What's Next for M&A in the Fintech, Data and Analytics Industry?

Our May Report on M&A in the FinTech, Data and Analytics Industry

What’s next for M&A in the FinTech, Data and Analytics Industry?

01 © Copyright Marlin & Associates Holding LLC 2020 Our May Report on M&A in the FinTech, Data and Analytics Industry

What’s next for M&A in the FinTech, Data and Analytics Industry?

Dear Clients and Friends, We hope that you and your families are safe and healthy. As you will see from our REPORT, the impact of COVID-19 on firms (and people) in the eleven segments of the FinTech, Data and Analytics world has not been even. Some have had to furlough employees as sales cycles lengthen, offices close and customers defer purchases. Others – particularly those that provide digital or mobile channels, or facilitate eCommerce or remote working strategies – are seeing significant gains. At times like this it’s easy to engage in extremist (or wishful) thinking: Some say we will return to “normal” in 3-4 months. Others assert this “new normal” will continue. And then there are the politicians who want a “temporary moratorium” on all m&a. (We thought central economic control went out with the fall of the Soviet Union.) We take the long view, which not so coincidentally, is the opening chapter in my book. While aspects of the current crisis are unique, so were aspects of the Black Monday crash of 1987, the tech-led crash of 2000/2001, and the housing-led crash of 2007/2008. As with the others, it will take a lot longer than 3-4 months to recover. But this too will pass. And when it does, we will be ready. We are privileged to work with a wide range of smart, motivated company founders, boards, managers, financial sponsors, and corporations, who also take the long view. They may be fighting short term headwinds but they see this crisis as spurring the continuing digital transformation of the FinTech, Data & Analytics ecosystem over the long term. They see firms accelerating efforts to modernize products, pricing, customer service, fraud prevention, client on- boarding and more. Many have significant motivation to buy, sell or raise capital. That’s where we can help. As noted in this REPORT, several m&a transactions that were in progress before the COVID-19 shutdown have proceeded including our recently announced transaction. Meanwhile, others are “on hold” until we can again have face to face meetings. The impact on values has been in line with the expected impact on future revenue and profit. A few of the more interesting recent transactions include: ▪ SoFi agreed to acquire Galileo for $1.2 billion (Bank Tech) ▪ Accellion raised $120.0 million in a Private Equity funding round led by Bregal Sagemount (Regulatory Tech) ▪ Binance Holdings agreed to acquire CoinMarketCap OpCo for ▪ JTC PLC agreed to acquire NES Financial for $116.1 million $400.0 million (Securities Exchanges) (Wealth Tech) ▪ Airwallex raised $160.0 million in a Series D funding round led by ▪ Collibra raised $112.5 million in a Series F funding round co-led Salesforce Ventures (Payments Tech) by ICONIQ Capital, Index Ventures, and Durable Capital Partners (Digital Tech) Few of us have been immune from the impact of COVID-19 on the health of friends and family. Please stay safe.

Ken Marlin | Founder & Managing Member | Marlin & Associates 570 Lexington Ave | 48th Floor | New York, NY 10022 | 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.

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 a FINRA/SIPC member firm (www.finra.org.) 02 © Copyright Marlin & Associates Holding LLC 2020 Our May Report on M&A in the FinTech, Data and Analytics Industry

Contents

▪ M&A Transaction Activity Has Compressed Y-o-Y 4 ▪ YTD Stock Performance Reflects A Wide Divergence Across FinTech, Data & Analytics Sectors 5 ▪ Revenue Multiples Have Compressed, With Some Sectors Showing More Resiliency Than Others 6 ▪ EBITDA Multiples Have Compressed, With Some Sectors Showing More Resiliency Than Others 7 ▪ We Have Been Here Before 9 ▪ Bank Tech 13 ▪ Capital Markets 14 ▪ Data & Analytics – Financial Services 15 ▪ Digital Tech 16 ▪ Information Services 17 ▪ Insur Tech 18 ▪ Mortgage Tech 19 ▪ Payments Tech 20 ▪ Regulatory Tech 21 ▪ Securities Exchanges 22 ▪ Wealth Tech 23 ▪ Clients Choose Us To Advise Them On Their Most Important Strategic Decisions 24 03 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry

