400 10,872 3.6x 3.2x 16.1x 13.7x 8% 5% 22% 26%Median 8,767 12,318 3.7x 3.7x 15.7x 13.7x 4% 4% 26% 27%

EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

Data Analytics - Services

Public Market Data

AUGUST 2018

04

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

7/31/18

Custom Research

Ipsos (ENXTPA:IPS) agreed to acquire four divisions of GfK Custom Research: Customer Experience, Experience Innovation, Health and Public Affairs for £105mm (~$121mm). Gfk offers online brand and customer and experience research solutions to help track market share and brand performance and analyze market trends.

7/31/18

Simon Data (New York, NY) raised $20mm in a Series B venture funding round led by Polaris Partners. Simon is a tool that transforms data into clear insights that helps in creating customized segments which teams can deploy to existing channels and discover customers needs.

7/25/18GlobalWebIndex (London, UK) raised $40mm in a Series A venture funding round led by Stripes Group. GlobalWebIndex is a data collection platform which allows users to collect digital consumer data for Ad-tech and Marketing agencies.

12x

14x

16x

18x

20x

3.0x

3.3x

3.6x

3.9x


EV /

EBIT

DA

EV /

Reve

nue

5 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA

Recent Activity


Enterprise Software – Data & Analytics

Public Market Data

05

AUGUST 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 197,824 191,838 4.9x 4.8x 12.7x 10.2x 4% 3% 39% 47%SAP 138,260 141,521 5.2x 5.0x 20.3x 14.7x 6% 5% 26% 34%salesforce 103,411 100,240 9.6x 7.6x nm 33.6x 25% 25% 9% 23%Intuit 53,511 52,025 9.6x 8.4x 31.8x 23.2x 12% 14% 30% 36%Workday 26,423 24,567 11.5x 9.1x na 48.6x 36% 26% na 19%CA 18,303 17,818 4.3x 4.2x 14.6x 11.0x 3% 2% 29% 38%Constellation 15,358 15,300 6.2x 5.0x 32.2x 20.3x 17% 23% 19% 25%Amdocs 9,677 9,159 2.4x 2.3x 12.6x 10.3x 4% 3% 19% 22%NICE 6,493 6,474 4.9x 4.5x 21.1x 15.0x 31% 9% 23% 30%Paycom Softw are 6,239 6,220 14.4x 11.2x 68.3x 26.7x 32% 28% 21% 42%Zendesk 5,719 5,481 12.7x 9.4x na nm 38% 36% na 7%Xero 4,249 4,195 16.5x 12.1x na nm 38% 36% na 12%Softw are AG 3,470 3,379 3.3x 3.3x 11.2x 10.9x 1% (1%) 30% 31%Manhattan Associates 3,202 3,118 5.2x 5.6x 15.8x 21.2x (2%) (7%) 33% 27%Paylocity 3,192 3,062 9.2x 7.4x nm 34.1x 26% 23% 7% 22%


15x

20x

25x

30x

35x

40x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x


EV /

EBIT

DA

EV /

Reve

nue



100

150

200

250

300


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

M&A Application Software Index S&P 500


7/31/18

Grubhub (NYSE:GRUB) agreed to acquire LevelUp for $390mm. LevelUp provides omni-channel guest interaction solutions, a customer engagement platform and third party distribution solutions and is accepted by over 200 enterprise brands. Post-acquisition, Grubhub plans to continue to operate LevelUp separately.

7/31/18

Xero (ASX:XRO) agreed to acquire Hubdoc for $70mm in a 35% cash and 65% stock transaction. Hubdoc offers an automated cloud-based document collaboration platform for small businesses. Xero plans to continue to operate Hubdoc on a stand-alone basis.

7/23/18

Salesforce (NYSE:CRM) agreed to acquire Datorama for approximately $800mm. Datorama offers a business intelligence platform that offers advanced analytics with machine learning models to advertisers, brands and agencies. The acquisition of Datorama is expected to bolster the Salesforces’ data analytics capabilities, so it can provide more useful insights to marketers as they target customers.



