analytics market - marlin & associates · analytics are estimated to grow 12% annually to $203...

January 2018

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

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

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

Toronto

Washington, D.C.

New York

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

Dear Clients and Friends,

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

There can be no doubt that this market is large and growing. Harvard Business Review recently said that 85% of those surveyed in the Fortune 1000 have started, or plan to start, Big Data usage. According to IDC, global revenues for Big Data and business analytics are estimated to grow 12% annually to $203 billion by the year 2020, from $130 billion in 2016. And those figures focus mostly on the big American firms – such as HP Enterprise, IBM, Oracle, SAP, Splunk, Tableau, Teradata, and others. We’ve gotten used to the U.S. dominating much of this industry. But increasingly Enterprise Data and Analytics has become a global market –attracting global players.

In case you missed it, in 2015, China announced the “Made in China 2015” in an effort to “comprehensibly upgrade Chinese industry”. That plan followed Germany’s 2011 “Industry 4.0” plan to “apply the tools of information technology to production”. The British, French, Irish, Italians, and Japanese all have their own initiatives. One of the things these plans have in common (as opposed to “MAGA”) is detail – including a focus on use of “Big Data” analytics.

China is in the lead (after the U.S.). According to one report, China now has 29 Big Data "unicorn" firms and another 54 Big Data “future unicorns”. Alibaba, Baidu and Tencent are all in. As are others you may not know such as Megvii, more commonly known asFace++, which uses Big Data for facial recognition, and IZP Technologies Group, which is using Big Data to build a Visa-like cross-border payment system. They don’t yet compete with Hadoop. But change is fast approaching.

China also has a “One Belt Road Strategy”. It’s known mostly as a plan to build a physical paved road from China to Europe. And it includes plans to improve sea lanes to Venice. But “One Belt” also includes a detailed plan to increase seamless electronic movement of goods (Ecommerce). And that means Big Data; Alibaba, Baidu and Tencent are all in.

Enterprise Data and Analytics is a global phenomenon, with a global market and smart global players working very hard. Americans should not be complacent.

DEAR CLIENTS AND FRIENDS,The Chinese Are Coming. Our January 2018 Enterprise Data and Analytics M&A Update

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

• Oracle (NYSE:ORCL) agreed to acquire Aconex for $1.2bn valuing the company at an implied 10x LTM revenue,

• Intuit (NASDAQ:INTU) agreed to acquire TSheets from Summit Partners for $340mm,

• ACL (Vancouver, Canada) raised $50mm in an equity funding round led by Norwest Venture Partner,

• Instana (Redwood City, CA) raised $20mm in a Series B funding round led by Accel Partners,

• Livehire (ASX:LVH) raised $15mm in a private placement led by Telstra Super.

For the fifth year in a row, Institutional Investor has named me as one of the most influential people in fintech finance. It’s always fun to be on these lists. You can read more about the company I keep, here. Most of them deserve the distinction much more than I.

Also, our team will be in Paris next week for the Paris Fintech Forum. Please send an email to Ajmal Hachim at [email protected] to arrange a meeting. Please see our January 2018 Enterprise Data and Analytics Update 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.

https://www.reuters.com/article/face-funding/face-raises-460-mln-led-by-chinese-state-fund-source-idINKBN1D01HC

http://www.izptec.com.cn/en/index.php?m=content&c=index&a=lists&catid=2&id=1027&page=1

https://www.mckinsey.com/global-themes/china/chinas-one-belt-one-road-will-it-reshape-global-trade

https://www.institutionalinvestor.com/article/b16fwh56t0l36k/the-fintech-finance-40-kenneth-marlin

mailto:[email protected]

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

JANUARY 2018

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 12/29/17. 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:

JANUARY 2018

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

DAS

BIS

DAFS

ESDA

2017A EV/Revenue 2018E EV/Revenue

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

BIS

DAS

DAFS

ESDA

2017A EV/EBITDA 2018E EV/EBITDA


Data & Analytics - Services

Public Market Data

JANUARY 2018

Recent Activity

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

10x

12x

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16x

18x

2.0x

2.5x

3.0x

3.5x

4.0x

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

EV /

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EV /

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5 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA

