analytics m a r k e t u p d a t e - marlin & associates · pdf fileenterprise data &...

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

E n t e r p r i s e D a t a &

An a l y t i c s

M A R K E T

U P D A T E

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

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

January 2016

Toronto

Washington, D.C.

San Francisco

New York

We won’t be surprised if volatility continues in public equity and bond markets. The value of several Unicorns is likely to

fall a bit closer to earth – while remaining strong in a historical context. But we see m&a and investor demand continuing

quite strong for middle market companies that offer new exciting ways to manage and analyze massive amounts of data

including Internet-of-Things (IoT) analytics, predictive analytics, machine learning, outsourced analytics services and

vertically focused data services – regardless of what else is happening all around us. Wikibon, a community of

technology professionals, projects that spending on big data initiatives will exceed $33 billion in 2016, up from $27 billion

last year, and a recent Forbes survey notes that 90% of business leaders believe that big data will revolutionize their

business operations the same way the internet did.

There was turbulence in 2015 too, but through it all the m&a market continued to flourish. Among others, there were:

We have no idea how long the volatility in public equity and bond markets will continue for. What we do see is that the

world is changing – rapidly. The ability to use advanced analytic tools to help build a more effective business and

generate stronger profit is a siren song that, if anything, calls louder in these turbulent times. A growing group of VC

firms, private equity investors, and corporations have an idea of a future – and it involves Enterprise Data & Analytics.

Their desire to own a piece of this market while it is still nascent is strong and the availability of innovative companies,

cash, and debt at historically low interest rates doesn’t hurt.

It’s an interesting time to be in this market. We’re enjoying it. We are bullish on this space and are actively advising

sellers, buyers, and investors on strategic transactions. If you have questions, please feel free to contact me or Jeff

Trongone – our lead in this area.

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,

and related 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 of numerous 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.

After a very strong 2015, in which m&a activity by value soared to record levels – exceeding 2007 highs, 2016 has

started out with a series of earth tremors. Among other things, the price of oil (and several other commodities) declined

to lows not seen in more than a decade; the bottom seemed to drop out of the Chinese stock market; and the stock and

bond markets in the US and Europe slid in seeming sympathy. Recently, several high flying tech companies raised

capital at values lower than previously indicated. So what will 2016 bring?

DEAR CLIENTS AND

FRIENDS,

Welcome to our January 2016 Enterprise Data & Analytics Market Update

Sincerely,

Kenneth B. Marlin

www.MarlinLLC.com

Take Private BuyoutsFinancial Data &

Analytics

Marketing Data &

Analytics

acquired

acquired

Risk Analytics and

Index Solutionsacquired

acquired

acquired

acquired

acquired

acquired

acquired

acquired

http://www.marlinllc.com/team/jeffrey-trongone

http://www.twitter.com/MarlinLLC

http://www.twitter.com/MarlinLLC

http://www.linkedin.com/company/231029?trk=tyah&trkInfo=tas:marlin %26

http://www.linkedin.com/company/231029?trk=tyah&trkInfo=tas:marlin %26

http://www.marlinllc.com/blog/

http://www.marlinllc.com/blog/

http://www.marlinllc.com/blog/ice-preempts-idc-ipo-paying-more-than-5x-revenue-to-acquire-interactive-data/

http://www.marlinllc.com/_media/_data/MarlinCaseStudy/marlin-associates-mcgraw-hill-snl-financial-acquisition-overview.pdf

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)

Data Analytics Software – Enterprise (DAS-E)

Data Analytics Software – Focused (DAS-F)

Proprietary Financial Data Analytics (PFDA)

02

Merger & Acquisition Activity Trends

Capital Raising Activity Trends

Enterprise Data & Analytics

Enterprise Data & Analytics is a broad industry containing several sectors that encompass the

large and growing data assets used and generated by businesses, along with the related analytics

that enhance insight and drive better business decisions.

MARLIN & ASSOCIATES: MARKET UPDATE

JANUARY 2016

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 12/31/15. 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 the sector. M&A calculates mean and

median multiples using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above. 03

Enterprise Value / Revenue

Enterprise Value / EBITDA

ENTERPRISE DATA & ANALYTICS

Sector Comparison Snapshot:

JANUARY 2016

0x 2x 4x 6x 8x

PFDA

DAS-F

DAS-E

DAS

2015E EV/Revenue LTM EV/Revenue 2016E EV/Revenue

0x 5x 10x 15x 20x 25x 30x

PFDA

DAS-F

DAS-E

DAS

2015E EV/EBITDA LTM EV/EBITDA 2016E EV/EBITDA




DATA ANALYTICS SERVICES

The Data Analytics Services (DAS) sector consists of information providers that

sell data, analytics, and information services to a broad array of institutions

(primarily non-financial).