Splunk 13,933 13,055 10.3x 7.9x na 54.6x 34% 30% na 15%Open Text Corporation 9,961 11,987 4.6x 4.2x 16.4x 11.8x 34% 8% 28% 36%Tableau Softw are 8,404 7,492 8.5x 7.6x na nm 6% 12% na 2%Verint Systems 2,874 3,268 2.9x 2.7x 29.3x 11.1x 7% 8% 10% 24%Alteryx 2,362 2,183 16.6x 11.8x na na 53% 41% na naTalend 1,753 1,658 11.2x 8.2x na na 40% 37% na naMicroStrategy 1,496 796 1.6x 1.6x 9.8x na (1%) 1% 16% naHortonw orks 1,366 1,277 4.9x 3.9x na na 42% 26% na naAttunity 350 317 5.1x 4.0x na 36.4x 14% 29% na 11%Dataw atch 156 151 4.0x 3.3x na na 19% 22% na na



Business Intelligence Software

Public Market Data

06

[1] Hortonworks (HDP) added to the index as of IPO 12/12/14, Talend (TLND) added to the index as of IPO 7/29/16, Alteryx (AYX) added to the index as of IPO 2/24/17

Recent Activity

AUGUST 2018

10x

20x

30x

40x

50x

60x

70x

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]


90

110

130

150

170

190

210

230

250


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

M&A BI Index S&P 500


7/26/18 Celtinel (HaZafon, Israel) acquired Corr.BI for an undisclosed sum. Corr.BI provides a business intelligence software platform for enterprise clients.

7/3/18

Kerridge (Berkshire, UK) acquired Electronic Data Processing (LSE:EDP) for $15.4mm, valuing the company at an implied 1.0x LTM revenue and 12.8x LTM EBITDA. Electronic Data Processing provides a business intelligence software platform for ERP solutions within the merchandising and distribution industries.

6/14/18InsightSoftware.com (London, United Kingdom) acquired Global Software for an undisclosed sum. Global Software provides Microsoft Excel-based automation and reporting software solutions for improving business intelligence workflows.


Data & Analytics – Financial Services

Public Market Data

07

AUGUST 2018

Recent Activity


S&P Global 50,771 54,030 8.9x 8.4x 18.4x 17.0x 7% 7% 48% 49%Moody's 33,266 37,174 8.8x 8.0x 18.7x 16.6x 17% 10% 47% 48%Thomson Reuters 29,515 36,701 7.0x 6.7x 14.6x 28.5x 2% 6% 48% 23%Experian 22,444 25,801 5.7x 5.3x 17.3x 15.4x na 7% 33% 34%Verisk Analytics 18,656 21,301 9.9x 8.9x 21.6x 18.7x 8% 12% 46% 48%Equifax 15,236 17,598 5.2x 5.1x 15.8x 15.2x 7% 3% 33% 33%MSCI 15,221 16,449 12.9x n/a 25.0x n/a 11% na 52% n/aCoStar Group 15,158 14,191 14.7x 11.9x 56.7x 35.3x 15% 23% 26% 34%TransUnion 13,814 17,825 9.2x 7.6x 25.4x 19.8x 13% 21% 36% 39%FactSet Research Systems 7,874 8,205 6.5x 6.0x 19.2x 17.6x 10% 9% 34% 34%FICO 6,278 6,916 7.3x 6.6x 32.0x 27.5x 5% 11% 23% 24%Morningstar 5,676 5,449 6.0x 6.1x 23.2x 21.0x 14% (2%) 26% 29%Dun & Bradstreet 4,696 5,855 3.4x 3.3x 12.8x 11.1x 2% 2% 26% 30%CoreLogic 4,015 5,695 3.1x 3.1x 14.8x 11.5x (5%) 0% 21% 27%



11x

14x

17x

20x

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


7/30/18

C88 Financial Technologies (Singapore, Singapore) raised $28mm in a Series C round led by Experian. Deutsche Investitions, F&H fund management, Fuchsia Venture Capital and InterVest also participated in the round. C88 owns and operates e-commerce websites in Indonesia and the Philippines. C88 plans to use the funds to open a new marketplace in Thailand and expand sales to Asian financial institutions.

