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August 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
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 following report covers m&a trends, values and deals in the four segments of the Enterprise Data and Analytics sector that we follow and sometimes lead.
We often talk about game-changing tools that confer a competitive advantage. Sometimes we use the term “weapon”. In the case of Big Data, the latter terminology may well be most apt.
Not all weapons change the game; but some do. In the late 15th century, it was guns. Suddenly, those fighting with knives, swords, shields or even bows and arrows were decimated. In 1895, it was machine guns – capable of wiping out dozens of those with less effective weapons. In 1916, it was tanks – rolling bunkers that protected the men inside from mere bullets, while destroying those outside. Then came Chlorine Gas, with its ability to cause death on a scale never before imagined. The German Fokker brought warfare to the sky. And then came the Atom bomb – a single one of which in 1945 killed more than 200,000 people - in about a minute. And now we have Big Data.
As widely reported, one key to Donald Trump’s victory was a $400 million big data operation with 1,500 people in all 50 US states. From a nerve center in Texas, connected to another operated by the Republican National Committee, and linked to an analytics company, Trump’s operation collected massive amounts of data on voters in each precinct and developed correlations that allowed them to discern - with high accuracy - traits such as intelligence, education, skin color, religion, alcohol, cigarette and drug use, gun ownership, dog ownership, sexual orientation, household income, party and other organization affiliations, and more. With that information they determined where to spend time and money and tailored messages for each precinct and each medium (Rallies, radio, TV, online, etc.); Marshall Mcluhan once said that “The medium is the message”. But in this case, the analytics drove the content of those messages. It worked; it’s scary; and the world is forever changed.
We advise companies in the data and analytics space on m&a and for some it has become a heady time. Mankind does not have strong track record in controlling game changing weapons. We can only hope.
As you will see, from our report below, values and volume in all four sectors are quite strong. Some of the more interesting deals this past month include:
DEAR CLIENTS AND FRIENDS,Is Big Data A Weapon That Has Changed Our World Forever? Our August 2017 Enterprise Data and Analytics 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.
• Red Ventures (Fort Mill, SC) agreed to acquire Bankrate (NYSE:RATE) for $1.3bn, implying an enterprise value of $1.4bn and valuing the company at an implied 3.1x LTM revenue and 15x LTM EBITDA,
• WalkMe (San Francisco, CA) raised $75mm in a Series E funding round led by Insight Venture Partners,
• SimilarGroup (Tel Aviv, Israel) raised $47mm in an equity funding round led by Viola Growth,
• Alation (Redwood City, CA) raised $23mm in a Series B funding round led by Icon Ventures,
• Morningstar (NASDAQ:MORN) acquired a 40% stake in Sustainalytics for an undisclosed sum,
• Vista Equity Partners (Austin, TX) acquired Xactly for an undisclosed sum.
Also, please standby for some interesting changes to our newsletters and emails over the coming weeks. We’re working hard on them. If you’re curious, you can take a look at some of the new changes, here.
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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.
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
AUGUST 2017
Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 7/31/17. These companies are asample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean andmedian multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflectedabove.
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Enterprise Value / Revenue
Enterprise Value / EBITDA
ENTERPRISE DATA & ANALYTICSSector Comparison Snapshot:
AUGUST 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
DAS
DAFS
ESDA
BIS
2016A EV/EBITDA 2017E EV/EBITDA
Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 7/31/17. These companies are asample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean andmedian multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflectedabove.
Data & Analytics - Services
Public Market Data
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AUGUST 2017
Recent Activity
10x
12x
14x
16x
18x
2.0x
2.5x
3.0x
3.5x
4.0x
Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17
EV /
EBIT
DA
EV /
Reve
nue
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
EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin
100
125
150
175
200
Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17
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.
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.
7/26/17Synthesio (Paris, France) acquired Social Karma from Internet Attitude for an undisclosed sum. Social Karma provides audience insights and engagement analytics solutions.
7/25/17
Node (San Francisco, CA) raised $16.3mm in funding. The funding includes a $10.8mm Series A funding round led by Avalon Ventures. Node leverages artificial intelligence technology to automatically deliver relevant and timely information about people and companies for sales and marketers.
7/5/17
GIC (Singapore) agreed to acquire 30% of Mergermarket from BC Partners for an undisclosed sum. Mergermarket provides mergers and acquisitions transactions information, news, business intelligence, and related research solutions. In May 2017, Mergermarket acquired YouDevise (dba TIM Group).
Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 7/31/17. These companies are asample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean andmedian multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflectedabove.
Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin(USD millions) Cap Value CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E
7/31/17Vista Equity Partners (Austin, TX) acquired Xactly for an undisclosed sum. Xactly provides cloud-based incentive compensation solutions for employee and sales performance management.
7/31/17Sumeru Equity Partners (Foster City, CA) acquired MDSL for an undisclosed sum. MDSL provides a unified expense management platform encompassing categories such as telecoms, cloud services, the Internet of Things and Financial Market Data.
7/27/17WalkMe (San Francisco, CA) raised $75mm in a Series E funding round led by Insight Venture Partners. WalkMe develops and distributes a cloud-based guidance and engagement platform.
Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 7/31/17. These companies are asample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean andmedian multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflectedabove.
Company Market Enterprise(USD millions) Cap Value CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E
Open Text 8,892 11,037 5.6x 4.3x 19.0x 12.3x 7% 31% 30% 35%Splunk 8,302 7,298 7.7x 6.1x na 53.9x 42% 26% na 11%Tableau Softw are 5,024 4,070 4.9x 4.6x na nm 27% 6% na 6%Verint Systems 2,485 2,903 2.7x 2.5x 29.8x 11.3x (6%) 7% 9% 23%Microstrategy 1,559 927 1.8x 1.8x 8.0x 10.4x (3%) (2%) 23% 18%Alteryx 1,147 982 11.5x 8.0x na na 59% 43% na naTalend 1,091 996 9.4x 6.9x na na 40% 37% na naHortonw orks 842 759 4.1x 3.2x na na 51% 30% na na
EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin
Business Intelligence Software
Public Market Data
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[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
7/25/17SimilarGroup (Tel Aviv, Israel) raised $47mm in an equity funding round led by Viola Growth. SimilarGroup provides analytics software including a business intelligence tool that tracks technology adoption and usage analytics across the internet.
7/18/17Alation (Redwood City, CA) raised $23mm in a Series B funding round led by Icon Ventures. Alation provides an enterprise collaboration data platform that allows users to analyze enterprise information for business decisions.
7/7/17Squirro (Zurich, Switzerland) raised $10mm in a Series B funding round led by Orange Growth Capital. Squirro provides intelligence software that allows users to analyze large data sets to gain insight into customer preferences.
Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 7/31/17. These companies are asample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean andmedian multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflectedabove.
Data & Analytics – Financial Services
Public Market Data
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AUGUST 2017
Recent Activity
10x
13x
15x
18x
3.0x
4.0x
5.0x
6.0x
Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17
EV /
EBIT
DA
EV /
Reve
nue
5 Year LTM Revenue & EBITDA Multiples
EV / LTM Revenue EV / LTM EBITDA
100
140
180
220
260
Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17
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 CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E
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.
Morningstar (NASDAQ:MORN) acquired a 40% stake in Sustainalytics for an undisclosed sum. Sustainalytics is a provider of environmental, social, and governance (“ESG”) and Corporate Governance research and ratings. The investment aims to support Sustainalytics’ ability to deliver innovative ESG products and services to the global investment community.
7/3/17Red Ventures (Fort Mill, SC) agreed to acquire Bankrate (NYSE:RATE) for $1.3bn, implying an enterprise value of $1.4bn and valuing the company at an implied 3.1x LTM revenue and 15x LTM EBITDA.
6/30/17
GIC (Singapore) agreed to acquire 30% of Mergermarket from BC Partners for an undisclosed sum. Mergermarket provides mergers and acquisitions transactions information, news, business intelligence, and related research solutions. In May 2017, Mergermarket acquired YouDevise (dba TIM Group).
Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 7/31/17. These companies are asample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean andmedian multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflectedabove.
RECENT CAPITAL RAISESBelow is a selection of recent capital raises in the Enterprise Data & AnalyticsIndustry.
AUGUST 2017
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DateAnnounced Investor Issuer Description
7/27/17WalkMe (San Francisco, CA) raised $75mm in a Series E funding round led by Insight Venture Partners. WalkMe develops and distributes a cloud-based guidance and engagement platform.