The DAS price index declined in line with the market, pulled lower by Pearson and Forrester declinging by 11%

and 13%, respectively. The DAS sector consists of many firms growing less than 10% per year, but that offer

highly scalable data assets, and therefore trade at enterprise value multiples of 3.2x 2016E revenue and 12.2x

2016E EBITDA, on average. In 2016, on average, the group is expected to grow revenue by 3% and generate

EBITDA margins of 26%. Over the last five years, the DAS index growth is roughly in line with the broad market.

Market Commentary

Public Market Valuation Trends

Company Market Enterprise

(USD millions) Cap Value CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

Reed Elsevier (RELX Group) 38,159 43,679 4.9x 4.8x 14.3x 13.7x 5% 3% 34% 35%

Nielsen 17,219 24,401 4.0x 3.8x 13.2x 12.4x (2%) 4% 30% 31%

Wolters Kluw er 9,937 12,145 2.7x 2.7x 10.9x 10.4x 13% 3% 25% 26%

Pearson 8,771 10,745 1.5x 1.6x 8.2x 8.6x 1% (6%) 18% 19%

IHS 8,150 9,994 4.3x 4.2x 13.6x 12.9x 4% 3% 32% 32%

Gartner 7,629 8,098 3.7x 3.3x 19.6x 16.9x 7% 13% 19% 20%

Informa 5,827 7,166 4.0x 3.9x 12.8x 12.3x 7% 2% 31% 32%

UBM 3,440 4,220 3.0x 3.2x 11.4x 11.7x 27% (4%) 27% 27%

Euromoney Institutional Investor 1,844 1,795 3.0x 3.0x 11.3x 11.4x (1%) 0% 27% 27%

comScore 1,639 1,528 4.1x 3.5x 16.6x 14.8x 13% 16% 25% 24%

Forrester Research 514 407 1.3x 1.2x 12.5x 10.3x 0% 6% 10% 12%

Trim Mean 7,162 8,899 3.4x 3.2x 12.9x 12.2x 5% 3% 26% 26%

Median 7,629 8,098 3.7x 3.3x 12.8x 12.3x 5% 3% 27% 27%

EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

5.0x

8.0x

11.0x

14.0x

17.0x

20.0x

23.0x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16

EV

/ E

BIT

DA

EV

/ R

evenue

5 Year LTM Revenue & EBITDA Multiples

DAS EV / LTM Revenue DAS EV / LTM EBITDA

80

100

120

140

160

180

200

220


5 Year M&A DAS vs. S&P 500, base = 100

S&P 500 M&A DAS Index

JANUARY 2016




The DAS-E price index declined in line with the market in December. SolarWinds was relatively flat as investors

anticipate the close of Thoma Bravo and Silverlake’s buyout by March 2016. The DAS-E sector consists of

several mature technology firms with enterprise value multiples of 3.3x 2016E revenue and 9.8x 2016E EBITDA,

on average. In 2016, on average, this group is expected to grow revenue by 3%, and to remain very profitable

with 34% EBITDA margins. Over the last five years, the returns of the DAS-E index have lagged the broad

market, driven by weak performance in 2013 and 2014.

The Data Analytics Software – Enterprise (DAS-E) sector consists of enterprise

software vendors that have significant, but not a preponderance of sales relating to

analytics software.

