analytics market · systems, “telematics” recording devices and even social media to construct...

April 2019

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.

A few months ago McKinsey came out with a study on the impact of AI on the insurance industry. It’s worth a read. It’s a slow evolutionary process according to McKinsey –with a focus on four core technology trends: the explosion of data from connected devices; increased prevalence of robotics; open source and data ecosystems; and advances in cognitive technologies.

While we see the core drivers as slightly different from those noted in the McKinsey study we agree that technology is changing the insurance business rapidly – and permanently.

Insurance is complicated – with a myriad of players (for example, consumers, brokers, insurers, re-insurers, on one side; regulators (federal, state, local etc.) on another side; and service providers on a third side (doctors, hospitals and auto repair shops). It also currently requires a labor intensive – and paper intensive - process of risk assessment (and periodic reassessment); claims management and payment.

There is broad agreement that technology should be able to increase efficiency in the various processes, drive revenue, and lower costs, all while improving customer experience. And there are a host of technologies on offer. For us the three biggest tech trends to watch in Insurance tech now are Big Data Analytics, AI and Blockchain.

Advanced analytics are already allowing some insurers to make use of terabytes of new data derived from networked home systems, “telematics” recording devices and even social media to construct so-called “big data” models, with the promise of breakthroughs in everything from fraud detection to pricing and underwriting, reconciliation, property assessment, claims verification, claims management, receiving customer insights, and more effective marketing and customer service. When these analytics are combined with AI (machine learning) the result can be a level of intelligent automation (think intelligent chatbots for customer service) and predictive analytics at a level not previously seen.

And then there is Blockchain – because without a way to digitize and link all that data that is now in paper form – or in a host of unconnected disparate databases the rest will never work.

We are in the thick of all this transformation and working with companies who are continually moving the ball forward. As you will see from the enclosed report, m&a values and trends in this industry remain strong.

A few of the more interesting m&a transactions are reflected in the following report including:

DEAR CLIENTS AND FRIENDS,

AI and Insurance Tech - What’s Next? Our April 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.

• BlackRock (NYSE:BLK) agreed to acquire eFront for $1.3bn. • MiningLamp (Beijing, China) raised ¥2,000mm (~$297mm)

in a Series D funding round led by Tencent Holdings• Appen Limited (ASX:APX) agreed to acquire Figure Eight for

$300mm, valuing the company at a 10.3x implied LTM Revenue.

• SurveyMonkey (San Mateo, CA) agreed to acquire Usabilla for $80mm.

• Marlin & Associates’ client BidFX (London, UK), a subsidiary of TradingScreen raised $25mm from the Singapore Exchange Limited (SGX). Please click here for details.

01

Sincerely,

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

Please find our full Enterprise Data & Analytics April Report below.

https://www.mckinsey.com/industries/financial-services/our-insights/insurance-2030-the-impact-of-ai-on-the-future-of-insurance

https://www.marlinllc.com/transactions/recent/tradingscreen-divests-a-minority-stake-in-bidfx-to-singapore-exchange

http://www.marlinllc.com/

https://twitter.com/MarlinLLC

https://twitter.com/MarlinLLC

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

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

03

03

04

05

08

09

Sector Analyses

Data Analytics - Services (DAS)

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 2019

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 3/29/19. 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.

Data Analytics - Services

Public Market Data

APRIL 2019

03

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

3/19/19Marketing Evolution (New York, NY) raised $26mm from Energy Impact Partners. Marketing Evolution provides marketing measurement and optimization solutions through its measurement and attribution platform.

3/5/19SurveyMonkey (San Mateo, CA) agreed to acquire Usabilla for $80mm. Usabilla provides targeted surveys and embedded customer feedback options for enterprises to better capture customer feedback.

3/5/19Schlesinger (Iselin, NJ) agreed to acquire Baltimore Research for an undisclosed sum. Baltimore Research is a full service market research company that offers a full suite of both online and offline methodologies.

