bank of the year”, middle...according to bloomberg. and the big keep getting bigger: facebook is...

May, 2014 Dear Clients and Friends,

Welcome to our May 2014 Market Update.

Is it 2007 redux? Cash sitting on balance sheets is at record highs; interest rates are low; and banks are lending at multiples we haven’t seen in years. The result: so far this year there has been more than $49bn in announced m&a transactions, more than double the value in the same period last year, according to Bloomberg. And the big keep getting bigger: Facebook is buying WhatsApp for $19bn and Oculus for $2bn; Google bought NEST for $3.2bn; IBM bought Silverpop on the heels of their March acquisition of Cloudant. It’s not 2007. But it is a busy time.

The attached report focuses on our current sense of m&a values, activity and trends for the dozen plus sectors that we follow and sometimes lead. Some of the notable deals this past month include:

Goldman Sachs (NYSE:GS) and Blackstone (NYSE:BX) (together advised by Marlin & Associates) agreed to acquire a majority stake in Ipreo for a reported $975mm;

Summit Partners (Boston, MA) agreed to acquire a majority stake in ABILITY Network for $550mm;

The Shizuoka Bank (Shizuoka, Japan) agreed to acquire a minority stake in Monex Group for ¥24.4bn ($235mm);

TIBCO Software (Nasdaq:TIBX) acquired Jaspersoft for $185mm; Alignment Healthcare (Irvine, CA) raised $125mm in funding from General Atlantic; 2Checkout (Columbus, OH) raised $60mm in funding from Chicago Growth Partners and

Trident Capital;

Morningstar (NasdaqGS:MORN) acquired Marlin & Associates’ client, ByAllAccounts, for

$28mm; and IBM (NYSE:IBM) agreed to acquire Silverpop Systems for an undisclosed sum.

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, DC, Toronto, Canada, and Hong Kong, China and has been the recipient of numerous awards including “Middle-Market Investment Bank of the Year”, "Middle-Market Financing Agent of the Year - Equity", and “TMT Advisory Bank of the Year”. Two transactions on which Marlin & Associates advised have been recognized as “Deals-of-the Decade”. Marlin & Associates' team of professionals has advised over 200 information-technology transactions.

Sincerely,

Kenneth B. Marlin

www.MarlinLLC.com

http://www.marlinllc.com/

http://www.marlinllc.com

M&A Market Update

Investment Banking and Strategic Advisory to the Technology, Information and Healthcare Industries

www.MarlinLLC.com

May 2014

New York, NY San Francisco, CA Washington, DC

Hong Kong, China Toronto, Canada

Marlin & Associates Market Update – MAY 2014

Sector Comparison Snapshot 3

Sector Analyses

Application Software 4

B2B E-commerce & Marketing Technologies 5

Banking Software & Processors 6

Business Intelligence Software 7

Capital Markets Software 8

Data & Analytics – Financial Services 9

Financial Processors & Services 10

Healthcare Information Software Systems 11

Information & Market Research 12

Insurance Technology 13

Payment Processors 14

Securities Exchanges 15

Security Software 16

Technology-Enabled Financial Institutions 17

Technology-Enabled Healthcare Services 18

Asia-Pacific Financial Technology 19

Merger-and-Acquisition Activity Trends 20

© Marlin & Associates Holding LLC. M&A is a registered trademark of Marlin & Associates. Other names, trademarks, and logos are properties of their respective holders. Marlin & Associates Securities LLC, a wholly-owned subsidiary of Marlin & Associates Holding LLC, is a broker-dealer registered with the Securities and Exchange Commission and is a

FINRA/SIPC member firm (www.finra.org). Investment banking and/or securities are offered through Marlin & Associates Securities LLC. The information and any opinions contained in this report are for information purposes only. While they have been obtained from sources that we consider reliable, we do not represent such information and opinions are accurate or complete, and thus should not be relied upon as such. The information contained in this report does not constitute an offer to sell or a solicitation of an offer to buy any security. The

price and value of the companies referred to in this communication may fluctuate. Past performance is not indicative or a guarantee of future performance.

2

Sector Comparison Snapshot: Current Revenue & EBITDA Multiples

Source: Marlin & Associates, Capital IQ and Public sources. Implied trim mean multiples as of 4/30/14. Marlin calculates mean and median multiples for each sector using data from a set of firms that it believes to be reasonable for that sector and which may not be identical to the set reflected on the

sector pages herein. * Tech-enabled Financial Institutions multiples calculated using Market Cap / Revenue and Market Cap / EBT. 3

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Financial Processors & Svcs

Tech-enabled Healthcare Svcs

Insurance Technology

Tech-enabled Financial Inst. *

Information & Market Research

Capital Markets Software

Application Software

Banking Software & Processors

Healthcare Info Software

Payment Processors

Security Software

APAC FinTech

Data & Analytics - FinSvcs

B2B E-commerce & Marketing Technologies

Business Intelligence Software

Securities Exchanges

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Data & Analytics - FinSvcs




Payment Processors


Tech-enabled Healthcare Svcs

Security Software




Financial Processors & Svcs

Healthcare Info Software

APAC FinTech

Enterprise Value / 2013 EBITDA

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 the sector. 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.

Public Market Data

Recent Activity


4

Date Announced Acquirer(s) / Investor(s) Target / Issuer Description

4/28/14 TIBCO Software (Nasdaq:TIBX) acquires Jaspersoft for $185mm.

4/10/14 IBM (NYSE:IBM) agrees to acquire Silverpop Systems for an undisclosed sum.

