analytics market update - marlin & associates · 2017-07-17 · enterprise data &...

July 2017

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

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

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

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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,

The report below gives our sense of the current m&a trends, values and deals in the four segments of the Enterprise Data and Analytics sector that we follow and sometimes lead.

We’re big fans of firms that provide Enterprise Data and Analytics. They help others to gather massive amounts of fast-moving structured and unstructured data from dozens of sources (marketing, sales, web interactions, transactions, social media, weather, news, etc.) and then clean, integrate, aggregate, optimize, and analyze that data in an effort to find correlation, causation and anomalies. The result is better insights, inspiration, and decision-making. Sales and marketing programs can be better tailored, inventories better optimized; business can be more efficient.

These firms help Amazon give us better product recommendations, Spotify better music recommendations, and brokers make better recommendations about where we should put our money. It’s supposed to be about the triumph of math over intuition. And often it works. Except when it doesn’t.

Data analytics are great - but intuition still counts. Mark Twain once famously said: “Figures often beguile me, particularly when I have the arranging of them myself; in which case the remark attributed to Disraeli would often apply with justice and force: "There are three kinds of lies: lies, damned lies and statistics." We agree.

Analytics predict future behavior by assuming that there are patterns that will repeat. And in the aggregate, it often works. But not always. Sometimes the statistics lie. Else Hillary would be President and Brexit would not be happening. The best results come when statistics and analytics are combined with human intuition – informed by knowledge and experience. Without that informed intuition Elon Musk would have never developed the Tesla; Steve Jobs would have never pushed the iPod or iTunes; there would be no Bluetooth, Skype, Kindle; YouTube, Tinder, or Facebook; no solar panels; no Internet! It is the combination of Enterprise Data and Analytics with informed human intuition that leads to true insight. And we in the industry should never forget that.

Some of the most recent trends, values and more interesting m&a transactions in this space are described in our report below. A few of the recent deals include:

DEAR CLIENTS AND FRIENDS,Lies, Statistics, Analytics, and Intuition - Our July 2017 Enterprise Data & Analytics Market 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 San Francisco, CA, Washington, D.C., and Toronto, Canada. It has been the recipient ofnumerous awards including “Boutique Investment Bank of the Year,” “Middle-Market Investment Bank of the Year,” "Middle-Market Financing Agent of the Year –Equity," and “TMT Advisory Bank of the Year.” Marlin & Associates' team of professionals has advised over 200 information-technology transactions.

• Element AI (Montreal, QC) raised $102mm in a Series A funding round led by Data Collective,• FusionOps (Mountain View, CA) raised $50mm in an equity funding round led by New Enterprise Associates,• OPAP (Metochiou, Cyprus) agreed to acquire Neurosoft (BIT:NRST) for $38.3mm,

• GIC (Singapore) agreed to acquire a 30% stake in Mergermarket from BC Partners for an undisclosed sum,• Investment Metrics received a significant equity investment from Resurgens Technology Partners and HarbourVest Partners. Marlin & Associates acted as exclusive strategic and financial advisor to Investment Metrics.

We were recently honored with a few industry awards, including M&A Cross-Border Deal of the Year Award for acting as exclusive strategic and financial advisor to Xignite from The M&A Advisor. We were also honored with the 2017 Boutique Investment Banking Firm Of The Year (US), 2017 Game changer of The Year (Ken Marlin), and 2017 TMT Advisory Firm of the Year (US) by the ACQ5 Global Awards. We work hard to help our clients achieve their long-term strategic goals and it is always a pleasure to have this hard work be recognized.

Please see our full July Enterprise Data & Analytics M&A Update report, below.

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Sincerely,

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

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

http://www.marlinllc.com/

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

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

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

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Sector Comparison Snapshot

Sector Analyses

Data Analytics - Services (DAS)

Enterprise Software & Data Analytics (ESDA)

Business Intelligence Software (BIS)

Data & Analytics – Financial Services (DAFS)

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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

JULY 2017

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 5/30/17. These companies are asample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean andmedian multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflectedabove.