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

Reed Elsevier (RELX Group) 47,782 54,506 5.4x 5.2x 15.5x 14.4x 13% 3% 35% 36%Wolters Kluw er 15,159 17,890 3.3x 3.3x 12.2x 12.0x 3% 1% 27% 28%Nielsen 13,020 21,006 3.2x 3.1x 10.4x 10.2x 4% 3% 31% 30%Gartner 11,160 13,880 4.1x 3.5x 19.9x 16.6x 37% 20% 21% 21%Pearson 8,125 9,674 1.6x 1.6x 10.1x 10.3x 1% (2%) 15% 15%Informa 8,078 10,200 4.3x 4.2x 12.9x 12.2x 29% 3% 34% 34%UBM 4,021 4,798 3.6x 3.6x 11.7x 11.6x 16% (0%) 30% 31%Euromoney Institutional Investor 1,891 2,091 3.6x 3.5x 13.4x 12.9x 5% 2% 27% 27%comScore 1,124 1,010 1.7x 1.5x 6.4x 5.2x 18% 12% 26% 28%Forrester Research 798 662 2.0x 1.9x 17.3x 15.0x 2% 5% 12% 13%

Trim Mean 7,822 10,068 3.2x 3.1x 12.9x 12.3x 11% 4% 26% 27%Median 8,102 9,937 3.4x 3.4x 12.6x 12.1x 9% 3% 27% 28%

EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

04

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

12/4/2017Euromoney Institutional Investor (LSE:ERM) agreed to acquire TowerXchange for an undisclosed sum. TowerXchange provides infrastructure management services to the tower market.

11/30/2017 Verisk Analytics (NASDAQ:VRSK) agreed to acquire Power Advocate for $280mm. Power Advocate provides market and cost intelligence solutions to energy companies.

11/6/17

Focus Pointe Global (Philadelphia, PA) acquired Trotta Associates for an undisclosed sum. Trotta Associates conducts research for major companies in virtually every industry segment, including consumer goods and services, business-to-business and health care.

100

115

130

145

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

M&A DAS Index S&P 500


Enterprise Software & Data Analytics

Public Market Data

05

JANUARY 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 CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E

Oracle 202,500 192,028 na 4.7x na 10.2x na na na 47%SAP 134,963 135,656 4.8x 4.5x 13.9x 13.6x 7% 7% 35% 33%Salesforce 75,457 74,416 7.1x 5.9x 33.2x 27.0x 24% 20% 21% 22%Intuit 40,392 40,490 7.5x 6.8x 20.3x 18.6x 12% 9% 37% 37%Workday 21,283 19,545 9.2x 7.3x 56.5x 43.2x 36% 25% 16% 17%CA 13,844 13,944 3.4x 3.2x 9.1x 8.5x 3% 4% 37% 38%Constellation 12,999 12,896 5.3x 4.6x 20.2x 17.3x 16% 14% 26% 27%Amdocs 9,569 8,590 2.2x 2.1x 11.1x 10.4x 4% 3% 20% 21%NICE 5,678 5,749 4.3x 4.0x 15.3x 13.9x 32% 7% 28% 29%Paycom Softw are 4,729 4,697 10.9x 8.7x 35.4x 28.2x 31% 26% 31% 31%Softw are 4,109 4,056 3.8x 3.7x 11.9x 11.6x 2% 3% 32% 32%Manhattan Associates 3,425 3,295 5.5x 5.9x 15.4x 22.6x (2%) (6%) 36% 26%Zendesk 3,406 3,180 7.5x 5.7x nm nm 37% 30% 3% 5%Xero 3,179 3,121 11.2x 8.4x nm 67.3x 41% 34% 3% 12%Paylocity 2,575 2,478 7.4x 6.1x 37.5x 29.7x 26% 22% 20% 21%Callidus 1,880 1,704 6.8x 5.7x 54.0x 36.7x 21% 20% 13% 16%


20x

25x

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EV /

EBIT

DA

EV /

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nue



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

M&A Application Software Index S&P 500


12/18/17

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

12/14/17

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

12/5/17Intuit (NASDAQ:INTU) agreed to acquire TSheets from Summit Partners for $340mm. TSheets provides solutions that enable employees and employers, as well as their accountants and payroll managers to track, manage, and report time.


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

JANUARY 2018


12/19/17

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

12/7/17

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

11/24/17Sanderson Group (AIM:SND) acquired Anisa for $17.2mm, valuing the company at an implied 1.2x LTM revenue. Anisa provides a business intelligence platform utilized by industrial manufacturers.