7/25/17
SimilarGroup (Tel Aviv, Israel) raised $47mm in an equity funding round led by Viola Growth. SimilarGroup provides analytics software including a business intelligence tool that tracks technology adoption and usage analytics across the internet
7/25/17
Node (San Francisco, CA) raised $16.3mm in funding. The funding includes a $10.8mm Series A funding round led by Avalon Ventures. Node leverages artificial intelligence technology to automatically deliver relevant and timely information about people and companies for sales and marketers.
7/18/17Alation (Redwood City, CA) raised $23mm in a Series B funding round led by Icon Ventures. Alation provides an enterprise collaboration data platform that allows users to analyze enterprise information for business decisions.
7/7/17Squirro (Zurich, Switzerland) raised $10mm in a Series B funding round led by Orange Growth Capital. Squirro provides intelligence software that allows users to analyze large data sets to gain insight into customer preferences.
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.
Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 7/31/17. These companies are asample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean andmedian multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflectedabove.
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RECENT MERGERS & ACQUISITIONSBelow is a selection of recent mergers & acquisitions in the Enterprise Data &Analytics Industry.
AUGUST 2017
DateAnnounced Acquirer Target Description
7/31/17Vista Equity Partners (Austin, TX) acquired Xactly for an undisclosed sum. Xactly provides cloud-based incentive compensation solutions for employee and sales performance management.
7/31/17
Sumeru Equity Partners (Foster City, CA) acquired MDSL for an undisclosed sum. MDSL provides a unified expense management platform encompassing categories such as telecoms, cloud services, the Internet of Things and Financial Market Data.
7/26/17Synthesio (Paris, France) acquired Social Karma from Internet Attitude for an undisclosed sum. Social Karma provides audience insights and engagement analytics solutions.
7/24/17
Morningstar (NASDAQ:MORN) acquired a 40% stake in Sustainalytics for an undisclosed sum. Sustainalytics is a provider of environmental, social, and governance (“ESG”) and Corporate Governance research and ratings. The investment aims to support Sustainalytics’ ability to deliver innovative ESG products and services to the global investment community.
7/5/17
GIC (Singapore) agreed to acquire 30% of Mergermarket from BC Partners for an undisclosed sum. Mergermarket provides mergers and acquisitions transactions information, news, business intelligence, and related research solutions. In May 2017, Mergermarket acquired YouDevise (dba TIM Group).
7/3/17Red Ventures (Fort Mill, SC) agreed to acquire Bankrate (NYSE:RATE) for $1.3bn, implying an enterprise value of $1.4bn and valuing the company at an implied 3.1x LTM revenue and 15x LTM EBITDA.
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.
6/22/17Schlesinger 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.
6/14/17Main 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.
Note: Not a complete list
CLIENTS CHOOSE M&A TO ADVISE THEM ON THEIR IMPORTANT STRATEGIC MOVES
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has invested in
Marlin & Associates acted as strategic and financial advisor to Aquiline Capital
Partners.
Dublin, Ireland
New York, NY
has been acquired by
Marlin & Associates acted as exclusive strategic and financial advisor to Varden Technologies Inc.
Windsor, CT
Boston, MA
has been acquired by
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.
has been acquired by
AUGUST 2017
New York City, NY
Lake Success, NY
Marlin & Associates acted as exclusive strategic and financial advisor to M&O Systems, Inc.
has been acquired by
“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
Marlin & Associates acted as exclusive strategic and financial
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.
has been acquired by
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.
has been acquired by
New York City, NY
has been acquired by
a portfolio company of
Marlin & Associates acted as exclusive strategic and financial
advisor to Advise Technologies, LLC
London, UK
received an investment from
Marlin & Associates acted as exclusive strategic and financial
advisor to OpenGamma
a portfolio company of Hamilton, Bermuda
Marlin & Associates acted as exclusive strategic and financial advisor to QuoVadis and ABRY
has been acquired by
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 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
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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 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
MARLIN AND ASSOCIATES: WHO WE ARE
OUR SENIOR TEAM BRINGS EXTENSIVE DEPTH, BREADTH AND INDUSTRY EXPERTISE TO OUR CLIENTS
Michael Maxworthy
Paul Friday
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AUGUST 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 | Washington, D.C. | Toronto
www.MarlinLLC.com
INVESTMENT BANKING AND STRATEGIC ADVISORY TOTHE TECHNOLOGY, INFORMATION AND HEALTHCAREINDUSTRIES