M&A Transaction Activity Has Compressed Y-o-Y

Software and Services Transaction Activity (1) Software and Services Transaction Multiples (1)

$35 800 60.0x 55.6x $30.3 700 $30 $28.6 50.0x

$25.7 600 $25 40.8x $22.0 40.0x 36.7x 500 35.5x $19.2 $20 $18.5 30.0x $16.8 400 30.0x 27.0x $15 24.4x 300 $10.9 20.0x $10 15.0x 200

10.0x $5 100 5.4x 6.0x 3.4x 3.9x 3.7x 4.6x 2.6x 2.3x

$0 0 0.0x Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20

Total Transaction Value No. Transactions EV/EBITDA EV/Revenue

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30/20. Note: Mid-market M&A defined as transactions with enterprise values below $1 billion. 04 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry YTD Stock Performance Reflects A Wide Divergence Across FinTech, Data & Analytics Sectors

20.00%

Bank Tech Cap. Markets 7.52% 5.63% Data & Analytics 4.20% Digital Tech 0.00% (0.28%) Info.Services InsurTech (5.13%) (7.34%) Mortgage (9.85%) Payments (10.59%) (11.00%) RegTech (12.09%) Securities Ex. (16.70%) (20.00%) (18.35%) Wealth Tech S&P 500

(40.00%) Jan-20 Feb-20 Mar-20 Apr-20

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30/20. Note: Mid-market M&A defined as transactions with enterprise values below $1 billion. 05 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry Revenue Multiples Have Compressed, With Some Sectors Showing More Resiliency Than Others

EV / 2020E Revenue as of Apr 30, 2020 vs Jan 1, 2020

10.8x 6.8% 10.5x 10.1x 0.7% 10.4x 10.0x

8.9x 0.4% 8.8x 8.0x 7.4x 7.3x 4.7% (5.3%) 7.0x 6.9x 6.0x 5.6x (7.2%) 4.8x 4.7x 4.7x 5.2x 4.6x (9.8%) (11.1%) (16.0%) (6.0%) 4.0x 3.8x 4.3x 4.1x 4.3x 4.0x (22.1%)

3.0x 2.0x

0.0x Payments Securities Data Digital Regulatory Bank InsurTech Capital Wealth Mortgage Information Tech Exchanges & Analytics Tech Tech Tech Markets Tech Tech Tech Services Jan 1, 2020 Apr 30, 2020

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30/20. These companies are only a sample of firms in the sector as M&A defines it. Sector Averages represent the Trim Mean, which excludes the highest and lowest multiple of the data set. 06 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry EBITDA Multiples Have Compressed, With Some Sectors Showing More Resiliency Than Others

EV / 2020E EBITDA as of Apr 30, 2020 vs Jan 1, 2020

80.0x 77.9x (2.3%) 76.1x 70.0x

60.0x

50.0x

40.0x

29.6x 30.0x 1.3% 27.9x 29.2x 2.7% 27.2x 22.2x 20.7x 1.5% 19.2x 20.0x 21.9x (3.6%) 17.6x 17.2x 17.2x 16.7x (14.5%) 16.2x 20.0x (1.7%) (21.5%) (10.9%) (12.1%) (9.7%) 16.4x 16.4x 15.3x 15.1x 14.6x 10.0x 13.8x

0.0x Digital Payments InsurTech Data Regulatory Bank Information Capital Wealth Securities Mortgage Tech Tech & Analytics Tech Tech Services Markets Tech Tech Exchanges Tech Jan 1, 2020 Apr 30, 2020