DATA ANALYTICS SOFTWARE – ENTERPRISE

Market Commentary




Oracle 157,663 147,676 3.9x 3.9x 8.5x 8.5x (3%) 1% 46% 46%

IBM 134,724 164,973 2.0x 2.1x 7.6x 7.5x (12%) (2%) 26% 27%

SAP 94,947 101,049 4.6x 4.4x 12.9x 12.3x 17% 5% 36% 35%

CA Technologies 12,481 11,819 2.9x 2.9x 7.8x 8.4x (9%) 2% 38% 35%

SolarWinds 4,387 4,283 8.4x 7.1x 21.2x 15.8x 18% 18% 40% 45%

NICE Systems 3,582 3,151 3.4x 3.2x 12.6x 11.7x (9%) 6% 27% 27%

Softw are AG 2,231 2,233 2.4x 2.4x 8.3x 8.2x 1% 2% 29% 29%

Trim Mean 50,024 53,596 3.5x 3.3x 10.0x 9.8x (1%) 3% 34% 34%

Median 12,481 11,819 3.4x 3.2x 8.5x 8.5x (3%) 2% 36% 35%


8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

14.0x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x


EV

/ E

BIT

DA

EV

/ R

evenue


DAS-E EV / LTM Revenue DAS-E EV / LTM EBITDA

80

100

120

140

160

180

200

220


5 Year M&A DAS-E Index vs. S&P 500, base = 100

S&P 500 M&A DAS-E Index

JANUARY 2016




The DAS-F price index declined in December, following the broad market sell off. Hortonworks led the sector in

December as its stock price increased 29% after posting stronger than expected financial results. The DAS-F

sector is fast growing and consists of firms that, on average, trade at 4.3x 2016E revenue and 9.8x 2015E

EBITDA. The group’s revenue multiples are led by Splunk (trading at 7.8x 2016E revenue and expecting 31%

2016E revenue growth), Tableau (trading at 7.0x 2016E revenue and expecting 34% 2016E revenue growth),

and Hortonworks (trading at 4.3x 2016E revenue and expecting 56% 2016E revenue growth). In 2016, on

average the group is expected to grow revenue 19% and generate 20% EBITDA margins. Over the last five

years, the DAS-F price index is roughly in line with the broad market.

[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

DATA ANALYTICS SOFTWARE – FOCUSED

The Data Analytics Software – Focused (DAS-F) sector consists of companies that

primarily sell data analytics software.

Market Commentary




Splunk 7,622 6,674 10.2x 7.8x nm nm 45% 31% 6% 7%

Tableau Softw are 6,824 6,073 9.3x 7.0x nm nm 58% 34% 13% 13%

Open Text 5,878 6,756 3.7x 3.6x 11.0x 10.0x (2%) 2% 34% 36%

Qlik Technologies 2,945 2,623 4.3x 3.6x 45.1x 30.3x 11% 17% 9% 12%

Verint Systems 2,546 2,933 2.5x 2.4x 10.3x 9.5x 4% 5% 24% 25%

Microstrategy 2,078 1,621 3.1x 2.9x 10.3x 9.4x (9%) 7% 30% 31%

Hortonw orks 911 798 6.6x 4.3x na na 162% 56% na na

Trim Mean 4,054 3,985 5.4x 4.3x 10.6x 9.8x 23% 19% 19% 20%

Median 2,945 2,933 4.3x 3.6x 10.6x 9.8x 11% 17% 19% 19%


12.0x

22.0x

32.0x

42.0x

52.0x

62.0x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x


EV

/ E

BIT

DA

EV

/ R

evenue

5 Year LTM Revenue & EBITDA Multiples[1]

DAS-F EV / LTM Revenue DAS-F EV / LTM EBITDA

80

100

120

140

160

180

200

220


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

S&P 500 M&A DAS-F Index

JANUARY 2016




The PFDA sector declined in line with the broad market in December. Acquisition activity in the sector continued

in December following a busy November (see acquisitions here), with Moody's acquiring the residential

mortgage backed securities (RMBS) data and analytics assets of BlackBox Logic for an undisclosed sum.

Companies in the PFDA sector offer highly scalable data assets, and trade at enterprise value multiples of 5.1x

2016E revenue and 13.4x 2016E EBITDA, on average. In 2016, on average, the group is expected to grow

revenue by 8% and generate EBITDA margins of 36%. Over the last five years, the PFDA index returns have

outpaced the broad market by 67 points, driven by the strong stock performance of CoStar (up 255%+), Moody’s

(up 275%+), Equifax (up 210%+), and FICO (up 300%+).

PROPRIETARY FINANCIAL DATA ANALYTICS

The Proprietary Financial Data Analytics (PFDA) sector consists of companies that

derive a substantial portion of revenue from selling data and information services

to financial institutions.