3/31/14 Siris Capital Group (New York, NY) acquires Stratus Technologies for $352mm.

3/4/14 MuleSoft (San Francisco, CA) raises $50mm in a round of funding from Bay Partners and other investors.

2/18/14 Court Square Capital (New York, NY), in partnership with management of AFS Technologies, acquires AFS Technologies for an undisclosed sum.

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Company Market EnterpriseUSD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014EOracle 187,026 174,506 4.6x 4.4x 10.7x 9.0x 1% 5% 43% 49%SAP 96,626 96,171 4.1x 4.0x 12.0x 11.3x 4% 4% 34% 35%Intuit 21,513 20,681 5.0x 4.4x 15.9x 10.8x 12% 14% 31% 41%CA Technologies 13,503 12,420 2.7x 2.8x 7.9x 7.1x (2%) (3%) 34% 39%Amdocs 7,550 6,441 1.9x 1.8x 10.3x 8.9x 4% 7% 19% 20%Constellation Softw are 4,693 5,020 4.1x 2.9x 32.4x 15.5x 36% 41% 13% 19%Concur Technologies 4,554 4,423 7.5x 6.1x nm 36.5x 27% 24% 6% 17%TIBCO Softw are 3,285 3,070 2.9x 2.7x 15.9x 9.6x 4% 8% 18% 28%Softw are AG 3,092 3,246 2.4x 2.5x 9.6x 8.8x (7%) (3%) 25% 28%NICE Systems 2,547 2,345 2.5x 2.3x 13.7x 9.8x 8% 7% 18% 23%Manhattan Associates 2,421 2,295 5.5x 5.0x 21.4x 17.2x 10% 12% 26% 29%Compuw are 2,295 2,207 3.0x 2.9x 17.5x 13.1x 0% 6% 17% 22%SciQuest 587 556 6.2x 5.3x nm 30.5x 36% 16% na 17%

Trim Mean 14,734 14,393 3.9x 3.6x 14.1x 13.1x 9% 9% 24% 27%Median 4,554 4,423 4.1x 2.9x 13.7x 10.8x 4% 7% 22% 28%

EV / Revenue EV / EBITDA EBITDA MarginRevenue Growth



Public Market Data

Recent Activity


5


4/16/14 Cielo (BOVESPA:CIEL3) agrees to acquire Stelo for an undisclosed sum.

3/25/14 RelateIQ (Palo Alto, CA) raises $40mm in a Series C round from Redpoint Ventures and other existing and new investors.

3/12/14 The Carlyle Group LP (Nasdaq:CG) acquires eCommerce Industries for an undisclosed sum.

2/23/14 eCommera (London, United Kingdom) raises $41mm in Series C funding from The Dawn Capital Fund and other existing investors.

1/13/14 Volusion (Austin, TX) raises $35mm in a debt financing round from Silicon Valley Bank.

Company Market EnterpriseUSD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E

NetSuite 5,832 5,623 13.6x 10.3x na nm 34% 31% na 12%Mercadolibre 4,118 3,921 8.3x 7.7x 23.7x 22.4x 26% 7% 44% 37%Demandw are 1,733 1,458 14.1x 10.1x na nm 31% 39% na 4%Marketo 1,069 958 10.0x 6.8x na na 64% 47% na naConstant Contact 839 708 2.5x 2.1x 26.5x 11.8x 13% 16% 11% 21%Focus Technology 739 585 7.1x na 23.2x na 14% na 35% naChannelAdvisor 635 541 8.0x 6.3x na na 27% 25% na naDigital River 470 213 0.5x 0.6x 6.6x 4.7x 5% (3%) 9% 12%Demand Media 376 318 0.8x 0.8x 7.1x 5.8x 4% (3%) 12% 14%Points International 350 285 1.4x 1.0x 55.1x 21.2x 45% 37% 4% 7%QuinStreet 265 228 0.8x 0.8x 8.5x 6.3x (10%) (4%) 8% 12%Mediagrif Interactive 261 292 5.0x 4.4x 13.2x 10.7x 5% 14% 40% 47%Speed Commerce 214 245 0.5x 0.5x 13.6x 10.2x 4% 1% 4% 5%

Trim Mean 987 867 5.3x 4.1x 16.5x 11.0x 19% 16% 17% 15%Median 635 541 5.0x 3.3x 13.6x 10.5x 14% 15% 11% 12%

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Public Market Data

Recent Activity


6


4/14/14 Fidelity National Information Services (NYSE:FIS) acquires Credit Management Solutions for an undisclosed sum.

3/31/14 Bottomline Technologies (Nasdaq:EPAY) agrees to acquire Andera for $48mm, valuing the Company at an implied 3.2x LTM revenue.

3/21/14 Equiniti Group (West Sussex, United Kingdom) acquires Pancredit Systems for an undisclosed sum.

2/25/14 Scentan Ventures Tradeshift (San Francisco, CA) raises $75mm in Series C funding from Scentan Ventures.

2/10/14 Misys Limited (London, United Kingdom) acquires IND Group for an undisclosed sum.