Splunk 11,679 10,699 8.6x 6.9x nm 51.3x 31% 25% 12% 13%Open Text 9,497 11,859 4.6x 4.3x 13.2x 11.6x 32% 6% 35% 37%Tableau Software 5,517 4,574 5.3x 4.8x nm 61.6x 5% 9% 7% 8%Verint Systems 2,703 3,167 2.8x 2.6x 12.5x 10.2x 7% 7% 22% 25%Microstrategy 1,510 864 1.7x 1.7x 8.7x 12.6x (2%) 0% 20% 14%Alteryx 1,493 1,337 10.4x 7.6x na na 50% 36% na naHortonworks 1,396 1,333 5.2x 4.1x na na 39% 27% na naTalend 1,092 998 6.7x 5.2x na na 40% 30% na na



100

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

M&A BI Index S&P 500

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EV /

EBIT

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EV /

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nue

5 Year LTM Revenue & EBITDA Multiples[1]



Data & Analytics – Financial Services

Public Market Data

07

JANUARY 2018

Recent Activity


S&P Global 43,688 46,159 7.7x 7.3x 16.1x 15.0x 5% 6% 48% 49%Thomson Reuters 31,618 38,324 3.4x 3.3x 11.3x 10.8x 2% 2% 30% 31%Moody's 28,651 33,430 8.2x 7.4x 17.1x 15.4x 14% 10% 48% 48%Experian 20,714 24,121 5.6x 5.0x 15.8x 14.9x (7%) 11% 36% 34%Verisk Analytics 16,124 18,860 8.9x 8.2x 18.1x 16.7x 7% 8% 49% 49%Equifax 14,315 16,772 5.0x 4.9x 13.8x 13.7x 6% 3% 36% 35%MSCI 11,625 12,903 10.2x 9.2x 19.6x 17.2x 10% 10% 52% 53%TransUnion 10,398 12,541 6.5x 6.0x 16.9x 15.1x 12% 9% 39% 40%CoStar Group 9,744 9,427 9.8x 8.5x 32.7x 25.1x 15% 15% 30% 34%FactSet Research Systems 7,649 7,970 6.3x 5.8x 18.4x 17.0x 11% 8% 34% 34%FICO 4,897 5,396 5.7x 5.3x 23.6x 20.3x 5% 6% 24% 26%Dun & Bradstreet 4,405 5,672 3.2x 3.1x 11.3x 10.8x 3% 3% 29% 29%Morningstar 4,150 4,031 4.7x 4.5x 17.3x 15.5x 7% 4% 27% 29%CoreLogic 3,932 5,543 3.0x 3.0x 11.7x 11.4x (5%) 1% 26% 26%



10x

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EBIT

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nue



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

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


12/19/1715(c) board consulting services

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

12/8/17

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

11/28/17

Moody’s (NYSE:MCO) acquired a minority stake in Rockport VAL for an undisclosed sum. Rockport VAL provides cloud-based commercial real estate (“CRE”) valuation and cash flow modeling tools. In collaboration with Rockport VAL, Moody's Analytics plans to expand its CRE solutions offering, which include CMBS and related economic data.


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

JANUARY 2018

08

DateAnnounced Investor Issuer Description

12/19/17

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

12/14/17

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

12/7/17

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

11/30/17

Uptake Technologies (Chicago, IL) raised $117mm in a Series D funding round led by Baillie Gifford, valuing the company at a post-money valuation of $2.3bn. Uptake provides an industrial predictive analytics platform that uses machine learning to monitor and anticipate equipment performance.

11/15/17Logz.io (Tel Aviv, Israel) raised $23mm in a Series C funding round led by OpenView Venture Partners. Logz.io provides an open-source log analysis platform utilized for business intelligence for security and compliance purposes.

11/08/17Qubole (Santa Clara, CA) raised $25mm in an equity funding round led by Harmony Partners. Qubole offers a business intelligence and cloud-based data platform for analyzing and processing data sets.

10/26/17Logi Analytics (McLean, VA) raised an undisclosed sum in an equity funding round led by Marlin Equity. Logi offers a business intelligence and information application development platform to software, ISV and SaaS providers.

10/17/17

Feedzai (Centro, Portugal) raised $50mm in a Series C funding round led by Sapphire Ventures. Feedzai provides business intelligence applications for small and large organizations in the telecommunications, banking and utility markets.