7/26/18

Groundspeed Analytics (Ann Arbor, MI) raised $30mm in a Series B funding round led by Oak HC/FT. Groundspeed Analytics offers a platform that allows insurance companies to automate loss run and claim data processes. The company plans to use the funds to fuel growth by expanding its product offering and grow the data science and engineering team

6/29/18

Dataminr (New York, NY) raised $392mm in funding at an implied valuation of $1.6bn from new investors Morgan Stanley, Valor Equity Partners and Vulcan Capital. Existing investors Goldman Sachs and Institutional Venture Partners also participated in the round. Dataminr provides real-time information discovery services to corporate, finance and public sector professionals.


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

AUGUST 2018

08

DateAnnounced Investor Issuer Description

7/31/18

Simon Data (New York, NY) raised $20mm in a Series B venture funding round led by Polaris Partners. Simon is a tool that transforms data into clear insights that helps in creating customized segments which teams can deploy to existing channels and discover customers needs.

7/30/18

C88 Financial Technologies (Singapore, Singapore) raised $28mm in a Series C round led by Experian. Deutsche Investitions, F&H fund management, Fuchsia Venture Capital and InterVest also participated in the round. C88 owns and operates e-commerce websites in Indonesia and the Philippines. C88 plans to use the funds to open a new marketplace in Thailand and expand sales to Asian financial institutions.

7/26/18

Groundspeed Analytics (Ann Arbor, MI) raised $30mm in a Series B funding round led by Oak HC/FT. Groundspeed Analytics offers a platform that allows insurance companies to automate loss run and claim data processes. The company plans to use the funds to fuel growth by expanding its product offering and grow the data science and engineering team

7/25/18

GlobalWebIndex (London, UK) raised $40mm in a Series A venture funding round led by Stripes Group. GlobalWebIndex is a data collection platform which allows users to collect digital consumer data for Ad-tech and Marketing agencies.

6/29/18

Dataminr (New York, NY) raised $392mm in funding at an implied valuation of $1.6bn from new investors Morgan Stanley, Valor Equity Partners and Vulcan Capital. Existing investors Goldman Sachs and Institutional Venture Partners also participated in the round. Dataminr provides real-time information discovery services to corporate, finance and public sector professionals.

6/20/18

Immuta (Annapolis, MD) raised $20mm in Series B funding round from existing investors Drive Capital, and Greycroft. New investors Dell Technologies Capital and Citi Venture Capital also participated in the round. Immuta develops and markets a platform that allows companies to access and secure data.

5/16/18

KELA (Tel Aviv, Israel) raised $50mm in an equity funding round led by Vector Capital. KELA develops a business intelligence software platform that enables users to visualize cyber threats and gain actionable insights when making business and investment decisions.

5/8/18

ThoughtSpot (Palo Alto, CA) raised $145mm in a Series D funding round at a $1bn valuation. The company raised funds from existing investors Lightspeed Venture Partners, Khosla Ventures, General Catalyst Partners and the Australian Government Future Fund and new investor Sapphire Ventures.

5/4/18

Fuze (Boston, MA) raised $151mm in an equity funding round led by Summit Partners. Fuze's UC Analytics offering, a cloud-based business intelligence solution, allows businesses to capture, analyze, visualize and act on customer engagement and enterprise processes data.

4/30/18

Concentra (London, United Kingdom) raised £41mm (~$56mm) in an equity funding round led by One Peak Partners. Concentra provides business intelligence software and related analytical services. Concentra's OrgVue solution allows businesses to visualize and model workforce planning data across an entire enterprise.


09

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

AUGUST 2018

DateAnnounced Acquirer Target Description

7/31/18

Custom Research

Ipsos (ENXTPA:IPS) agreed to acquire four divisions of GfK Custom Research: Customer Experience, Experience Innovation, Health and Public Affairs for £105mm (~$121mm). Gfk offers online brand and customer andexperience research solutions to help track market share and brand performance and analyze market trends.