Recent Activity

95

110

125

140

155

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19

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

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

Company Market Enterprise(USD millions) Cap Value CY2018A CY2019E CY2018A CY2019E CY2018A CY2019E CY2018A CY2019E

Reed Elsevier (RELX Group) 42,908 50,986 5.2x 5.0x 17.2x 13.9x 2% 5% 30% 36%Wolters Kluw er 18,995 21,270 4.4x 4.1x 16.1x 14.4x (2%) 7% 27% 29%Gartner 14,039 16,165 4.1x 3.8x 26.5x 22.0x 20% 7% 15% 17%Informa 12,497 16,191 5.2x 4.4x 16.7x 12.6x 35% 19% 31% 35%Pearson 8,593 8,368 1.6x 1.7x 11.8x 8.6x (9%) (6%) 13% 19%Nielsen 8,614 16,673 2.6x 2.6x 11.3x 9.1x (1%) (0%) 23% 28%Euromoney Institutional Investor 1,823 1,720 3.2x 3.2x 11.4x 11.7x 6% 0% 28% 27%Forrester Research 897 754 2.1x 1.6x 24.2x 14.2x 6% 29% 9% 11%comScore 831 991 2.4x 2.3x na 44.4x 4% 4% na 5%

Trim Mean 9,351 11,625 3.4x 3.1x 16.2x 14.0x 5% 6% 23% 24%Median 8,614 16,165 3.2x 3.2x 16.4x 13.9x 4% 5% 25% 27%

EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

10x

12x

14x

16x

18x

20x

2.5x

2.8x

3.1x

3.4x

3.7x


EV /

EBIT

DA

EV /

Rev

enue

5 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA


Business Intelligence Software

Public Market Data

04

[1] Talend (TLND) added to the index as of IPO 7/29/16, Alteryx (AYX) added to the index as of IPO 2/24/17 and Cloudera (NYSE:CLDR) added to the index as of IPO 4/27/17

Recent Activity

APRIL 2019


3/27/19

MiningLamp (Beijing, China) raised ¥2,000mm (~$297mm) in a Series D funding round led by Tencent Holdings. MiningLamp provides enterprises with big data solutions across the whole big data industry chain and include their secure big data platform MDP, distributed data mining system “Datainsight”.

3/25/19Saama Technologies (Campbell, CA) raised $40mm in an equity funding round led by Perceptive Advisors. Saama offers big data solutions built on a reusable customizable platform for businesses to solve industry-specific problems.

3/10/19

Appen Limited (ASX:APX) agreed to acquire Figure Eight for $300mm, valuing the company at a 10.3x implied LTM Revenue. Figure Eight provides an online platform for training and testing of data science and machine learning models and allows enterprises to process large amounts of data such as consumer product identification and business lead verification.

10x

20x

30x

40x

50x

60x

70x

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]


70

100

130

160

190

220


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

M&A BI Index S&P 500


Splunk 19,104 18,042 10.0x 8.1x na 48.9x 38% 23% na 17%Tableau Softw are 11,207 10,185 8.8x 7.5x na 47.1x 32% 18% na 16%Open Text Corporation 10,353 12,326 4.3x 4.1x 14.6x 10.9x 8% 5% 30% 38%Alteryx 5,542 5,386 21.2x 15.4x nm nm 93% 38% 13% 13%Verint Systems 3,981 4,377 3.6x 3.2x 25.0x 13.2x 8% 11% 14% 24%Cloudera 2,941 2,460 5.1x 2.9x na na 29% 76% na naMicroStrategy 1,609 1,032 2.1x 2.0x nm 39.5x (1%) 4% 1% 5%Talend 1,525 1,492 7.3x 6.0x na na 38% 22% na naAttunity 535 490 5.7x 4.6x 54.3x 29.4x 39% 23% 10% 16%




Data & Analytics – Financial Services

Public Market Data

05

APRIL 2019

Recent Activity


3/22/19BlackRock (NYSE:BLK) agreed to acquire eFront for $1.3bn. eFront provides software solutions to streamline the management of alternative investments and corporate risk.

3/20/19

SimplyBiz (LON:SBIZ) agreed to acquire Defaqto for £74.3mm, valuing the company at an implied 5.8x LTM revenue and 14.3x LTM EBITDA. Defaqto provides financial planning, consultancy services, risk ratings, and information research to help financial institutions make better business decisions.