10/7/17

Ayla Networks (Sunnyvale, CA) raised $50mm in a Series D funding round led by SUNSEA Telecom. Ayla offers Ayla Insights, an integrated business intelligence and analytics platform that provides manufacturers with real-world insights into how their connected IoT devices are being used.

10/4/17MessageBird (Amsterdam, Netherlands) raised $60mm in a Series A funding round led by Accel Partners. MessageBird develops and markets cloud based software solutions for SMS messaging.


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

JANUARY 2018

DateAnnounced Acquirer Target Description

12/19/1715(c) board consulting

services

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

12/18/17

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

12/8/17

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

12/5/17

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

12/4/2017Euromoney Institutional Investor (LSE:ERM) agreed to acquireTowerXchange for an undisclosed sum. TowerXchange provides infrastructure management services to the tower market.

11/30/17Verisk Analytics (NASDAQ:VRSK) agreed to acquire Power Advocate for $280mm. Power Advocate provides market and cost intelligence solutions to energy companies.

11/28/17

Moody’s (NYSE:MCO) acquired a minority stake in Rockport VAL for an undisclosed sum. Rockport VAL provides cloud-based commercial real estate (“CRE”) valuation and cash flow modeling tools. In collaboration with Rockport VAL, Moody's Analytics plans to expand its CRE solutions offering, which include CMBS and related economic data.

11/27/17

Information Publishing (London, United Kingdom) acquired CapitalTrack for an undisclosed sum. CapitalTrack provides information to the fixed income market, covering floating rate, asset backed and structured securities markets. CapitalTrack maintains one of the largest independent, on-line databases of static and event-based operation data in the floating and variable rate spaces.

11/24/17Sanderson Group (AIM:SND) acquired Anisa for $17.2mm, valuing the company at an implied 1.2x LTM revenue. Anisa provides a business intelligence platform utilized by industrial manufacturers.

11/15/17

K1 Investment Management (El Segundo, CA) acquired Actiance for an undisclosed sum. Actiance provides communication, collaboration, and social media governance solutions for enterprises and banks. K1 plans to combine Actiance and Smarsh, a provider of cloud-based archiving and compliance solutions.

Note: Not a complete list

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

10

JANUARY 2018

“The team at Marlin & Associates was critical to our completion of this important strategic transaction, providing invaluable guidance throughout every step of the process. Their expertise in financial technology, SaaS, and the Salesforce ecosystem helped us to prepare effectively and best position Tier1CRM to potential investors. Their knowledge of the market helped us to identify the ideal investors as we move into the next phase of growth at Tier1. We could not have closed this transaction without their steady hand throughout,” Mark Notten, CEO, Tier1CRM

has received an equity investment from

Marlin & Associates acted as exclusive strategic and financial advisor to Investment Metrics

has been acquired by

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

Toronto, Canada

Atlanta, GA

Marlin & Associates acted as exclusive strategic and financial

advisor to TMX Group

has sold the Atrium wireless and extranet infrastructure

businesses to

a portfolio company of

Hamilton, Bermuda

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


London, UKreceived an investment

from


advisor to OpenGamma

New York City, NY




advisor to Advise Technologies, LLC

New York City, NY

Lake Success, NY

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


Phoenix, AZ

Boston, MA and San Francisco, CA


advisor to BillingTree

has completed a majority recapitalization with

Salt Lake City, UT

Chicago, IL

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

has been acquired byreceived an investment from

Port Talbot, United Kingdom

London, United Kingdom

Marlin & Associates acted as exclusive strategic and

financial advisor to Vizolution.

San Mateo, CA

Marlin & Associates acted asexclusive strategic and

financial advisor to Xignite.

received a strategicinvestment from

Tokyo, Japan


advisor to Tier1CRM

has received an equityinvestment from


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

11

JANUARY 2018

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



financial advisor to Alacra, Inc.

Palo Alto, CA

New York, NY Paris, France

Palo Alto, CA


financial advisor to Everteam.

has acquired the Business Process Management

business from

Campbell, CA

received an investment from


advisor to Trunomi.

Boston, MA

Windsor, CT

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

has been acquired byNew York, NY

Dublin, Ireland

Marlin & Associates acted as financial advisor to Aquiline

Capital Partners.

has invested in

has sold the assets of

to

Marlin & Associates acted as exclusive strategic and financial advisor to CNO Financial Group.

