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Market Update M&Amarlin & Associates Investment Banking and Strategic Advisory to the Technology and Information Industries September 2018 MARKET UPDATE M&AMARLIN & ASSOCIATES INVESTMENT BANKING AND STRATEGIC ADVISORY TO THE TECHNOLOGY AND INFORMATION INDUSTRIES New York Washington, D.C. Toronto www.MarlinLLC.com © Marlin & Associates Holdings LLC, All Right Reserved DEAR CLIENTS AND FRIENDS, Blockchain: A Capitalist Tool: Our September Infotech M&A Update Dear Clients and Friends, Summer is over! (Not that we slowed much.) As you will see from our report below, last month was busy in the dozen+ segments of the information technology industry that we follow and sometimes lead. Interest in Blockchain-related applications was a continuing theme over the summer. A recent article in Barron’s noted that something like $1.5 billion was invested in Blockchain initiatives in 2018. For some tech writers, Blockchain is all about shifting power to the masses, whether it’s the power of central monetary authorities or the power of Uber or Facebook. For them Blockchain is “… a technological solution to a political problem.” (As Brian Behlendorf, the executive director of the Hyperledger project, is quoted in the article.) The socialist twist on Blockchain is reminiscent of the early days of the Internet, when some pundits asserted that it would make all the world’s information available to everyone - for free (again: “Power to the People”). We saw similar hype with self- publishing (no more being beholden to big publishers); and with websites and blogs that would surely bring down the big media players. (Never mind fake news!) We are aware of dozens of firms working on a wide range of Blockchain applications - including Barclays, Broadridge, DTCC, Goldman Sachs, Microsoft, IBM and several securities exchanges, banks and tech companies. We think they all have capitalist motives. They believe that Blockchain can change the way people and firms interact in a myriad of industries from healthcare, to aerospace, to insurance, food services and more. We know one using Blockchain to make trade finance more efficient and another that is using it to reduce fraud in the billing process. Others are looking at changing the way banks interact with customers; manufacturers with wholesalers and retailers; institutional lenders with borrowers; and insurance companies with doctors, patients and hospitals. It’s a fascinating time. Stay tuned, and hold tight. (Power to the People?) Values and trends in our industry are strong - and using the latest tech often helps. Some of the more interesting recent transactions over the past month include our client RapidRatings which we advised on a Growth Equity Investment from FTV Capital. Please find the press release here. Some others include: • Moody’s Corporation (NYSE:MCO) agreed to acquire Reis in • Oscar Insurance (New York, NY) raised $375mm in a growth an all-cash transaction for approximately $278mm at an funding round from Alphabet, implied 5.5x LTM revenue and 37.8x LTM EBITDA, • FiscalNote (Washington, DC) acquired CQ Roll Call from The • CC Capital, Cannea Holdings and Thomas H. Lee Partners Economist Group Limited for $180mm in cash and stock. agreed to acquire Dun & Bradstreet (NYSE:DNB) for $6.9bn at an implied 3.6x LTM revenue and 12.4x LTM EBITDA, Please feel free to call us if you have any questions on any of the sectors that we follow. Sincerely, P.S. ACQ Magazine announced its ACQ5 awards in August. We are pleased that they named Marlin & Associates as the Boutique Investment Banking firm of the Year. We always like when our hard work is recognized. Details on the ACQ5 awards can be found here. P.P.S. We'll be attending The Futures and Options Expo in Chicago, October 16th-18th, and Money2020 in Las Vegas, October 21- 24th. If you'd like to arrange a meeting at either of these events, please contact Scott Friedman at [email protected]. Kenneth B. Marlin | Managing Partner Marlin & Associates | www.marlinllc.com 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 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. SEPTEMBER 2018 MARLIN & ASSOCIATES MARKET UPDATE 03 Sector Comparison Snapshot 04 Sector Analyses 04 Application Software 05 B2B E-commerce & Marketing Technologies 06 Banking Software & Processors 07 Business Intelligence Software 08 Capital Markets Software & Services 09 Data & Analytics – Financial Services 10 Information & Market Research 11 Insurance Technology 12 Payment Technology 13 Securities Exchanges 14 Security Software 15 Technology-Enabled Financial Institutions 16 Merger-and-Acquisition Activity Trends Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 8/31/18. 