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Enterprise Value / Revenue

Enterprise Value / EBITDA

ENTERPRISE DATA & ANALYTICSSector Comparison Snapshot:

JULY 2017

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

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

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JULY 2017

Recent Activity

10x

12x

14x

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18x

2.0x

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Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17

EV /

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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) 43,422 47,900 5.5x 4.9x 18.3x 14.0x 5% 12% 30% 35%Nielsen 13,881 22,042 3.5x 3.3x 13.6x 10.9x 2% 5% 26% 31%Wolters Kluw er 12,399 14,603 3.0x 2.8x 11.4x 10.5x 2% 5% 26% 27%Gartner 10,387 10,794 4.4x 3.2x 26.9x 15.3x 13% 39% 16% 21%Pearson 7,301 7,327 1.2x 1.2x 9.8x 8.0x 2% 1% 13% 15%Informa 6,984 8,909 5.1x 4.0x 16.3x 11.8x 11% 29% 31% 34%UBM 3,551 4,356 3.9x 3.4x 14.3x 11.0x 12% 16% 27% 30%Euromoney Institutional Investor 1,639 1,719 3.3x 3.0x 11.4x 11.5x 1% 7% 28% 26%comeScore 1,035 921 1.8x 1.6x 7.4x 5.7x 41% 9% 24% 29%Forrester Research 726 589 1.8x 1.8x 14.6x 15.6x 4% 1% 12% 11%

Trim Mean 7,147 8,834 3.3x 2.9x 13.7x 11.6x 6% 10% 24% 27%Median 7,142 8,118 3.4x 3.1x 13.9x 11.3x 5% 8% 26% 28%

EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

100

125

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175

200


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.

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.


6/30/17

GIC (Singapore) agreed to acquire a 30% stake in Mergermarket from BC Partners for an undisclosed sum. Mergermarket provides corporate financial news and analysis. It offers proprietary, forward-looking and actionable intelligence to a wide range of investor, advisory and corporate clients.

6/22/17Schlesinger Associates (Iselin, NJ) acquired BDI Research for an undisclosed sum. BDI Research operates as a data collection company that provides qualitative and quantitative solutions for research needs.

6/5/17Bregal Sagemount (New York, NY) acquired Lux Research for an undisclosed sum. Lux Research provides subscription-based market intelligence services for global customers.


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

Oracle 212,995 205,212 5.5x 5.3x 14.1x 11.6x (1%) 4% 39% 46%SAP 125,585 126,472 5.0x 4.6x 18.4x 13.5x 6% 8% 27% 35%Salesforce 61,155 60,471 7.2x 5.9x nm 27.5x 26% 23% 6% 21%Intuit 34,531 33,438 6.9x 6.3x 23.7x 16.3x 9% 10% 29% 39%Workday 19,770 18,196 11.6x 8.9x na 61.2x 35% 31% na 14%CA 14,305 14,462 3.6x 3.5x 11.3x 9.7x (0%) 2% 32% 36%Constellation 11,111 10,984 5.2x 4.6x 27.0x 17.8x 16% 13% 19% 26%Amdocs 9,461 8,512 2.3x 2.2x 12.1x 11.0x 3% 4% 19% 20%NICE 4,893 5,026 4.9x 3.7x 22.8x 13.3x 10% 32% 22% 28%Paycom Softw are 4,004 3,942 12.0x 9.2x 58.0x 33.2x 47% 30% 21% 28%Manhattan Associates 3,376 3,275 5.4x 5.4x 16.1x 15.1x 9% 1% 34% 36%Softw are 3,321 3,214 3.2x 3.1x 11.0x 9.7x (0%) 4% 29% 32%Zendesk 2,708 2,460 7.9x 5.8x na nm 49% 35% na 3%Xero 2,514 2,432 12.3x 8.7x na nm 48% 42% na 1%Paylocity 2,440 2,338 8.9x 7.1x nm 41.1x 41% 25% 3% 17%Callidus 1,558 1,374 6.6x 5.6x na 45.5x 19% 18% na 12%


Enterprise Software & Data Analytics

Public Market Data

05

JULY 2017

Recent Activity


6/29/17Microsoft (NASDAQ:MSFT) acquired Cloudyn for an undisclosed sum. Cloudyn develops and delivers technologies for optimizing the way companies use cloud computing resources.

6/15/17Trace3 (Irvine, CA) raised an undisclosed sum from H.I.G. Capital. Trace3 provides cloud computing, big data intelligence, and data center solutions to organizational in the United States.

6/14/17

Element AI (Montreal, QC) raised $102mm in a Series A funding round led by Data Collective. Element AI operates an online platform that helps organizations identify opportunities to use artificial intelligence and machine learning in ways that impact their business.

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

20x

25x

30x

35x

40x

45x

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7.0x

8.0x


EV /

EBIT

DA

EV /

Reve

nue



70

100

130

160

190

220

250

280

310


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

M&A Application Software Index S&P 500



Open Text 8,372 10,517 5.4x 4.1x 18.1x 11.8x 7% 30% 30% 35%Splunk 7,870 6,867 7.2x 5.7x na 50.6x 42% 26% na 11%Tableau Softw are 4,776 3,822 4.6x 4.4x na nm 27% 6% na 6%Verint Systems 2,551 2,969 2.8x 2.6x 30.5x 11.5x (6%) 7% 9% 23%Microstrategy 2,222 1,604 3.1x 3.1x 13.8x 11.7x (3%) 2% 23% 26%Alteryx 1,113 948 11.1x 7.7x na na 59% 44% na naTalend 1,003 908 8.6x 6.2x na na 40% 37% na naHortonw orks 810 726 3.9x 3.0x na na 51% 30% 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

JULY 2017

80

100

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140

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220

240


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

M&A BI Index S&P 500


6/20/17FusionOps (Mountain View, CA) raised $50mm in an equity funding round led by New Enterprise Associates. FusionOps provides cloud-based supply chain intelligence solutions.