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30/20. These companies are only a sample of firms in the sector as M&A defines it. Sector Averages represent the Trim Mean, which excludes the highest and lowest multiple of the data set. 07 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry Within A Year After The 1987 “Black Monday” Crash, Markets And M&A Had Begun To Recover

400 1,600

1,400 350

1,200 300

1,000

250

800

200 1987 Crisis 600

150 400

100 200 Mar-1985 Mar-1986 Mar-1987 Mar-1988 Mar-1989 S&P 500 U.S. M&A Deal Volume

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30/20. Note: Mid-market M&A defined as transactions with enterprise values below $1 billion. 08 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry The Dot-Com Bubble Burst In 2000, Followed By A Tech Crash And Terrorist Attacks In September 2001. By Mid-2002, The Markets Had Begun to Recover

1800 5,000

Dot-Com Burst 4,500 1600

4,000 1400

3,500

1200

3,000

1000

2,500

800 2,000

600 1,500

400 1,000 Mar-1999 Mar-2000 Mar-2001 Mar-2002 Mar-2003

S&P 500 U.S. M&A Deal Volume

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30/20. Note: Mid-market M&A defined as transactions with enterprise values below $1 billion. 09 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry Within A Year After The 1987 “Black Monday” Crash, Markets And M&A Had Begun To Recover

2000 5,000

1800 4,500

1600 4,000

1400 3,500

1200 3,000

1000 2,500 Financial Crisis 800 2,000

600 1,500

400 1,000 Mar-2007 Mar-2008 Mar-2009 Mar-2010

S&P 500 U.S. M&A Deal Volume

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30/20. Note: Mid-market M&A defined as transactions with enterprise values below $1 billion. 10 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry The COVID-19 Crisis Is Already Starting To Show Some Early Signs Of Stabilizing. Once Employment Rises, We Expect M&A Deal Volume To Follow

3700 1500

1400 3500

1300

3300

1200

3100 1100

2900 1000

900 2700

800

2500

700

2300 600

2100 500 Nov-2019 Dec-2019 Jan-2020 Feb-2020 Mar-2020 Apr-2020 S&P 500 U.S. M&A Deal Volume

Bank Tech

Acquirer(s) / ▪ Some banks have shuttered their branches during the pandemic and are relying on Target / Issuer Description digital or mobile channels to fulfill customer needs, making this crisis a much needed Investor(s) shot-in-the-arm for digital transformation across the banking landscape. As 4/7/20: SoFi (San Francisco, CA) agreed to acquire Galileo (Salt consumers demand a broad swath of tech-enabled solutions that allows frictionless Lake City, UT) for $1.2 billion. Galileo Processing offers a continuity of their experience, banks are becoming more open to partnering with platform that supports a spectrum of prepaid products, and debit FinTech platforms to transform their cost bases and to uncover new revenue sources and credit solutions. – be it with remote delivery of complex financial services, live video for customer service, online on-boarding/KYC, among others 4/8/20: Railsbank (London, UK) raised an undisclosed sum in a Series A funding round led by Visa (San Francisco, CA). Railsbank develops an API banking and compliance technology ▪ Legacy bank’s regulatory advantage is no longer a barrier with the crisis enabling platform that connects together a global network of partner many challenger banks and other FinTechs to become front and center due to their banks with companies. simpler to use solutions 4/8/20: Sila (Portland, OR) raised $7.7 million in a Seed funding round led by Madrona Venture Group (Seattle, WA) and Oregon ▪ Some interesting transactions within this space are SoFi’s $1.2bn acquisition of Venture Fund (Portland, OR) is a payments and banking API Galileo, Visa’s investment in Railsbank, and Sila’s $7.7mn raise infrastructure company designed to eventually supplant ACH as the payments choice for companies who need to move money.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E