Dublin, Ireland

London, United KingdomMarlin & Associates acted as

exclusive strategic and financial advisor to Information Mosaic.


San Francisco, CA

has led a $60 millioninvestment in

New York, NY

Marlin & Associates acted as exclusive financial advisor

Francisco Partners.

Vienna, Austria

received a majority investment from

New York, NY


advisor to AIM Software.

Campbell, CA


Englewood, CO


financial advisor to Infonetics Research, Inc.

New York, NY

has entered into a strategic alliance with

New York, NY


advisor to Alacra, Inc.

Brentwood, TN


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


M&A Award USA TMT Advisory Firm of the Year (2012, 2015, 2017) – Acquisition International

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

• Professional Services B-to-B Deal of the Year (2017)*• TMT Advisory Firm of the Year (2017)*• Cross-Border Deal of the Year (2016)*• Cross-Border Boutique Investment Banking Firm of the Year (2016)*• Boutique Investment Banking Firm of the Year (2014, 2015, 2016, 2017)*• Advisory Firm of they Year (2015)*• Middle Market International Professional Services (B-to-B) Deal of the Year (2013)• Financial Services Deal of the Year (2013, 2012 and 2011)• Information Technology Deal of the Year (2011)• Middle Market Deal of the Year <$25M (2011)• Corporate and Strategic Acquisition of the Year (2011)• Middle Market Financial Services Deal of the Year (2011 and 2010)• Middle Market Information Technology Deal of the Year (2011 and 2010)• Middle Market International Financial Services Deal of the Year (2013 and 2010)• Middle Market International Information Technology Deal of the Year (2010)• Middle Market Financial Services Turnaround Deal of the Year (2009)• Middle Market Information Technology Turnaround Deal of the Year (2009)• Middle Market International Deal of the Year(2008)• Middle Market Financial Services Deal of the Year (2008)• Middle Market Technology Deal of the Year (2008)• Middle Market Investment Banking Firm of the Year (2008 and 2007)*• Middle Market International/Cross Border Deal of the Year (2007, Below $100M)

PEER AND INDUSTRY GROUP RECOGNITION

12

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

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

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

TMT Advisory Firm of the Year (2017)

Boutique Investment Banking Firm of the

Year(2017)

– ACQ5 (Acquisition Finance

Magazine)

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

Ken MarlinFounder and Managing Partner

JANUARY 2018

Note: Not a complete list.


Ken Marlin

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

York University Jason Panzer

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

technology and PE firms, globally• VP Business Development at FactSet• M&A attorney of Skadden, Arps, Slate,

Meagher and Flom• CFO of JCF Group• MBA from Columbia Business School• J.D. from Fordham Law School• CFA Charterholder

Paul Friday

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

corporations and entrepreneurial technology-based companies

• Formerly at Robertson Stephens and PaineWebber (UBS)

• BS, Finance from Pennsylvania State University

• 18+ years of investment banking andprivate equity experience

• Named twice to Dealer’s Digest and recently M&A Advisor’s “40-Under-40”

• Founded Marlin & Associates with Ken Marlin

• Formerly at Veronis Suhler Stevenson, Morgan Stanley, and American International Group

• BS from Binghamton University

Louis DeRose

• 8+ years of M&A experience• Formerly a corporate finance &

strategy consultant at Pöyry and Huron Consulting

• CFA Charterholder• BS, Finance & Accounting from

Villanova University

MARLIN AND ASSOCIATES: WHO WE ARE

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

Michael Maxworthy

13

JANUARY 2018

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

Roman BrunnerCEO, QuoVadis

Tom Selby

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

SunGard • Started career designing trading software

for TD Bank• BaSC, Engineering from University of

Toronto

Sam Levy

• 10+ years of technology investment banking experience

• Experience working with both large corporations and entrepreneurial technology-based companies

• Formerly at BNPParibas,• MBA, NYU Stern, MS from

CentraleSupelec

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

New York | Washington, D.C. | Toronto

www.MarlinLLC.com

INVESTMENT BANKING AND STRATEGIC ADVISORY TOTHE TECHNOLOGY, INFORMATION AND HEALTHCAREINDUSTRIES

analytics market - marlin & associates · analytics are estimated to grow 12% annually to $203...

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