6/14/17Main Capital Partners agreed to acquire Inergy (Utrecht, Netherlands) for an undisclosed sum. Inergy provides a cloud-based analytics platform that provides managed business intelligence solutions.

6/09/17OPAP (Metochiou, Cyprus) agreed to acquire Neurosoft (BIT:NRST) for $38.3mm.Neurosoft provides business intelligence and gaming analytics software solutions to the sports betting industry.

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nue

5 Year LTM Revenue & EBITDA Multiples[1]



Data & Analytics – Financial Services

Public Market Data

07

JULY 2017

Recent Activity

10x

13x

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18x

3.0x

4.0x

5.0x

6.0x


EV /

EBIT

DA

EV /

Reve

nue



100

140

180

220

260


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 38,074 40,363 7.1x 7.0x 16.3x 14.9x 7% 3% 44% 47%Thomson Reuters 33,834 40,718 3.6x 3.6x 17.1x 12.1x (1%) 2% 21% 30%Moody's 23,642 25,572 7.1x 6.6x 15.6x 14.0x 3% 7% 46% 47%Experian 19,352 22,532 4.8x 5.1x 14.2x 14.6x (0%) (6%) 34% 35%Equifax 16,751 19,362 6.2x 5.7x 17.2x 15.5x 18% 8% 36% 37%Verisk Analytics 14,356 16,485 8.3x 7.9x 17.6x 16.0x 13% 4% 47% 50%MSCI 9,436 10,815 9.4x 8.7x 19.0x 17.0x 7% 8% 49% 51%CoStar Group 8,584 8,315 9.9x 8.7x 38.7x 31.1x 18% 14% 26% 28%FactSet Research Systems 6,557 6,938 6.1x 5.5x 17.2x 16.1x 11% 10% 35% 34%FICO 4,497 5,007 5.6x 5.3x 24.2x 20.3x 6% 5% 23% 26%Dun & Bradstreet 4,012 5,359 3.1x 3.0x 11.9x 10.7x 4% 4% 26% 28%CoreLogic 3,745 5,190 2.7x 2.8x 12.4x 11.1x 28% (5%) 21% 25%Morningstar 3,384 3,302 4.1x n/a 14.3x n/a 1% n/a 29% n/a




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.


6/20/17

Investment Metrics received a significant equity investment from Resurgens Technology Partners and HarbourVest Partners. Investment Metrics provides a suite of performance analytics and reporting solutions to institutional consultants, plan sponsors, asset managers and private wealth advisors. Marlin & Associates acted as exclusive strategic and financial advisor to Investment Metrics. Read more HERE.

6/1/17Index Platform from Global Research Division

Intercontinental Exchange (NYSE:ICE) agreed to acquire the Index Platform from Bank of America Merrill Lynch Global Research Division for an undisclosed sum. The BofAML indices are one of the most used fixed income indices by assets under management (AUM) globally. Upon closing, the AUM benchmarked against the combined fixed income index business of ICE is expected to be nearly $1 trillion.

5/30/17&

Citi Fixed Income Indices

London Stock Exchange Group (LSE:LSE) agreed to acquire The Yield Book and Citi Fixed Income Indices from Citi for $685mm, valuing the company at an implied 6.4x 2016 revenue and 14.9x 2016 EBITDA. The Yield Book and Citi Fixed Income Indices are both leading providers of fixed income indices and analytics globally.

https://www.invmetrics.com/blog/investment-metrics-announces-strategic-equity-partnership-with-resurgens-technology-partners-and-harbourvest-partners


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

JULY 2017

08

DateAnnounced Investor Issuer Description

6/20/17

Investment Metrics received a significant equity investment from Resurgens Technology Partners and HarbourVest Partners. Investment Metrics provides a suite of performance analytics and reporting solutions to institutional consultants, plan sponsors, asset managers and private wealth advisors. Marlin & Associates acted as exclusive strategic and financial advisor to Investment Metrics. Read more HERE.

6/20/17FusionOps (Mountain View, CA) raised $50mm in an equity funding round led by New Enterprise Associates. FusionOps provides cloud-based supply chain intelligence solutions.