3/14/19

Capital Markets Gateway (Chicago, IL) raised $7.5 mm in a Series A funding round led by StagedotO, and that included new investors J.F. Shea Venture Capital and Franklin Templeton Companies, LLC. Capital Markets Gateway is a digital workflow and analytics platform for capital market professionals.

12x

15x

18x

21x

24x

4.0x

5.0x

6.0x

7.0x

8.0x


EV /

EBIT

DA

EV /

Rev

enue

5 Year LTM Revenue & EBITDA Multiples


90

120

150

180

210

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 Inc. 52,953 56,356 9.0x 8.6x 17.8x 17.0x 3% 4% 51% 51%Moody's Corporation 35,131 39,087 7.5x 8.4x 18.5x 17.5x 2% (11%) 40% 48%Thomson Reuters Corporation 32,625 31,038 5.6x 5.2x 28.8x 21.6x na 8% 20% 24%Experian plc 24,838 28,152 5.8x 5.6x 17.0x 16.4x 6% 4% 34% 34%Verisk Analytics, Inc. 22,257 24,838 10.4x 9.7x 23.7x 20.2x 12% 7% 44% 48%MSCI Inc. 17,795 19,467 13.6x 12.6x 25.5x 23.0x 13% 8% 53% 55%CoStar Group, Inc. 17,012 15,912 13.4x 11.5x 45.1x 31.6x 23% 16% 30% 36%Equifax Inc. 14,386 16,846 4.9x 4.8x 22.6x 14.2x 1% 2% 22% 34%TransUnion 12,766 16,622 7.2x 6.4x 20.3x 16.5x 20% 13% 35% 39%FactSet Research Systems Inc. 9,588 9,917 7.2x 6.8x 21.7x 19.1x 9% 6% 33% 36%Fair Isaac Corporation 8,240 8,992 8.5x 7.8x 36.4x 36.4x 12% 8% 23% 22%Morningstar, Inc. 5,430 5,044 4.9x 5.6x 18.7x 19.4x 12% (12%) 26% 29%CoreLogic, Inc. 3,030 4,716 2.6x 2.8x 12.1x 10.1x (3%) (7%) 22% 28%



Note: Not a complete list

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

06

APRIL 2019

“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


advisor to MSCI Inc.

New York, NY

has sold Financial Engineering Associates, Inc. to

A portfolio company ofDallas, TX

New York, NY

has acquired

New York, NY

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

Charlotte, NC

Marlin & Associates acted as exclusive strategic and

financial advisor to Zenmonics

has received an equity investment from

Jacksonville, FL


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

07

APRIL 2019

“The Marlin team has been great, very knowledgeable, professional, and most importantly been very patient with us along the way. It is truly appreciated.”Riaz Syed, Zenmonics Co-Founder and CEO



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



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

APRIL 2019

08

DateAnnounced Investor Issuer Description

3/27/19

MiningLamp (Beijing, China) raised ¥2,000mm (~$297mm) in a Series D funding round led by Tencent Holdings. MiningLamp provides enterprises with big data solutions across the whole big data industry chain and include their secure big data platform MDP, distributed data mining system “Datainsight”.

3/25/19Saama Technologies (Campbell, CA) raised $40mm in an equity funding round led by Perceptive Advisors. Saama offers big data solutions built on a reusable customizable platform for businesses to solve industry-specific problems.

3/19/19Marketing Evolution (New York, NY) raised $26mm from Energy Impact Partners. Marketing Evolution provides marketing measurement and optimization solutions through its measurement and attribution platform.

3/14/19

Capital Markets Gateway (Chicago, IL) raised $7.5 mm in a Series A funding round led by StagedotO, and that included new investors J.F. Shea Venture Capital and Franklin Templeton Companies, LLC. Capital Markets Gateway is a digital workflow and analytics platform for capital market professionals.

11/30/18

Wave Computing (Campbell, CA) raised $200mm in an equity funding round led by Oakmont Corporation with participation from existing investors. Wave Computing offers dataflow-based systems and embedded solutions for AI and deep learning. The company intends to use the funds to fund expansion opportunities.