Market Commentary

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x


EV

/ E

BIT

DA

EV

/ R

evenue


PFDA EV / LTM Revenue PFDA EV / LTM EBITDA

80

110

140

170

200

230

260

290


5 Year M&A PFDA Index vs. S&P 500, base = 100

S&P 500 M&A PFDA Index

JANUARY 2016



Thomson Reuters 28,218 36,508 3.0x 2.9x 10.7x 10.1x (3%) 2% 28% 29%

McGraw Hill Financial 27,050 29,954 5.6x 5.1x 13.5x 12.3x 5% 10% 42% 42%

Moody's 20,319 21,706 6.2x 5.9x 13.5x 12.7x 4% 6% 46% 46%

Experian 16,962 20,311 4.3x 4.5x 11.3x 12.7x (5%) (3%) 38% 35%

Equifax 13,431 14,695 5.5x 5.1x 15.8x 14.4x 9% 7% 35% 36%

Verisk Analytics 13,237 16,262 7.9x 7.0x 16.5x 14.7x 19% 13% 48% 47%

MSCI 7,894 8,479 7.9x 7.3x 17.7x 15.8x 8% 8% 45% 46%

FactSet Research Systems 6,838 6,935 6.7x 5.9x 18.7x 16.6x 10% 13% 36% 36%

CoStar Group 6,610 6,604 9.3x 7.8x 54.1x 29.6x 23% 19% 17% 27%

Dun & Bradstreet 3,783 5,260 3.2x 3.0x 10.9x 9.9x (1%) 5% 29% 30%

Morningstar 3,562 3,299 4.2x 3.9x 12.9x 11.7x 4% 8% 32% 33%

FICO 3,060 3,582 4.2x 4.1x 18.2x 15.1x 7% 4% 23% 27%

CoreLogic 3,053 4,197 2.8x 2.7x 10.0x 9.3x 7% 5% 28% 29%

Veda Group 1,633 1,746 7.0x 6.3x 16.5x 14.6x 13% 11% 43% 43%

Trim Mean 10,483 11,774 5.5x 5.1x 14.7x 13.4x 7% 8% 35% 36%

Median 7,366 7,707 5.6x 5.1x 14.7x 13.5x 7% 8% 35% 36%


http://www.marlinllc.com/_media/_data/MarlinNewsletter/ent-da-monthly-newsletter-december-2015-vfinal-version.pdf


08

RECENT CAPITAL RAISES

Below is a selection of recent capital raises in the Enterprise Data & Analytics

Industry.

Date

Announced

Acquirer(s) /

Investor(s)Target / Issuer Description

12/24/15

RapidMiner (Cambridge, MA) raises $16mm in a funding round led

by NGP with participation from existing investors. The company

provides an open source predictive analytics platform that enables

enterprises to make enhanced business process decisions.

RapidMiner will use the funds for R&D and sales & marketing.

12/17/15

Signavio (Berlin, Germany) raises €31mm ($33.9mm) in a minority

investment round led by Summit Partners. Signavio provides

business process and decision management technology. The

company will use the funds to grow the business in Europe, North

America, and Asia.

12/16/15

Digital Guardian (Waltham, MA) raises $65mm in a funding round

from new investors LLR Partners, Mass Mutual Ventures, and the

venture capital unit of Siemens Financial Services. Digital

Guardian provides a data protection platform purpose built to stop

data theft. The company will use the funds to continue product

innovation and expand the company's global footprint.

12/15/15

Datamyne (Miami, FL) raises undisclosed debt from Praesidian

Capital and Kemper Corporation. Datamyne provides trade data-

based global business intelligence and analytical tools. The

company will use the funds to finance growth initiatives, including

its recent acquisition of Zepol Corporation.

12/15/15

RealityMine (Manchester, United Kingdom) raises $17mm in a

funding round led by Kennet Partners. The provider of mobile

market research technologies and consumer analytics will use the

funds to further technology advancements in the areas of mobile

and cross-platform measurement.

12/10/15

Steelhouse (Los Angeles, CA), a data-driven advertising software

company, raises $49mm in funding led by Mercato Partners with

participation from Staley Capital and Silicon Valley Bank. The

proceeds will be used for product development, hiring, and

marketing. Steelhouse expects to achieve run-rate revenue of

$130mm by end of 2015.

12/10/15

Factual (Los Angeles, CA) raises $35mm in a Series B funding

round led by a consortium of venture capitalists and individuals.

Factual aggregates raw data and curates it into simple packaged

data sets. The company has raised $62mm to date.