7/31/18

Grubhub (NYSE:GRUB) agreed to acquire LevelUp for $390mm. LevelUp provides omni-channel guest interaction solutions, a customer engagement platform and third party distribution solutions and is accepted by over 200 enterprise brands. Post-acquisition, Grubhub plans to continue to operate LevelUp separately.

7/31/18

Xero (ASX:XRO) agreed to acquire Hubdoc for $70mm in a 35% cash and 65% stock transaction. Hubdoc offers an automated cloud-based document collaboration platform for small businesses. Xero plans to continue to operate Hubdoc on a stand-alone basis.

7/26/18 Celtinel (HaZafon, Israel) acquired Corr.BI for an undisclosed sum. Corr.BI provides a business intelligence software platform for enterprise clients.

7/23/18

Salesforce (NYSE:CRM) agreed to acquire Datorama for approximately $800mm. Datorama offers a business intelligence platform that offers advanced analytics with machine learning models to advertisers, brands and agencies. The acquisition of Datorama is expected to bolster the Salesforces’ data analytics capabilities, so it can provide more useful insights to marketers as they target customers.

7/3/18

Kerridge (Berkshire, UK) acquired Electronic Data Processing (LSE:EDP) for $15.4mm, valuing the company at an implied 1.0x LTM revenue and 12.8x LTM EBITDA. Electronic Data Processing provides a business intelligence software platform for ERP solutions within the merchandising and distribution industries.

6/14/18

InsightSoftware.com (London, United Kingdom) acquired Global Software for an undisclosed sum. Global Software provides Microsoft Excel-based automation and reporting software solutions for improving business intelligence workflows.

6/19/18Critical Mix (Westport, CT) acquired UBMobile for an undisclosed sum. UBMobile offers a mobile-first market research platform which allows brands to collect and analyze consumer opinions and behavior.

6/19/18

Ascential (LON:ASCL) acquired WARC for £19.5mm (~$23mm) cash upfront plus deferred consideration of £4.5m payable in 2019. WARC provides a global digital subscription business that helps brands, agencies and media platforms assess marketing effectiveness across all channels.

6/14/18

TA Associates (Boston, MA) acquired InsightSoftware.com for an undisclosed sum. InsightSoftware.com offers ERP reporting and business intelligence solutions. TA plans to combine InsightSoftware.com with its portfolio company Global Software to offer a market-leading ERP reporting and business intelligence platform.

Note: Not a complete list

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

10

AUGUST 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


advisor to Tier1CRM

has received an equityinvestment from

Marlin & Associates acted as exclusive strategic and

financial advisor to MSCI Inc.

New York, NY

has sold Financial Engineering Associates, Inc. to

A portfolio company ofDallas, TX

Marlin & Associates acted as strategic and financial

advisor to empow

Boston, MA

received a series B investment led by

Boston, MA

New York, NY

has acquired

New York, NY

Marlin & Associates acted as exclusive strategic and financial advisor to Aquiline Holdings LLC


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

11

AUGUST 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, NYParis, 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.


New 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.

has been acquired bySan Francisco, CA

has led a $60 million investment in

New York, NY

Marlin & Associates acted as exclusive financial advisor

Francisco Partners.

Brentwood, TN


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

has been acquired bySan Mateo, CA


financial advisor to Xignite.

received a strategicinvestment from

Tokyo, Japan

received an investment from

Port Talbot, United Kingdom

London, United Kingdom


financial advisor to Vizolution.

Salt Lake City, UT

Chicago, IL

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


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

AUGUST 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

• 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

MARLIN AND ASSOCIATES: WHO WE ARE

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

Michael Maxworthy

13

AUGUST 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

Tom Selby

Anup Agarwal

• 18+ years of investment banking experience

• Formerly at Lehman Brothers, Bear Stearns and Houlihan Lokey

• MBA, University of Virginia (Darden); BS, Birla Institute of Technology & Science

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

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www.MarlinLLC.com

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