11/27/18

Deskera (Singapore) raised $60mm in a Series A funding round led by Jungle Ventures and included new investors Susquehanna International Group, Cisco Investments, Tembusu Partners, InnoVen Capital and Pepri Ventures. Deskera provides cloud based ERP and CRM solutions for mid-market enterprises.

11/15/18

Primer (San Francisco, US) raised $40mm in a Series B funding round led by Lux Capital. Primer provides business intelligence solutions to government agencies and Fortune 50 companies by offering an automatic AI-powered text summarization and contextualization software tool.

11/15/18

Information Resources (IRI) (Chicago, IL) raised a new undisclosed sum of capital led by Vestar Capital Partners with participation from existing investor, New Mountain Capital. IRI provides market research, data, and predictive analytics to CPG, OTC heal care, retail, financial services, and media companies.

11/13/18

Sojern (San Francisco, CA) raised $120mm in a Series D funding round led by Technology Crossover Ventures and included return investor Focus Ventures. Sojern provides a data driven traveler engagement platform that delivers marketing, distribution, monetization and insight solutions.

11/7/18Quantexa (London, United Kingdom) raised $23mm in a venture funding round led by Accenture Ventures. Quantexa provides business intelligence technologies for organizations to fight financial crimes.


09

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

APRIL 2019

DateAnnounced Acquirer Target Description

3/22/19BlackRock (NYSE:BLK) agreed to acquire eFront for $1.3bn. eFront provides software solutions to streamline the management of alternative investments and corporate risk.

3/20/19

SimplyBiz (LON:SBIZ) agreed to acquire Defaqto for £74.3mm, valuing the company at an implied 5.8x LTM revenue and 14.3x LTM EBITDA. Defaqto provides financial planning, consultancy services, risk ratings, and information research to help financial institutions make better business decisions.

3/10/19

Appen Limited (ASX:APX) agreed to acquire Figure Eight for $300mm,valuing the company at a 10.3x implied LTM Revenue. Figure Eight provides an online platform for training and testing of data science and machine learning models and allows enterprises to process large amounts of data such as consumer product identification and business lead verification.

3/5/19SurveyMonkey (San Mateo, CA) agreed to acquire Usabilla for $80mm. Usabilla provides targeted surveys and embedded customer feedback options for enterprises to better capture customer feedback.

3/5/19Schlesinger (Iselin, NJ) agreed to acquire Baltimore Research for an undisclosed sum. Baltimore Research is a full service market research company that offers a full suite of both online and offline methodologies.

11/27/18Forrester (NASDAQ: FORR) acquired SiriusDecisions for $245mm in cash. SiriusDecisions provides businesses with actionable intelligence, frameworks, and guidance to aid sales, marketing, and product performance.

11/12/18DTN (Burnsville, MN) acquired Weather Decision Technologies (WDT) for an undisclosed amount. WDT provides organizations with weather analytics for global asset protection and commodities trading decision support.

10/24/18

Thomson Reuters (TSX:TRI) agreed to acquire Integration Point for an undisclosed sum. Integration Point offers a cloud-based trade management & compliance software. Thomson Reuters expects the acquisition to further strengthen its offerings in the global trade management space.

9/24/18

Slack Technologies (San Francisco, CA) acquired Astro for an undisclosed sum. Astro offers an artificial intelligence based email application that combines machine intelligence and a bot interface to manage inbox and improve workflows. Slack plans to integrate Astro’s technology into its platform to progress its vision of integrating email and calendars into its platform.

9/12/18

MidOcean Partners (New York, NY) acquired Questex for an undisclosed sum. Questex owns and operates a marketplace that provides business and events information and content marketing solutions to corporate and government clients and other industries.

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

10

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

APRIL 2019

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

11

APRIL 2019

"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

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 12

New York | Washington, D.C. | Toronto

www.MarlinLLC.com

INVESTMENT BANKING AND STRATEGIC ADVISORY TOTHE TECHNOLOGY, INFORMATION AND HEALTHCAREINDUSTRIES

analytics market · systems, “telematics” recording devices and even social media to construct...

Documents