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 02 above. SEPTEMBER 2018 SECTOR COMPARISON SNAPSHOT: CURRENT REVENUE & EBITDA MULTIPLES Enterprise Value / 2018 Revenue Securities Exchanges Application Software Data & Analytics - Financial Services Insurance Technology B2B E-commerce & Marketing Technologies Security Software Business Intelligence Software Banking Software & Processors Payment Technology Capital Markets Software & Services Tech-enabled Financial Institutions * Information & Market Research 0x 2x 4x 6x 8x 10x Enterprise Value / 2018 EBITDA B2B E-commerce & Marketing Technologies Security Software Business Intelligence Software Application Software Data & Analytics - Financial Services Capital Markets Software & Services Banking Software & Processors Insurance Technology Payment Technology Information & Market Research Securities Exchanges Tech-enabled Financial Institutions * 0x 6x 12x 18x 24x 30x *Tech-enabled Financial Institutions multiples calculated using Market Cap / Revenue and Market Cap / EBT Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 8/31/18. 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 03 above. SEPTEMBER 2018 Application Software Public Market Data 5 Year LTM Revenue & EBITDA Multiples 5 Year M&A Application Software Index[1] vs. S&P 500, base = 100 8. 0x 40x 300 7. 0x 35x 250 6. 0x 30x 200 5. 0x 25x EV / EBITDA EV / Revenue EV 150 4. 0x 20x 3. 0x 15x 100 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 EV / LTM Revenue EV / LTM EBITDA M&A Appli cation Softwar e Index S&P 500 Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin (USD millions) Cap Value CY2017A CY2018E CY2017A CY2018E CY2017A CY2018E CY2017A CY2018E Oracle 201,558 195,572 5.0x 4.9x 12.9x 10.4x 4% 3% 39% 47% SAP 142,826 146,080 5.4x 5.1x 21.0x 15.5x 6% 5% 26% 33% salesforce 118,174 119,145 11.4x 9.0x nm 38.0x 25% 26% 9% 24% Intuit 57,721 56,443 10.4x 8.9x 34.5x 24.1x 12% 17% 30% 37% Workday 33,370 31,562 14.7x 11.4x na nm 36% 29% na 16% CA 18,177 17,768 4.3x 4.2x 14.6x 11.0x 3% 2% 29% 38% Constellation 16,051 15,994 6.5x 5.2x 33.7x 21.2x 17% 23% 19% 25% Amdocs 9,348 8,830 2.3x 2.2x 12.2x 10.6x 4% 3% 19% 21% Paycom Softw are 9,109 9,089 21.0x 16.3x nm 39.0x 32% 28% 21% 42% Zendesk 7,233 6,995 16.2x 12.0x na nm 38% 36% na 7% NICE 6,519 6,460 4.8x 4.5x 21.0x 14.8x 31% 9% 23% 30% Xero 4,879 4,827 19.6x 14.4x na nm 38% 36% na 12% Paylocity 4,186 4,049 12.1x 9.8x nm 41.5x 26% 23% 7% 24% Manhattan Associates 3,858 3,775 6.3x 6.8x 19.1x 25.7x (2%) (7%) 33% 27% Softw are AG 3,644 3,553 3.5x 3.5x 11.8x 11.5x 1% (1%) 30% 31% Trim Mean 33,189 33,155 9.2x 7.7x 19.2x 21.1x 18% 16% 24% 28% Median 9,348 9,089 6.5x 6.8x 19.1x 18.4x 17% 17% 24% 27% [1] Cloudera (NYSE:CLDR) added to the index as of IPO 4/27/17 Recent Activity Date Acquirer(s) / Investor(s) Target / Issuer Description Announced Slack Technologies (San Francisco, CA) raised $427mm in a Series H funding round at an implied valuation of more than $7.1bn from new investors Dragoneer Investment 8/21/18 Group General Atlantic, T. Rowe Price Associates, Sands Capital and Baillie Gifford. Slack is a workplace communications platform with more than 8 million daily active users. SugarCRM (Cupertino, CA) raised an undisclosed amount of funding from Accel-KKR. The company plans to use the funds for product innovation, customer support, 8/16/18 expanded product capabilities, and acquisitions. SugarCRM is a leading provider of customer relationship management solutions.
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