FIS $ 81,287 $ 100,938 9.8 x 8.1 x 29.7 x 18.4 x 23% 21% 33% 44% Fiserv 69,703 93,330 9.2 x 6.0 x 26.4 x 17.2 x 75% 52% 35% 35% Jack Henry & Associates 12,547 12,546 8.1 x 7.2 x 29.5 x 23.1 x 6% 12% 27% 31% Temenos 9,335 10,337 10.6 x 11.1 x 38.3 x 24.5 x 16% (4%) 28% 45% Q2 Holdings 3,860 4,197 13.3 x 10.3 x n.a. 242.2 x 31% 29% (10%) 4% ACI Worldwide 3,175 4,506 3.6 x 3.0 x 22.3 x 10.5 x 25% 19% 16% 29% Oracle Financial Services 2,673 2,121 3.0 x 3.2 x 6.9 x 6.4 x 3% (7%) 43% 50% NCR Corporation 2,651 6,594 1.0 x 1.0 x 8.5 x 7.1 x 8% (9%) 11% 15% Bottomline Technologies 1,832 1,870 4.4 x 4.0 x 49.4 x 18.1 x 7% 10% 9% 22% Virtusa 985 1,306 1.0 x 1.0 x 13.4 x 9.5 x 22% 5% 8% 10% Aptitude Software Group 313 274 3.5 x 3.8 x 17.8 x 19.1 x 19% (8%) 19% 20% Trim Mean $ 11,862 $ 15,201 5.9 x 5.2 x 23.2 x 16.4 x 17.2% 8.5% 20.7% 27.9% Median $ 3,175 $ 4,506 4.4 x 4.0 x 24.4 x 18.1 x 18.6% 10.1% 19.4% 28.9%

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30//2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of com panies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 12 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry

Capital Markets Tech

Acquirer(s) / ▪ While we do believe that the Corona Virus is a challenge for all fintech entities there Target / Issuer Description will also be some sub-verticals (KYC/AML, Regulatory, Governance & Compliance) Investor(s) that benefit from the increased shift to the digital economy. But will experience a 4/21/20: tZERO Group (Midvale, UT) raised $5.0 million in a slowdown due to volumes. Companies that can demonstrate how their product and Growth funding round led by GoldenSand Capital (Beijing, services enable that digital shift, coupled with a high level of recurring revenue, will China). tZERO Group develops a distributed ledger software benefit from the tailwinds created by the pandemic. platform for capital markets. 4/17/20: KRM22 (London, UK) agreed to acquire a minority ▪ To quote Alan Greenspan, we may be seeing “green shoots” in certain capital stake of Irisium (London, UK) for $0.7 million. Irisium provides markets M&A area. Do we dare say that a mini-M&A wave in this sector is happening insightful analytics and contextual surveillance tools that help as traditional market participants look to enhance their capabilities in account capital markets firms identify and manage potential risks of aggregation, PFM and faster payments. market abuse, fraud, and operations issues. 4/9/20: B2C2 OTC (London, UK) agrees to acquire LGO Europe ▪ The entire sector may benefit from M&A through consolidation as many players drive (Bordeaux, France) for an undisclosed sum. LGO Europe is a for scale, combine infrastructure with best-in-class use cases (moving upstream) and digital capital markets platform, allows its clients to buy, sell, investors look to supercharge growth and/or improve profitability. lend, and borrow tokenized assets.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E

IHS Markit $ 26,847 $ 32,325 7.3 x 7.5 x 20.9 x 17.4 x 10% (2%) 35% 43% SS&C Technologies 14,103 21,512 4.6 x 4.5 x 12.8 x 11.2 x 35% 3% 36% 40% Broadridge 13,317 15,184 3.5 x 3.3 x 16.6 x 14.8 x 1% 6% 21% 22% Computershare 4,308 5,929 2.5 x 2.6 x 9.6 x 9.7 x 2% (3%) 26% 27% SimCorp 3,668 3,711 7.3 x 7.4 x 25.0 x 26.9 x 16% (1%) 29% 27% Envestnet 3,326 3,909 4.3 x 4.0 x 45.5 x 18.6 x 11% 8% 10% 22% IRESS 1,288 1,452 4.1 x 4.0 x 18.0 x 16.0 x 9% 1% 23% 25% First Derivatives 892 997 3.4 x 3.2 x 28.0 x 19.6 x 13% 9% 12% 16% Linedata Services 167 265 1.4 x 1.5 x 6.3 x 5.5 x (4%) (6%) 22% 27% Trim Mean $ 5,843 $ 7,528 4.3 x 4.1 x 18.7 x 15.3 x 8.9% 1.5% 24.0% 27.2% Median $ 3,668 $ 3,909 4.1 x 4.0 x 18.0 x 16.0 x 10.1% 1.2% 22.6% 26.9%

