September 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

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 covers m&a trends, values and deals in the four segments of the Enterprise Data and Analytics sector that we follow and sometimes lead.

New York is currently hosting the annual opening of the UN General Assembly. Heads of about 140 nations are in our town and security is tight near our office. Last Tuesday, President Trump opened the session by promising to "destroy" North Korea if that country doesn’t abandon its nuclear weapons program - which they have no plan to do. Ugh.

There was another interesting speech in New York last week – by Masayoshi Son, the founder of Softbank, and one of the world’s most prescient investors. According to the New York Times, Son predicted that within 30 years AI will “replace huge swaths of jobs”, as the power of AI outstrips that of the human brain. Another challenge for us all to contemplate.

AI and North Korean nuclear missiles have many things in common: they both need proper fuel; they both need good guidance systems; they both need wise humans to control their use; and they both need considered responses by those potentially affected. Cathy O’Neil, a mathematician and data scientist applied the term “weapons of math destruction” to many algorithms that underlie AI. Informatica had an interesting blog post found here about the fuel for AI - saying that “the era of blind faith in big data must end”. Pundits have been expounding for years on the potential dangers of (and proper response by the West and others to) North Korea’s nuclear capabilities.

As the power and accuracy of these tools grows, all we can do is hope for intelligence and wisdom by those who control them –and by those potentially impacted by them - because miscalculation by either can lead to disaster.

Some of the more interesting m&a transactions, trends and values in the AI, Big Data, and analytics sectors are discussed in ourMarket Update. Among other transactions, we note:

DEAR CLIENTS AND FRIENDS,What do North Korean Missiles, AI and Big Data have in common? Our September 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.

• Verisk (Nasdaq:VRSK) agreed to acquire Sequel for $323mm, valuing the company at an implied 9.6x LTM revenue and 20.8x LTM EBITDA,

• Cisco (NASDAQ:CSCO) agreed to acquire Springpath for $320mm,

• Databricks (San Francisco, CA) raised $140mm in a Series D funding round led by Andreessen Horowitz,

• Druva (India) raised $80mm in a growth equity round led by Riverwood Capital,

• Redis Labs (Santa Clara, CA) raised $44mm in a Series D funding round led by Goldman Sachs Private Capital,

• PeerIQ raised $12mm in Series A funding co-led by new investors TransUnion.

The Benzinga Fintech Summit is in San Francisco is this week and we’ll be there. Please email Zaid Elouad at zelouad@marlinllc.com if you are interested in setting up a meeting.

We are also honored to be finalists for three awards by The M&A Advisor: One for The Professional Services (B2B) Deal of the Year; another for The Private Equity Deal of the Year, as well as a third for the M&A Deal of The Year which relates to our role advising BillingTree of Phoenix Arizona on a Significant Growth Investment by Parthenon Capital Partners. For more on that transaction, please click 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

SEPTEMBER 2017

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 8/31/17. 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:

SEPTEMBER 2017

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Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 8/31/17. 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.

Public Market Data

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SEPTEMBER 2017

Recent Activity

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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) 44,191 50,696 5.8x 5.1x 19.3x 14.6x 6% 13% 30% 35%Nielsen 13,912 22,129 3.5x 3.4x 13.7x 10.9x 2% 4% 26% 31%Wolters Kluw er 12,683 15,391 3.0x 2.9x 11.5x 10.7x 2% 4% 26% 27%Gartner 10,768 13,607 5.6x 4.1x 33.9x 19.5x 13% 36% 16% 21%Informa 7,459 9,508 5.4x 4.2x 17.2x 12.4x 11% 29% 31% 34%Pearson 6,464 7,959 1.3x 1.3x 10.6x 8.6x 2% 1% 13% 15%UBM 3,448 4,199 3.7x 3.2x 13.6x 10.7x 12% 15% 27% 30%Euromoney Institutional Investor 1,731 1,811 3.4x 3.2x 11.9x 12.0x 1% 8% 28% 26%comScore 1,145 1,031 2.0x 1.7x 8.2x 6.4x 41% 18% 24% 26%Forrester Research 736 608 1.9x 1.8x 15.0x 16.5x 4% 1% 12% 11%

Trim Mean 7,201 9,454 3.6x 3.1x 14.1x 12.0x 6% 12% 24% 27%Median 6,962 8,733 3.5x 3.2x 13.6x 11.4x 5% 10% 26% 27%

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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.

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

8/16/17

Q Research Solutions (New York, NY) acquired Tragon for an undisclosed sum. Tragon provides sensory valuations solutions. Tragon provides sensory valuations solutions. Tragon researches, tests, and evaluates sensory products and develops data collection, measurement, and reporting software in real-time under the brand name RedJade.

8/1/17PWC (United Kingdom) acquired Optimisa Research for an undisclosed sum. Optimisa offers market research services and strategies, data modeling services, software development and data manipulation services.