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Company Market EnterpriseUSD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014EFiserv 15,718 19,259 4.0x 3.8x 13.9x 11.7x 9% 5% 29% 33%FIS 15,596 19,805 3.3x 3.1x 12.6x 10.2x 5% 5% 26% 30%Jack Henry & Associates 4,714 4,569 3.9x 3.6x 11.4x 10.4x 10% 7% 34% 35%Oracle Financial Services 4,219 4,219 6.8x 6.1x 18.1x 16.3x 8% 12% 38% 37%Temenos Group 2,501 2,597 5.6x 5.1x 24.9x 16.0x 4% 8% 22% 32%ACI Worldw ide 2,195 2,921 3.4x 2.7x 15.7x 10.0x 30% 24% 22% 27%Bottomline Technologies 1,173 1,095 4.1x 3.4x 37.7x 15.9x 12% 19% 11% 21%Ellie Mae 709 634 4.9x 4.2x 25.3x 15.9x 26% 17% 20% 27%Polaris Financial Technology 296 196 0.5x 0.4x 4.2x 3.2x 4% 12% 12% 14%Sw ord Group 241 197 1.3x 1.2x 9.1x 7.1x (10%) 10% 15% 17%Microgen 178 143 2.8x 2.9x 8.6x 10.8x (8%) (1%) 33% 26%Gresham Computing 145 138 5.8x 5.4x 36.4x 25.5x 36% 7% 16% 21%





Public Market Data

Recent Activity


7

[1]Tableau Software (DATA) added to the index as of IPO day 5/17/13


4/29/14 Dun & Bradstreet (NYSE:DNB) acquires Indicee for an undisclosed sum.

4/23/14 Noetix (Redmond, WA) acquires Kalido for an undisclosed sum.

4/16/14 FICO (NYSE:FICO) acquires Karmasphere for an undisclosed sum.

3/19/14 Platfora (Palo Alto, CA) raises $38mm in Series C round from new investor Tenaya Capital and existing investors.

3/18/14 Cloudera (Palo Alto, CA) raises $900mm from Intel Capital, T. Rowe Price Group, Google Ventures and MSD Capital.


Open Text 6,024 7,021 5.1x 3.8x 16.6x 11.7x 8% 35% 33% 44%Splunk 5,896 4,999 16.5x 12.3x na nm 52% 34% na 3%Informatica 3,968 3,238 3.4x 3.1x 19.7x 11.5x 17% 12% 20% 30%Tableau Softw are 3,883 3,630 15.6x 11.1x nm na 82% 41% 8% naVerint Systems 2,387 2,625 2.9x 2.4x 16.0x 9.5x 8% 22% 20% 30%Qlik Technologies 1,961 1,707 3.6x 3.1x nm 40.2x 21% 17% 3% 9%Microstrategy 1,372 1,006 1.7x 1.7x 25.0x 21.1x 2% 6% 7% 8%Actuate 269 204 1.5x 2.1x 14.9x 28.7x (3%) (26%) 10% 5%



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Public Market Data

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Company Market EnterpriseUSD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014ESS&C Technologies 3,382 4,034 5.7x 5.3x 14.3x 12.7x 29% 8% 40% 41%SimCorp 1,589 1,523 4.9x 4.4x 19.4x 16.5x 8% 10% 25% 27%Advent Softw are 1,551 1,801 4.7x 4.5x 25.3x 15.1x 7% 4% 19% 30%Fidessa group 1,440 1,317 2.8x 2.8x 14.4x 10.4x 0% 1% 19% 26%Envestnet 1,339 1,289 5.3x 3.9x 54.5x 24.3x 54% 38% 10% 16%IRESS 1,186 1,294 5.6x 4.1x 21.4x 13.0x 21% 37% 26% 31%First Derivatives 323 349 3.1x 2.6x 16.6x 14.9x 24% 17% 19% 18%Linedata Services 230 287 1.3x 1.3x 6.0x 5.2x 11% 1% 22% 25%Brady 113 101 2.0x 1.8x 35.7x 10.3x 4% 12% 6% 18%StatPro Group 94 87 1.6x 1.6x 9.8x 11.4x 2% 1% 16% 14%Lombard Risk Management 45 43 1.4x 1.2x 4.5x 3.6x 23% 15% 30% 33%

Trim Mean 874 894 3.5x 3.0x 18.1x 12.2x 14% 12% 21% 25%Median 1,186 1,289 3.1x 2.8x 16.6x 12.7x 11% 10% 19% 26%



8


4/14/14 Goldman (NYSE:GS) and Blackstone (NYSE:BX) agree to acquire a majority stake in Ipreo for a reported $975mm. (advised by M&A)

4/1/14 Morningstar (NasdaqGS:MORN) acquires ByAllAccounts for $28mm.

4/1/14 Wealthfront (Palo Alto, CA) raises $35mm from DAG Ventures, Greylock Partners, Index Ventures, Ribbit Capital and The Social+Capital Partnership.

3/21/14 Pico Quantitative Trading (Chicago, IL) acquires SpryWare for an undisclosed sum.

3/4/14 HgCapital (London, United Kingdom), together with the Ullink SAS management team, acquires Ullink SAS for an undisclosed sum.



Public Market Data

Recent Activity

Data & Analytics – Financial Services

9

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA MarginUSD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E

Experian 19,088 22,390 4.6x 4.3x 13.4x 12.5x 4% 7% 34% 35%Moody's 17,152 17,387 5.8x 5.4x 13.0x 11.8x 9% 8% 45% 46%Verisk Analytics 10,241 11,085 6.9x 6.3x 15.1x 13.7x 13% 10% 46% 46%Equifax 8,809 10,382 4.5x 4.2x 12.8x 12.1x 11% 6% 35% 35%MSCI 4,808 5,257 5.1x 5.0x 11.6x 12.0x 9% 1% 44% 42%CoStar Group 4,640 4,565 10.4x 8.1x 48.6x 26.3x 26% 28% 21% 31%FactSet Research Systems 4,591 4,488 5.2x 4.8x 13.7x 12.9x 6% 7% 38% 37%CoreLogic 2,563 3,840 2.9x 2.8x 14.2x 10.3x 8% 2% 20% 28%FICO 2,020 2,395 3.2x 3.1x 12.5x 10.6x 6% 5% 26% 29%


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3/14/14 Fitch Group, a subsidiary of The Hearst Corporation (New York, NY), acquires Business Monitor International for an undisclosed sum.