6/15/17Trace3 (Irvine, CA) raised an undisclosed sum from H.I.G. Capital. Trace3 provides cloud computing, big data intelligence, and data center solutions to organizational in the United States.

6/14/17

Element AI (Montreal, QC) raised $102mm in a Series A funding round led by Data Collective. Element AI operates an online platform that helps organizations identify opportunities to use artificial intelligence and machine learning in ways that impact their business.

4/27/17 Initial Public OfferingCloudera (NYSE:CLDR) raised $225mm in its IPO, implying an enterprise value of $1.9bn and valuing the company at an implied 7.2x LTM revenue. Cloudera provides a data management, machine learning, and analytics software platform.

4/12/17

Qualtrics (Provo, UT) raised $180mm in a Series C funding round led by Insight Venture Partners and Accel Partners, and that included return investor Sequoia Capital. The round was raised at a pre-money valuation of $2.5bn. Qualtrics provides software to collect, analyze, and act on voice of the customer, customer satisfaction, employee engagement, brand and market research.

4/12/17Sapho (San Bruno, CA) raised $14mm in a Series B funding round led by Caffeinated Capital. Sapho develops and provides an enterprise workforce portal designed to provide relevant and actionable information to corporations.

3/27/17

Lucid (New Orleans, LA) raised $60mm in funding led by North Bridge Growth Equity. Lucid is a market research technology company that provides a programmatic sample exchange platform. The funding is aimed at expanding internationally.

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 OfferingMuleSoft (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.

https://www.invmetrics.com/blog/investment-metrics-announces-strategic-equity-partnership-with-resurgens-technology-partners-and-harbourvest-partners


09

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

JULY 2017

DateAnnounced Acquirer Target Description

6/30/17

GIC (Singapore) agreed to acquire a 30% stake in Mergermarket from BC Partners for an undisclosed sum. Mergermarket provides corporate financial news and analysis. It offers proprietary, forward-looking and actionable intelligence to a wide range of investor, advisory and corporate clients.

6/29/17Microsoft (NASDAQ:MSFT) acquired Cloudyn for an undisclosed sum. Cloudyn develops and delivers technologies for optimizing the way companies use cloud computing resources.

6/22/17

Schlesinger Associates (Iselin, NJ) acquired BDI Research for an undisclosed sum. BDI Research operates as a data collection company that provides qualitative and quantitative solutions for research needs.

6/14/17Main Capital Partners agreed to acquire Inergy (Utrecht, Netherlands) for an undisclosed sum. Inergy provides a cloud-based analytics platform that provides managed business intelligence solutions.

6/09/17OPAP (Metochiou, Cyprus) agreed to acquire Neurosoft (BIT:NRST) for $38.3mm. Neurosoft provides business intelligence and gaming analytics software solutions to the sports betting industry.

6/5/17Bregal Sagemount (New York, NY) acquired Lux Research for an undisclosed sum. Lux Research provides subscription-based market intelligence services for global customers.

6/1/17 Index Platform from Global Research Division

Intercontinental Exchange (NYSE:ICE) agreed to acquire the Index Platform from Bank of America Merrill Lynch Global Research Division for an undisclosed sum. The BofAML indices are one of the most used fixed income indices by assets under management (AUM) globally. Upon closing, the AUM benchmarked against the combined fixed income index business of ICE is expected to be nearly $1 trillion.

5/30/17&

Citi Fixed Income Indices

London Stock Exchange Group (LSE:LSE) agreed to acquire The Yield Book and Citi Fixed Income Indices from Citi for $685mm, valuing the company at an implied 6.4x 2016 revenue and 14.9x 2016 EBITDA. The Yield Book and Citi Fixed Income Indices are both leading providers of fixed income indices and analytics globally.

4/28/17Infor (New York, NY) agreed to acquire Birst for an undisclosed sum. Birst develops cloud-based business intelligence and analytics solutions for organizations, software vendors, and original equipment manufacturers.

4/26/17

CoStar Group (NASDAQ:CSGP) agreed to acquire LandWatch.com for an undisclosed sum. LandWatch.com is an online provider of rural properties listings and land for sale, including hunting land, timberland, farms and ranches. CoStar expects the acquisition of LandWatch to approximately double the scale of the company’s existing land marketplace.

Note: Not a complete list

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

10

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.


JULY 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 from

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.


London, United Kingdom

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

Dublin, Ireland

London, United KingdomMarlin & 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 sold the Atrium wireless and extranet infrastructure businesses tohas been acquired by

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

has received an equity investment from

Marlin & Associates acted as exclusive strategic and financial advisor to

Investment Metrics

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 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)*• 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)*

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 (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

JULY 2017

Note: Not a complete list.

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

• 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

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

JULY 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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