7/26/17Synthesio (Paris, France) acquired Social Karma from Internet Attitude for an undisclosed sum. Social Karma provides audience insights and engagement analytics solutions.

Data & Analytics - Services

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 8/31/17. 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

Oracle 213,802 206,019 5.5x 5.3x 14.1x 11.7x (1%) 4% 39% 46%SAP 126,690 128,685 4.9x 4.5x 17.9x 12.8x 6% 8% 27% 35%Salesforce 69,649 68,730 8.2x 6.6x nm 30.6x 26% 24% 6% 22%Intuit 36,918 36,629 7.5x 6.8x 26.0x 17.9x 9% 11% 29% 38%Workday 22,709 21,160 13.5x 10.1x na 66.2x 35% 34% na 15%CA 13,836 13,792 3.4x 3.3x 10.7x 9.0x (0%) 3% 32% 37%Constellation 12,035 11,964 5.6x 4.9x 29.4x 18.8x 16% 14% 19% 26%Amdocs 9,466 8,503 2.3x 2.2x 12.1x 11.0x 3% 4% 19% 20%NICE 4,843 4,926 4.9x 3.7x 22.3x 13.5x 10% 33% 22% 27%Paycom Softw are 4,388 4,355 13.2x 10.1x 64.0x 35.1x 47% 31% 21% 29%Softw are 3,296 3,278 3.1x 3.1x 10.7x 9.9x (0%) 3% 29% 31%Manhattan Associates 2,919 2,833 4.7x 4.8x 13.9x 13.3x 9% (2%) 34% 36%Zendesk 2,726 2,486 8.0x 5.9x na nm 49% 36% na 3%Xero 2,604 2,522 12.8x 9.0x na nm 48% 42% na 2%Paylocity 2,536 2,432 9.2x 7.3x nm 37.8x 41% 26% 3% 19%Callidus 1,676 1,503 7.3x 6.1x na 48.3x 19% 19% na 13%

Trim Mean 22,473 22,307 7.0x 5.8x 18.3x 21.7x 19% 18% 24% 25%Median 7,154 6,714 6.5x 5.6x 16.0x 15.7x 13% 17% 25% 27%

Enterprise Software & Data Analytics

Public Market Data

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SEPTEMBER 2017

Recent Activity

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

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

8/22/17Druva (India) raised $80mm in a growth equity round led by Riverwood Capital. Druva provides data protection and governance solutions for public and private clouds in the enterprise.

8/21/17Cisco (NASDAQ:CSCO) agreed to acquire Springpath for $320mm. Springpath provides an enterprise-grade storage and data management software that provides storage services and runs on various standard servers.

8/3/17Databricks (San Francisco, CA) raised $140mm in a Series D funding round led by Andreessen Horowitz. Databricks provides a cloud platform that helps traditional and disruptive organizations to turn data into value.

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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

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 8/31/17. 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 8,570 10,670 5.4x 4.2x 18.4x 11.9x 7% 31% 30% 35%Splunk 9,281 8,298 8.7x 6.8x na 59.7x 42% 28% na 11%Tableau Softw are 5,731 4,739 5.7x 5.4x na 69.1x 27% 7% na 8%Verint Systems 2,488 2,891 2.7x 2.5x 29.7x 11.1x (6%) 7% 9% 23%Microstrategy 1,495 863 1.7x 1.7x 7.4x 9.7x (3%) (2%) 23% 18%Alteryx 1,385 1,232 14.4x 9.8x na na 59% 46% na naTalend 1,141 1,045 9.9x 7.1x na na 40% 39% na naHortonw orks 1,124 1,052 5.7x 4.2x na na 51% 34% na na

Trim Mean 3,468 3,209 6.4x 5.0x 18.4x 27.6x 27% 24% 23% 17%Median 1,992 2,061 5.7x 4.8x 18.4x 11.9x 33% 30% 23% 18%

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

Recent Activity

SEPTEMBER 2017

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

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EV / LTM Revenue EV / LTM EBITDA

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

8/21/17Redis Labs (Santa Clara, CA) raised $44mm in a Series D funding round led by Goldman Sachs Private Capital. Redis offers an open-source in-memory database platform.

8/21/17Verisk (Nasdaq:VRSK) agreed to acquire Sequel for $323mm, valuing the company at an implied 9.6x LTM revenue and 20.8x LTM EBITDA. Sequel provides an insurance database software solution.

8/17/17 ThoughtSpot (Palo Alto, CA) raised $60mm in an equity funding round led by Lightspeed Venture Partners. ThoughtSpot offers a search-driven analytics platform.