12/10/15

DataScience (Los Angeles, CA) raises $22mm in a Series B round

led by new investor Whitehart Ventures and returning investor

Greycroft Partners. The company will use the funds to grow its

team of data scientists and engineers. The investment extends the

$4.5mm Series A financing round led by Greycroft Partners.

12/10/15

SnapLogic (San Mateo, CA) raises $37.5mm in a funding round

led by Microsoft, Silver Lake Waterman, and existing investors.

The company offers "unified data and application integration

platform as a service." They company will use the funds to

accelerate growth and expand internationally.

12/8/15

Platfora (Palo Alto, CA) raises $30mm in a funding round led by

HSBC and Harmony Partners and existing investors. Platfora helps

business analysts comprehend data sets. The company plans to

use the funds for international expansion. Platfora has raised more

than $95mm to-date.

JANUARY 2016

12 investors


09

Date

Announced

Acquirer(s) /

Investor(s)Target / Issuer Description

12/28/15

IHS (NYSE:IHS) agrees to acquire CarProof for $650mm CDN

(~$460mm). CarProof provides automotive vehicle history reports

to dealers, original equipment manufacturers, lenders, insurers,

governments, law enforcement agencies and consumers. In 2013,

IHS acquired CARFAX, the leading vehicle history expert for used

car buyers, sellers, and the automotive industry in the U.S. This

acquisition will largely expand market share.

12/22/15

Tyco (NYSE:TYC) agrees to acquire ShopperTrak for $175mm

valuing the company at an implied 2.3x LTM revenue.

ShopperTrak is a leading global provider of retail consumer

behavior insights and location-based analytics. The acquisition of

ShopperTrak will build on Tyco’s well established inventory

visibility and loss prevention solutions for retailers.

12/18/15

Microsoft (NASDAQ: MSFT) acquires Metanautix for an

undisclosed sum. Metanautix’s technology connects the “data

supply chain”, independent of the type, size, or location of an

organization’s data. The acquisition will to help customers connect

data for business insights.

12/16/15

RPX Corporation (Nasdaq:RPXC) agrees to acquire Inventus

Solutions for an undisclosed amount. Inventus, backed by

Clearlake Capital Group, provides litigation-support services

through its suite of bundled software technologies utilizing

streamlined data processing and review.

12/16/15

Bloomberg (New York, NY) agrees to acquire Barclays' Risk

Analytics and Index Solutions business ("BRAIS") for $787mm.

This acquisition will extend the complementary investments that

Bloomberg has made in the index business and integrate into

Bloomberg's analytics dashboards, portfolio analytics, order

management systems, and excecution management systems.

12/15/15

Cision (Chicago, IL) agrees to acquire PR Newswire from UBM for

$841mm, valuing the company at an implied 2.8x LTM revenue.

Cision, backed by private equity firm GTCR, also owns Gorkana

which it acquired in October 2014. The acquisition of PR Newswire

strengthens Cision’s service offerings for public relations

professionals.

12/9/15

Moody's Corporation (NYSE:MCO) agrees to acquire the

residential mortgage backed securities (RMBS) data and analytics

assets of BlackBox Logic for an undisclosed sum. Moody’s will

integrate BlackBox Logic’s loan-level RMBS data and technologies

into products of its Structured Analytics and Valuations (SAV) unit.

12/1/15

Blackboard (Washington, DC) acquires BlueCanary, a higher

education predictive analytics company, from Clairvoyant for an

undisclosed sum. The acquisition equips Blackboard with student

retention and performance monitoring tools and strengthens its

analytics portfolio.

11/24/15

LexisNexis, a subsidiary of RELX Group (LSE:REL), agrees to

acquire Lex Machina for an undisclosed sum. Lex Machina is a

leading provider of SaaS-based legal analytics solutions designed

to help lawyers predict outcomes of different legal strategies by

mining, tagging, categorizing, and enhancing Federal Court

dockets and documents.

11/20/15

Verisk Analytics (NASDAQ:VRSK) agrees to acquire The PCI

Group for an undisclosed sum. PCI is a leading consortium of five

specialist data and subscription research companies covering the

chemicals, fiber, films, and plastics sectors. PCI will become part

of Verisk’s Wood Mackenzie business it acquired in March of 2015.

RECENT MERGERS & ACQUISITIONS

Below is a selection of recent mergers & acquisitions in the Enterprise Data &

Analytics Industry.