3/13/14 Fair Isaac Corporation (NYSE:FICO) agrees to acquire InfoCentricity for an undisclosed sum.

2/21/14 Moody’s (NYSE:MCO) agrees to acquire a 26.5% stake in ICRA for INR 5.3bn ($85.3mm), implying an enterprise value of INR 19.6bn ($316mm), valuing the Company at an implied 7.1x LTM revenue and 26.5x LTM EBITDA.

1/8/14 SNL Financial (Charlottesville, VA) acquires IntierraRMG for an undisclosed sum.

12/18/13 KPMG LLP (New York, NY) acquires Link Analytics for an undisclosed sum.



Public Market Data

Recent Activity

Financial Processors & Services

10

Note: Outstanding proposal from Ironbridge Capital to acquire Bravura Solutions as of 6/28/13


4/1/14 Computershare (ASX:CPU) acquires SG Vestia for an undisclosed sum.

3/18/14 Vestar Capital Partners (New York, NY) acquires Institutional Shareholder Services for $364mm.

2/26/14 Broadridge (NYSE:BR) acquires Emerald Connect for $60mm.

2/20/14 Lovell Minnick Partners (El Segundo, CA) acquires Keane for an undisclosed sum.

1/23/14 Cordium (London, United Kingdom) acquires HedgeStart for an undisclosed sum.


Computershare 6,385 7,423 3.7x 3.7x 21.5x 16.3x 0% 1% 23% 28%Broadridge 4,758 5,042 2.2x 2.0x 12.4x 10.1x 7% 5% 20% 21%DST 3,909 4,135 2.2x 1.6x 11.1x 9.6x 40% (19%) 16% 22%Solium Capital 284 242 5.3x 3.9x 22.6x 15.9x 35% 15% 25% 27%GBST 185 193 2.6x 2.3x 20.4x 15.5x 15% 11% 15% 22%


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Public Market Data

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4/28/14 Truven Health (Ann Arbor, MI) acquires Fortel Analytics for an undisclosed sum.

4/16/14 Orange Health Solutions (Jacksonville, FL) raises $23mm in Series A funding from Great Point Partners and acquires MZI Healthcare.

4/16/14 Symphony Technology Group (Palo Alto, CA) acquires MDdatacor for an undisclosed sum.

4/7/14 Summit Partners (Boston, MA) agrees to acquire a majority stake in ABILITY Network for $550mm.

4/1/14 Connolly (Atlanta, GA) agrees to merge with iHealth Technologies for an undisclosed sum.

Healthcare Information Software Systems

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Cerner 18,069 17,199 6.1x 5.2x 23.1x 14.8x 9% 17% 26% 35%athenahealth 4,635 4,729 7.9x 6.4x nm 36.1x 41% 25% 9% 18%Allscripts 2,717 3,216 2.3x 2.2x nm 14.1x (5%) 4% 1% 16%The Advisory Board 2,125 2,053 4.1x 3.6x 33.8x 19.7x 16% 15% 12% 18%Medidata 1,892 1,903 6.9x 5.6x 59.7x 23.7x 27% 23% 12% 24%CompuGroup Medical 1,302 1,719 2.6x 2.4x 15.6x 11.3x 3% 9% 17% 22%Quality Systems 889 795 1.8x 1.7x 10.9x 8.6x (4%) 5% 17% 20%Computer Programs & Systems 704 682 3.4x 3.2x 12.7x 11.2x 10% 5% 27% 29%Merge 219 428 1.8x 2.0x 16.6x 10.2x (7%) (7%) 11% 19%



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4/23/14 J.D. Power and Associates, a business unit of McGraw Hill Financial (NYSE:MHFI), acquires Korrelate for an undisclosed sum.

4/2/14 Kantar Media Research acquires The Data Republic for an undisclosed sum.

3/17/14 Reed Business Information, a subsidiary of Reed Elsevier (LSE:REL), acquires Innovata for an undisclosed sum.

3/14/14 PT Primera Indonesia GfK (XTRA:GFK) acquires PT Primera Indonesia for an undisclosed sum.

3/11/14 Gartner (NYSE:IT) acquires Software Advice for an undisclosed sum.


Reed Elsevier 32,062 37,224 3.7x 3.8x 12.7x 11.3x (1%) (4%) 29% 33%Thomson Reuters 29,696 37,256 2.9x 2.9x 13.9x 10.9x (3%) (1%) 21% 27%McGraw Hill Financial 20,493 20,615 4.2x 4.0x 11.8x 10.8x 10% 5% 36% 37%Nielsen 18,064 24,502 4.3x 3.9x 18.2x 13.1x 5% 11% 24% 29%Pearson 15,166 15,931 1.9x 1.9x 11.4x 11.0x 2% (2%) 16% 17%Wolters Kluw er 8,334 11,052 2.2x 2.2x 8.9x 9.0x (1%) 0% 25% 25%IHS 8,286 10,119 5.5x 4.5x 26.0x 14.6x 20% 21% 21% 31%Gartner 6,477 6,264 3.5x 3.2x 20.7x 16.4x 10% 9% 17% 20%Informa 4,903 6,226 3.3x 3.2x 10.0x 10.1x 2% 1% 32% 32%Dun & Bradstreet 4,176 5,462 3.3x 3.2x 10.7x 10.7x (0%) 2% 31% 30%UBM 2,731 3,512 2.6x 2.7x 11.0x 11.1x 3% (5%) 24% 25%Euromoney Institutional Investor 2,316 2,345 3.4x 3.3x 11.1x 10.8x 4% 4% 31% 30%comScore 1,060 1,031 3.6x 3.2x 39.3x 16.1x 12% 13% 9% 20%Forrester Research 695 540 1.8x 1.7x 15.3x 16.1x 2% 4% 12% 11%