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 8/31/17. 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

S&P Global 40,110 42,453 7.5x 7.2x 17.2x 15.4x 7% 4% 44% 47%Thomson Reuters 33,904 40,752 3.6x 3.6x 17.1x 11.9x (1%) 2% 21% 30%Moody's 25,975 27,627 7.7x 6.9x 16.8x 14.6x 3% 11% 46% 47%Experian 19,558 22,738 4.9x 5.2x 14.3x 14.9x (0%) (6%) 34% 35%Equifax 17,367 19,856 6.3x 5.8x 17.7x 15.7x 18% 8% 36% 37%Verisk Analytics 13,642 15,893 8.0x 7.6x 17.0x 15.6x 13% 5% 47% 49%MSCI 10,511 11,837 10.3x 9.3x 20.8x 18.0x 7% 10% 49% 52%CoStar Group 9,384 9,124 10.9x 9.5x 42.4x 33.8x 18% 15% 26% 28%TransUnion 9,060 11,329 6.6x 6.0x 20.0x 15.3x 13% 10% 33% 39%FactSet Research Systems 6,202 6,583 5.8x 5.2x 16.4x 15.3x 11% 10% 35% 34%FICO 4,536 5,017 5.6x 5.3x 24.2x 20.8x 6% 5% 23% 26%Dun & Bradstreet 4,134 5,452 3.2x 3.1x 12.1x 11.0x 4% 4% 26% 28%CoreLogic 4,044 5,493 2.8x 3.0x 13.1x 11.8x 28% (5%) 21% 25%Morningstar 3,564 3,455 4.3x n/a 14.9x n/a 1% n/a 29% n/a

Trim Mean 13,193 15,142 6.1x 5.9x 17.5x 15.4x 8% 6% 33% 36%Median 9,947 11,583 6.0x 5.8x 17.0x 15.3x 7% 5% 34% 35%

EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

Data & Analytics – Financial Services

Public Market Data

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SEPTEMBER 2017

Recent Activity

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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

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

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.

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

8/24/17

Verisk Analytics (NASDAQ:VRSK) agreed to acquire LCI for $151mm. LCI provides bankruptcy risk insight, prediction and management solutions for banks and creditors. Verisk plans to bring together Verisk’s proprietary data assets from its Argus business and LCI’s proprietary bankruptcy and debtor settlement data.

8/2/17

PeerIQ raised $12mm in Series A funding co-led by new investors TransUnion, Hearst Ventures and Macquarie Group and included participation from existing investors. PeerIQ tracks loans originated through marketplace lenders. The funding is expected to enable PeerIQ to analyze more than $13 trillion worth of loans rather than tens of billions by helping PeerIQ “reboot” an “archaic” securitization market.

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.

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 8/31/17. 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.

SEPTEMBER 2017

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DateAnnounced Investor Issuer Description

8/22/17Druva (India) raised $80mm in a growth equity round led by Riverwood Capital. Druva provides data protection and governance solutions for public and private clouds in the enterprise.

8/21/17Redis Labs (Santa Clara, CA) raised $44mm in a Series D funding round led by Goldman Sachs Private Capital. Redis offers an open-source in-memory database platform.

8/17/17ThoughtSpot (Palo Alto, CA) raised $60mm in an equity funding round led by Lightspeed Venture Partners. ThoughtSpot offers a search-driven analytics platform.

8/3/17Databricks (San Francisco, CA) raised $140mm in a Series D funding round led by Andreessen Horowitz. Databricks provides a cloud platform that helps traditional and disruptive organizations to turn data into value.

8/2/17

PeerIQ raised $12mm in Series A funding co-led by new investors TransUnion, Hearst Ventures and Macquarie Group and included participation from existing investors. PeerIQ tracks loans originated through marketplace lenders. The funding is expected to enable PeerIQ to analyze more than $13 trillion worth of loans rather than tens of billions by helping PeerIQ “reboot” an “archaic” securitization market.

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.

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 8/31/17. 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.

SEPTEMBER 2017

DateAnnounced Acquirer Target Description

8/24/17

Verisk Analytics (NASDAQ:VRSK) agreed to acquire LCI for $151mm. LCI provides bankruptcy risk insight, prediction and management solutions for banks and creditors. Verisk plans to bring together Verisk’s proprietary data assets from its Argus business and LCI’s proprietary bankruptcy and debtor settlement data.

8/21/17Cisco (NASDAQ:CSCO) agreed to acquire Springpath for $320mm. Springpath provides an enterprise-grade storage and data management software that provides storage services and runs on various standard servers.

8/21/17Verisk (Nasdaq:VRSK) agreed to acquire Sequel for $323mm, valuing the company at an implied 9.6x LTM revenue and 20.8x LTM EBITDA. Sequel provides an insurance database software solution.

8/16/17

Q Research Solutions (New York, NY) acquired Tragon for an undisclosed sum. Tragon provides sensory valuations solutions. Tragon provides sensory valuations solutions. Tragon researches, tests, and evaluates sensory products and develops data collection, measurement, and reporting software in real-time under the brand name RedJade.

8/1/17PWC (United Kingdom) acquired Optimisa Research for an undisclosed sum. Optimisa offers market research services and strategies, data modeling services, software development and data manipulation services.

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).

Note: Not a complete list

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Partners.

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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

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

SEPTEMBER 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

12

SEPTEMBER 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

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