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30//2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of com panies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 13 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry

Data & Analytics – Financial Services

Acquirer(s) / ▪ The first wave of terror, especially for companies that faced multiple project Target / Issuer Description postponements and cancellations, is over. Investor(s) 4/21/20: Morningstar (Chicago, IL) agrees to acquire ▪ Data and Analytics continues to represent a key focus area in 2Q 2020 for strategic Sustainalytics (Amsterdam, Netherlands) for $61.0 million and acquirers and financial buyers, as strategic decision-making continues to be driven additional cash payment in 2021 and 2022. Sustainalytics by complex and real-time data. Once Q2 / Q3 sales pipelines get stable - we expect provides investment research services regarding ESG and robust deal flow. An acceleration of the low deal flow Q1 and notable 4Q 2019 Data corporate governance rating, research, and analysis. and Analytics transactions that included Vista Equity Partners’ acquisition of Accelya 4/15/20: Beeks Trading (Paisley, UK) agreed to acquire Solutions, Veeva’s acquisition of Crossix, and Thomson Reuters’ acquisition of FC Velocimetrics (Woking, UK) for $5.7 million. Velocimetrics Business Intelligence. develops real time network monitoring and trade analytics software. 4/2/20: Obviously AI (Berkeley, CA) raised an undisclosed amount in a Venture funding round led by Arka Venture Labs (Palo Alto, CA). Obviously AI develops data science solutions that enable users to run complex predictions and analytics on their data by asking natural language questions without a code.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E

S&P Global Inc. $ 70,555 $ 75,603 11.3 x 10.9 x 22.5 x 21.5 x 7% 3% 50% 51% Moody's Corporation 45,660 50,110 10.4 x 10.1 x 22.1 x 20.7 x 9% 3% 47% 49% MSCI Inc. 27,800 30,086 19.3 x 17.9 x 36.7 x 32.3 x 9% 8% 53% 55% Experian plc 26,951 31,272 6.4 x 6.0 x 20.7 x 17.4 x 6% 7% 31% 35% IHS Markit Ltd. 26,847 32,325 7.3 x 7.5 x 20.9 x 17.4 x 10% (2%) 35% 43% Verisk Analytics, Inc. 24,828 28,039 10.8 x 10.2 x 26.6 x 21.8 x 9% 6% 40% 47% CoStar Group, Inc. 23,824 22,800 16.3 x 14.2 x 51.3 x 44.3 x 17% 15% 32% 32% Equifax Inc. 16,860 20,042 5.7 x 5.9 x 24.9 x 19.0 x 3% (3%) 23% 31% TransUnion 14,953 18,548 7.0 x 7.5 x 19.1 x 21.9 x 15% (7%) 37% 34% FactSet Research Systems Inc. 10,415 10,907 7.6 x 7.2 x 21.9 x 21.0 x 6% 6% 35% 34% Fair Isaac Corporation 10,288 11,200 9.7 x 9.3 x 39.5 x 28.8 x 16% 4% 24% 32% Morningstar, Inc. 6,699 7,053 6.0 x n.a. 28.6 x n.a. 16% (100%) 21% n.a. CoreLogic, Inc. 3,036 4,747 2.7 x 2.8 x 12.8 x 9.2 x (1%) (2%) 21% 30% Trim Mean $ 21,375 $ 23,853 8.9 x 8.9 x 25.8 x 22.2 x 9.5% 1.9% 34.1% 38.8% Median $ 23,824 $ 22,800 7.6 x 8.4 x 22.5 x 21.3 x 8.7% 3.3% 34.7% 34.5%