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Public Market Data

Recent Activity


Note: Guidewire Software (GWRE) added to the index as of IPO day 1/25/12

13


4/17/14 Solera Holdings (NYSE:SLH) acquires Auto Point for an undisclosed sum.

2/19/14 Innovation Group (LSE:TIG) acquires LAS Claims Management for £35mm ($59mm).

2/10/14 Relay Software (Belfast, United Kingdom) raises an undisclosed sum from HgCapital.

1/28/14 Kohlberg Kravis Roberts & Co. (NYSE:KKR) acquires a majority stake in Sedgwick Claims Management Services for $2.4bn.

1/14/14 Verisk Analytics (Nasdaq:VRSK) agrees to acquire EagleView Technologies for $650mm, valuing the Company at an implied 5.3x LTM revenue and 17.9x LTM EBITDA.

Company Market EnterpriseUSD millions Cap Value CY2013E CY2014E CY2013E CY2014E CY2013E CY2014E CY2013E CY2014E

Solera Holdings 4,459 5,857 6.6x 5.6x 15.8x 13.8x 11% 18% 41% 40%Guidew ire Softw are 2,544 2,099 6.8x 5.8x 61.6x 48.1x 19% 17% 11% 12%CorVel 968 935 2.0x 1.8x nm n/a 12% 8% na n/aEbix 608 607 3.0x 2.9x 7.3x 7.6x 3% 3% 41% 38%Innovation Group 535 489 1.4x 1.3x 9.3x 8.4x 8% 9% 15% 15%Sapiens 358 288 2.1x 1.8x 15.7x 13.0x 19% 16% 14% 14%COR&FJA 73 68 0.4x 0.5x nm 5.4x (4%) (21%) na 9%

Trim Mean 1,003 884 3.0x 2.7x 13.6x 10.7x 10% 10% 23% 20%Median 608 607 2.1x 1.8x 15.7x 10.7x 11% 9% 15% 15%


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Public Market Data

Recent Activity

Payment Processors

14


4/24/14 2Checkout (Columbus, OH) raises $60mm in funding from Chicago Growth Partners and Trident Capital.

4/24/14 ShopKeep (New York, NY) raises $25mm in Series C funding from Thayer Street Partners and existing investors.

4/16/14 Warburg Pincus (New York, NY) agrees to acquire Electronic Funds Source for an undisclosed sum.

4/15/14 The Currency Cloud (London, United Kingdom) raises $10mm in Series B funding from Anthemis Group, Atlas Venture and other existing investors.

3/10/14 Euronet Worldwide (Nasdaq:EEFT) agrees to acquire HiFX for $242mm, valuing the Company at an implied 3.7x LTM revenue and 13.3x LTM EBITDA.

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FleetCor Technologies 9,780 10,883 12.2x 10.0x 22.1x 17.0x 27% 22% 55% 59%Western Union 8,716 10,866 2.0x 1.9x 7.5x 7.9x (2%) 2% 26% 24%Vantiv 6,118 8,198 7.0x 6.0x 14.1x 13.1x 15% 17% 50% 46%Total System Services 5,985 7,132 3.3x 2.9x 14.3x 9.8x 14% 14% 23% 30%Global Payments 4,841 5,477 2.2x 2.1x 10.6x 9.7x 7% 8% 21% 21%Wirecard 4,703 4,278 6.1x 5.1x 25.3x 18.5x 24% 20% 24% 28%WEX 3,757 4,103 5.7x 5.3x 13.7x 11.7x 15% 9% 42% 45%Euronet Worldw ide 2,427 2,378 1.7x 1.6x 13.3x 10.3x 11% 8% 13% 15%EVERTEC 1,929 2,632 7.4x 7.0x 18.9x 13.9x 5% 6% 39% 50%Heartland Payment Systems 1,545 1,653 2.8x 2.6x 11.3x 10.6x 13% 8% 24% 24%PayPoint 1,310 1,269 3.6x 3.4x 15.2x 14.2x 2% 6% 23% 24%Blackhaw k Netw ork Holdings 1,250 1,235 1.1x 0.9x 12.0x 9.1x 19% 25% 9% 10%Moneygram International 949 2,072 1.4x 1.4x 7.2x 7.1x 10% 1% 20% 20%Xoom 931 726 5.9x 4.6x 63.9x 51.4x 53% 30% 9% 9%Cass Information Systems 587 362 3.1x 3.1x 9.9x n/a 1% (2%) 31% n/a


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Public Market Data

Recent Activity


15


4/16/14 FRMO (Elmsford, NY) acquires a 37.6% stake in The Bermuda Stock Exchange for an undisclosed sum.

4/8/14

(Indices Business)

FTSE (London, United Kingdom) acquires the Indices Business of MTS for an undisclosed sum.

3/24/14 Ambit (Mumbai, India) agrees to acquire a 5% stake in the Indian Energy Exchange for $12mm.