JANUARY 2016

Risk Analytics andIndex Solutions

Note: Not a complete list

10

CLIENTS CHOOSE MARLIN & ASSOCIATES TO ADVISE

THEM ON THEIR MOST IMPORTANT STRATEGIC MOVES

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


strategic and financial advisor to Alacra, Inc.

Pa lo A lto, CA

New York, NY

rece ived an investment from


strategic and financial advisor to Trunomi.

Campbell, CA

JANUARY 2016


11

Two transactions on which Marlin & Associates

advised were named as part of

The M&A Advisor’s “Deals-of-the Decade

Celebration

Acquisition International recognized Marlin &

Associates for the M&A Award USA TMT

Advisory Firm of the Year (2012, 2015)

The Global M&A Network recognized Marlin &

Associates for excellence in multiple deal

categories through its M&A Atlas Awards:

• Financial Technology Deal of the Year (2012, 2011)

• North America Small Mid Markets Corporate Deal of the Year

(2013)

• Entertainment & Media Deal of the Year (2011)

• Corporate M&A Deal of the Year (2010)

• Technologies Deal of the Year (2010)

* Firm-wide Awards

The M&A Advisor and The M&A Forum have

recognized Marlin & Associates for excellence

in multiple deal categories including:

• Boutique Investment Banking Firm of the Year (2014)*

• Healthcare and Life Science Deal of the Year (Over $100M

to $500M) (2013)

• Middle Market International Professional Services (B-to-B)

Deal of the Year (2013)

• Financial Services Deal of the Year (2013, 2012 and 2011

• Nominated for Middle Market Healthcare Services Deal of

the Year (2012)

• 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 Professional Services 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)*

• Middle Market Computer and Information Technology Deal

of the Year (2007, Below $100M)

• Middle Market Financing Deal of the Year - Equity (2007)

• Middle Market Financing - Financial Services Deal of the Year

(2007)

• Middle Market Financing - Computer, Technology and

Telecommunications Deal of the Year (2007)

The 451 Group, a noted independent

technology industry analyst company,

identified Marlin & Associates as a leader in

cross-Atlantic technology merger and

acquisition transaction advisory

SNL Financial, a market research

company, identified Marlin & Associates as

leading the most financial technology

transactions in 2009, in a tie with Citigroup

and Credit Suisse, and one of the top 10

advisors in 2010

“Boutique Investment Banking Firm of the Year (2014, 2015)”

PEERS AND INDUSTRY GROUPS RECOGNIZE MARLIN &

ASSOCIATES

Select Marlin & Associates Awards

JANUARY 2016


12

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 Michael Maxworthy

• 18+ years of investment banking and

private 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

Paul Friday

• 20+ years of investment banking

experience

• Focused on entrepreneurial

technology-based companies

• Formerly at Robertson Stephens and

PaineWebber (UBS)

• BS, Finance from Pennsylvania State

University

Afsaneh Naimollah

• 20+ years of M&A experience

• Founder of Chela Capital

• Global Head of Barclays’ Capital

Technology Group

• BA in Economics from Milton College

• MBA in International Finance from

• University of Wisconsin-Madison

• Post-MBA from Northwestern University

Tom Selby

• 12+ 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

TorontoJonathan Kaufman

• 15+ years of corporate finance

experience

• Thought leader in payments technology

• 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”

George Beckerman

• 25+ years of investment banking/

strategic consulting

• Co-founder of MarketResearch.com

• Advisor at Dun & Bradstreet, R.R.

• Donnelly & Sons, and BDM

• Executive positions in Washington

• Post’s Legislate subsidiary and

Thomson Finacials’ legal research

business

• National Defense Education Fellow

at New York University’s Graduate

School of Public AdministrationJeffrey Trongone

• 10+ years on Wall Street

• Previously at Scotia Capital's Equity

Research

• Previously at Bear Stearns and

J.P. Morgan

• BSBA from Villanova University

• CFA Charterholder

MARLIN & ASSOCIATES’ SENIOR TEAM BRINGS EXTENSIVE

DEPTH, BREADTH AND INDUSTRY EXPERTISE TO OUR

CLIENTS


13

New York | San Francisco | Washington, D.C. | Toronto

www.MarlinLLC.com

INVESTMENT BANKING AND STRATEGIC ADVISORY TO

THE TECHNOLOGY, INFORMATION AND HEALTHCARE

INDUSTRIES

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