3/24/14 MTS (Rome, Italy) agrees to acquire Bonds.com for $15mm for an undisclosed sum.

1/7/14 JPMorgan Chase (NYSE:JPM) acquires a minority stake in Chi-X Global Holdings for an undisclosed sum.

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Company Market EnterpriseUSD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2012A CY2013A CY2014E

CME Group 23,626 24,613 8.4x 7.9x 13.0x 12.4x 1% 6% 67% 65% 64%Hong Kong Exchange 20,943 20,557 18.3x 16.1x 27.7x 22.9x 21% 14% 73% 66% 70%IntercontinentalExchange (ICE) 19,422 23,622 14.1x 6.4x 21.9x 10.8x 23% 122% 69% 64% 59%Deutsche Börse Group 13,492 14,836 4.9x 4.7x 10.9x 9.4x (0%) 4% 48% 45% 50%BM&F Bovespa 9,738 8,123 8.5x 8.5x 13.0x 12.8x 3% 0% 68% 65% 66%London Stock Exchange (LSE) 8,338 9,564 5.3x 4.8x 10.9x 10.2x 26% 10% 51% 48% 47%The Nasdaq OMX Group 6,410 8,344 4.4x 3.9x 9.0x 8.4x 13% 12% 53% 49% 47%Australian Exchange (ASX) 6,349 5,609 10.3x 8.8x 13.6x 11.5x (7%) 17% 75% 76% 77%Singapore Exchange (SGX) 5,946 5,364 9.0x 9.1x 14.2x 15.4x 15% (1%) 62% 64% 59%CBOE 4,646 4,410 7.7x 7.0x 13.6x 12.0x 12% 10% 55% 57% 58%Bolsas y Mercados (BME) 3,643 3,205 7.6x 7.3x 11.2x 10.7x 4% 4% 66% 68% 68%TMX Group 2,853 3,831 5.4x 5.7x 10.4x 11.3x (6%) (4%) 49% 52% 50%

Trim Mean 9,893 10,426 8.1x 7.0x 13.3x 11.6x 9% 8% 61% 60% 59%Median 7,374 8,233 8.1x 7.2x 13.0x 11.4x 8% 8% 64% 64% 59%




Public Market Data

Recent Activity

Security Software

16


4/21/14 Cross Match Technologies (Palm Beach Gardens, FL) agrees to acquire DigitalPersona for an undisclosed sum.

3/24/14 Palo Alto Networks (NYSE:PANW) acquires Cyvera for an undisclosed sum.

3/18/14 TrustWave (Chicago, IL) acquires Cenzic for an undisclosed sum.

2/25/14 Cylance (Newport Beach, CA) raises $20mm in Series B funding from The Blackstone Group and other existing investors.

1/17/14 HID Global (Irvine, CA) acquires IdenTrust for an undisclosed sum.

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Symantec 14,237 12,441 1.8x 1.9x 6.6x 6.1x (1%) (3%) 28% 31%Check Point Softw are 12,540 11,333 8.1x 7.7x 14.7x 13.4x 4% 6% 55% 57%Qihoo 360 Technology 11,082 10,648 15.9x 9.1x 51.8x 26.1x 104% 74% 31% 35%F5 Netw orks 8,019 7,395 4.9x 4.2x 15.8x 10.9x 7% 16% 31% 38%Palo Alto Netw orks 4,632 4,194 8.7x 6.3x nm 50.3x 49% 37% na 13%Fortinet 3,695 3,134 5.1x 4.4x 36.2x 22.4x 15% 16% 14% 20%Rovi 2,105 2,831 5.3x 5.3x 15.6x 11.7x 2% (0%) 34% 45%Infoblox 1,045 794 3.2x 3.0x nm 29.7x 28% 8% 1% 10%AVG Technologies 1,014 1,001 2.5x 2.6x 7.0x 7.6x 14% (5%) 35% 34%Proofpoint 930 830 6.0x 4.6x nm n/a 30% 30% na n/aRadw are 775 608 3.2x 2.8x 20.5x 15.5x 2% 12% 15% 18%Axw ay Softw are 723 707 2.1x 2.0x 13.2x 11.3x 6% 7% 16% 18%Imperva 578 472 3.4x 3.1x nm n/a 32% 12% na n/aVASCO Data Security 449 340 2.2x 2.0x 20.7x 11.6x 1% 10% 11% 17%Absolute Softw are 277 221 2.6x 2.4x 12.6x 15.3x 10% 7% 20% 15%Zix 200 177 3.7x 3.3x 16.4x 12.2x 11% 11% 22% 27%

Trim Mean 3,419 3,179 4.3x 3.8x 17.3x 15.7x 15% 12% 23% 26%Median 1,030 916 3.6x 3.2x 15.7x 12.8x 11% 10% 22% 23%



Public Market Data

Recent Activity

Technology-Enabled Financial Institutions

17


4/2/14 The Shizuoka Bank (Shizuoka, Japan) agrees to acquire a minority stake in Monex Group for ¥24.4bn ($235mm).

4/3/14 Wealthfront (Palo Alto, CA) raises $35mm in Series C funding round from Index Ventures and Ribbit Capital.

3/13/14 GAIN Capital (NYSE:GCAP) agrees to acquire a majority stake in Global Asset Advisors and Top Third Ag Marketing for an undisclosed sum.

9/24/13 Oanda (New York, NY) acquires Currensee for an undisclosed sum.

9/23/13 FXCM (NYSE:FXCM) acquires Faros Trading for an undisclosed sum.

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Market Cap / LTM Revenue Market Cap / LTM EBITDA

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Market Cap / LTM Revenue Market Cap / LTM EBITDA

Company Market Market Cap / Revenue Market Cap / EBT Revenue Growth EBT MarginUSD millions Cap CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E

Charles Schw ab 35,179 6.5x 5.8x 20.6x 14.8x 2% 14% 28% 31%TD Ameritrade 17,736 6.2x 5.5x 16.1x 11.4x (4%) 9% 36% 39%E*TRADE 6,596 4.5x 3.7x 18.2x 9.4x (4%) 7% 16% 25%ICAP 4,563 1.9x 1.9x 7.7x 7.4x (12%) (3%) 14% 24%IG Group 3,919 5.6x 5.9x 11.3x 11.0x (4%) 11% 44% 50%MarketAxess 2,309 1.4x 1.3x nm 7.3x 16% 1% 0% naBGC Partners 2,051 8.6x 7.7x 18.8x 15.2x 11% 25% 47% 46%Interactive Brokers 1,339 1.2x 1.0x 2.6x 1.6x (17%) (5%) 48% 48%FXCM 1,304 2.7x 2.8x 26.9x 8.6x 2% 16% 12% 10%Tullett Prebon 1,170 0.9x 0.9x 6.9x 6.0x (7%) (6%) 13% 13%Monex Group 1,115 2.2x 2.6x 5.0x 6.0x 10% 72% na 45%Investment Technology Group 827 3.2x 3.7x 15.2x 10.1x (25%) 8% 20% 21%BinckBank 767 1.5x 1.4x 17.9x 6.7x (12%) 5% 3% 8%GFI Group 489 0.6x 0.6x nm 5.5x (9%) (2%) na naGAIN Capital 431 1.6x 1.3x 8.8x 5.8x (16%) 77% 1% 18%

Trim Mean 3,399 3.0x 2.9x 13.3x 8.5x (5%) 12% 21% 29%Median 1,339 2.2x 2.6x 15.2x 7.4x (4%) 8% 16% 25%



Public Market Data

Recent Activity


4/29/14 Doximity (San Mateo, CA) raises $54mm in series C round of funding from Draper Fisher Jurvetson and T. Rowe Price Associates.

4/28/14 Alignment Healthcare (Irvine, CA) raises $125mm in funding from General Atlantic.

4/24/14 Hearst Corporation (New York, NY) acquires CareInSync for an undisclosed sum.

4/3/14 ZirMed (Louisville, KY) acquires certain assets of TransEngen for an undisclosed sum.

4/1/14 Rite Aid (NYSE:RAD) acquires Health Dialog Services for an undisclosed sum.

Technology-Enabled Healthcare Services

18

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McKesson 39,590 42,033 0.3x 0.3x 12.6x 9.5x 6% 22% 3% 3%WebMD 1,845 2,019 3.9x 3.5x 27.4x 13.0x 10% 12% 14% 27%HMS Holdings 1,429 1,568 3.2x 3.4x 12.3x 12.5x 4% (5%) 26% 27%MedAssets 1,408 2,184 3.2x 3.1x 10.5x 9.3x 6% 4% 31% 33%Accretive Health 812 615 0.6x 0.7x 8.7x 8.8x 6% (13%) 7% 8%Emis 648 673 3.8x 3.0x 11.6x 9.0x 22% 27% 33% 33%Healthw ays 633 893 1.3x 1.2x 31.7x 10.9x (2%) 12% 4% 11%HealthStream 632 530 4.0x 3.2x 23.1x 20.9x 28% 27% 17% 15%Vocera Communication 382 260 2.5x 2.4x nm n/a 2% 7% na n/aCranew are 247 217 5.1x 4.7x 18.3x 15.8x 0% 9% 28% 30%

Trim Mean 974 1,093 2.8x 2.5x 16.6x 11.4x 7% 11% 18% 22%Median 730 783 3.2x 3.0x 12.6x 10.9x 6% 10% 17% 27%




Public Market Data

Recent Activity

Asia-Pacific Financial Technology

19


4/24/14 N2N Connect (KLSE:N2N) raises MYR108mm ($33mm) from Quick and Nikkei.

4/17/14 Four Private Investors Shenzhen Kingdom Technology (SHSE:600446) raises CNY260mm ($42mm) from four private investors.

4/7/14 Jack Ma Jack Ma (Chairman of Alibaba) agrees to acquire 20.6% Stake in Hundsun Technologies for $531mm, implying an enterprise value of $2.5bn, valuing the Company at an implied 14.3x LTM revenue and 73.9x LTM EBITDA.

3/25/14 Vend Limited (Auckland, New Zealand) raises $20mm in a Series B funding round from Valar Ventures Fund, Square Peg Capital and an existing investor.

3/25/14 Fujian Newland Computer (SZSE:000997) agrees to acquire 75% stake in Beijing Yada Communication Network for CNY170mm ($27mm).

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Nomura Research Institute 6,101 5,609 1.6x 1.5x 7.0x 6.8x 8% 3% 22% 22%Hundsun Technologies 2,107 1,996 9.9x 8.1x 64.1x 40.7x 21% 23% 16% 20%Silverlake Axis 1,541 1,423 10.3x 8.6x 19.1x 16.1x 20% 20% 54% 54%Shenzhen Kingdom Technology 1,179 1,213 3.6x 3.3x 78.1x 54.8x 8% 11% 5% 6%Systex Corporation 475 228 0.4x 0.4x na na 7% 17% na naReckon 233 247 2.8x 2.7x 7.9x 6.6x 3% 5% 35% 40%Censof Holdings Berhad 61 103 5.1x 5.5x na na 47% (7%) na na


Merger and Acquisition Transactions

Source: Marlin & Associates, Capital IQ and Public sources. All transaction data as of 3/31/14. Transactions are meant to reflect overall industry rather than be a comprehensive list of all transactions. Transactions with implied multiples above 30x LTM Revenue and above 70x LTM EBITDA have been excluded from the Quarterly transaction multiples analysis. Transaction values and volumes include only publicly disclosed data. 20

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Software and Services Transaction Activity

Volume Aggregate Value

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Software and Services Transaction Multiples

EV / Revenue EV / EBITDA

Clients Choose M&A to Advise Them on Their Important Strategic Moves

Select deals completed 2008 – 2014

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was acquired by

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Vhayu Technologies Corp.

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NYSE Euronext, Inc.

Oslo, Norway

to

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has agreed to sell

was acquired by

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Strategic Analytics Inc.

Jersey City, New Jersey

to


Deutsche Börse.

has sold its majority interest in

Wrexham, UK has acquired


SWIFT.

Brussels, Belgium

Ambit Messaging Hub

from

Wayne, PA

was acquired by


iSuppli Corporation.

El Segundo, California

Englewood, Colorado

has acquired

Marlin & Associates acted as financial advisor to NaviNet, Inc.

Cambridge, MA

McLean, VA

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Subserveo, Inc.

Vancouver, Canada

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was acquired by


The Photolibrary Group.

Sydney, Australia

Seattle, Washington

was acquired by


SMARTS Group.

Sydney, Australia

New York, New York



Atrium Network.

London, United Kingdom

Toronto, Canada

has acquired


NYSE Euronext, Inc.

New York, New York

Tokyo, Japan

have acquired a majority interest in

Marlin & Associates acted as exclusive financial advisor to

Welsh, Carson, Anderson & Stowe.

from



IMS Research.

Englewood, Colorado

Wellingborough, United Kingdom


NYSE Euronext.

New York, New York


has acquired a minority interest in has been acquired by

Marlin & Associates acted as financial advisor to

NaviNet, Inc.

Boston, Massachusetts



Coalition.

Mumbai, India



Marlin & Associates acted as strategic and financial advisor to

Ideas International Ltd.

Stamford, Connecticut

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Correlix.

Hamilton, Bermuda

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Marlin & Associates acted as exclusive strategic and financial advisor to DMLT LLC (dba Investment Cafe).

Paris, France

Tampa, Florida



Knovel Corporation.


New York, New York



XcitekSolutionsPlus, LLC.

Wayne, Pennsylvania

Birmingham, Alabama secured a $53 million investment from


SR Labs, LLC.

New York, New York

New York, New York

a portfolio company of Bain Capital Ventures and

Lemhi Ventures

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Bain Capital Ventures.


MarketAxess.

Chicago, Illinois to

Stockholm, Sweden

has agreed to sell



SpryWare LLC.

New York, New York

Chicago, Illino is

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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, recently 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

In March 2011, two transactions on which Marlin & Associates advised were named as part of The M&A Advisor’s “Deals of the Decade” Celebration

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Marlin & Associates Senior Team

Founder of Marlin & Associates SVP at Dun & Bradstreet International CEO of Telekurs (NA) CEO of Telesphere Corporation Head of Business Information and Internet practice

at Veronis Suhler Stevenson BA from the University of California (Irvine) MBA from UCLA, post-MBA New York University

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 Northwestern University

15+ years of investment banking and private equity experience

Founded Marlin & Associates with Ken Marlin

Led Veronis Suhler Stevenson’s research on companies, industries, transactions, and valuations

Formerly at Morgan Stanley and American International Group

BS from Binghamton University

17+ years of investment banking experience

Focused on entrepreneurial technology-based companies

Formerly at Robertson Stephens Formerly at PaineWebber (UBS) BS from The Pennsylvania State

University

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 Financials’ legal research business

National Defense Education Fellow at New York University’s Graduate School of Public Administration

15+ years of M&A experience M&A group of Skadden, Arps, Slate,

Meagher and Flom CFO of JCF Group VP for Bus. Development, FactSet Law Degree from Fordham Law School MBA from Columbia Business School CFA Charterholder

12+ years of M&A experience as seller, buyer and advisor

VP of Business Development for SunGard

Founder of software company sold to SunGard

Started career designing trading software for TD Bank

BaSC, Engineering University of Toronto

Afsaneh Naimollah

Michael Maxworthy

Paul Friday

George Beckerman

Jason Panzer

Tom Selby

Ken Marlin

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15+ years advising firms in Asia Founder of Matrix Services Focused on strategic advisory for

clients doing business in Asia Formerly at Reuters Group MBA from Edinburgh Business School

Robert Agnew

Jonathan Kaufman

10+ years advising technology and financial services firms

8+ years in investment banking at UBS and Deutsche Bank

BS from Union College MBA from University of Virginia’s Darden

School of Business

Marlin & Associates

Recapitalization & Management

Buyouts

Sell-side M&A

Strategic & Board Advisory

Equity Capital Raising

Fairness Opinions & Valuations

Buy-side M&A

Divestitures & Restructuring

IPO Advisory

New York, NY San Francisco, CA Washington, DC

Hong Kong, China Toronto, Canada

www.MarlinLLC.com

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http://www.marlinllc.com/

bank of the year”, middle...according to bloomberg. and the big keep getting bigger: facebook is...

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