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30//2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of com panies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 14 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry

Digital Tech

Acquirer(s) / ▪ We continue to see many enterprise software companies see stronger tailwind Target / Issuer Description coming out of this crisis – companies automating processes and/or enabling remote Investor(s) working are the biggest beneficiaries. 4/16/20: Yellow Messenger (Bangalore, India) raised $20.0 million in a Series B funding round led by Lightspeed Venture ▪ Recent transactions included capital raise by ASAPP (customer service agents), Partners (Menlo Park, CA). Yellow Messenger is a smartphone Yellow Messenger (marketing and customer service automation), Frame.ai app that enables users to discover local businesses for various (messaging platform) and Collibra (data intelligence). categories. 4/15/20: Frame AI (New York, NY) raised $6.3 million in a Series ▪ M&A is in the market to raise growth equity for Kore.ai (www.kore.ai) – conversational A funding round co-led by G20 Ventures (Boston, MA) and AI platform offering virtual assistants to automate and optimize enterprise digital Greycroft (New York, NY). Frame AI is an intelligent interactions across customer, employee and agent experiences. collaborative (Human+AI) platform for messaging. 4/2/20: Collibra (Brussels, Belgium) raised $112.5 million in a Series F funding round co-led by ICONIQ Capital (San Francisco), Index Ventures (San Francisco), and Durable Capital Partners (San Francisco). Collibra provides tools to manage, warehouse, store and analyze data troves.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E

ServiceNow $ 67,040 $ 66,384 19.2 x 14.5 x 225.6 x 47.4 x 33% 32% 9% 31% Slack 14,861 14,335 35.8 x 16.7 x n.a. n.a. 82% 115% (34%) (11%) Zendesk 8,762 8,867 10.9 x 8.6 x n.a. 100.8 x 36% 26% (15%) 9% Alteryx 7,445 7,392 17.7 x 13.5 x 159.4 x 93.5 x 65% 31% 11% 14% HubSpot 7,343 6,990 10.4 x 8.5 x n.a. 83.0 x 32% 21% (4%) 10% Pegasystems 6,661 6,676 7.3 x 6.1 x n.a. 122.3 x 2% 20% (12%) 5% Nuance Communications 5,714 6,998 3.8 x 4.7 x 18.5 x 18.9 x (1%) (19%) 21% 25% New Relic 3,181 2,937 6.1 x 4.5 x n.a. 39.8 x 35% 37% (2%) 11% Medallia 2,968 2,633 8.4 x 5.6 x n.a. 138.3 x 20% 50% (20%) 4% LivePerson 1,630 1,652 5.7 x 4.8 x n.a. n.a. 17% 18% (21%) (1%) Blue Prism Group 1,361 1,268 9.7 x 6.8 x n.a. n.a. 85% 43% (79%) (39%) Cardlytics 1,212 1,107 5.3 x 5.0 x n.a. 320.0 x 40% 4% (6%) 2% LiveChat Software 369 360 12.6 x 10.7 x 19.3 x 16.3 x 9% 18% 65% 66% IMImobile 336 363 2.0 x 1.7 x 18.6 x 13.5 x 19% 14% 11% 13% eGain 254 218 3.2 x 3.0 x 34.5 x 100.8 x 10% 8% 9% 3% Artificial Solutions 25 47 7.2 x 6.9 x n.a. n.a. 3% 5% (220%) (154%) Trim Mean $ 4,435 $ 4,414 9.1 x 7.4 x 57.9 x 76.1 x 28.6% 23.4% (9.5%) 5.4% Median $ 3,075 $ 2,785 7.9 x 6.4 x 26.9 x 88.3 x 25.8% 20.7% (5.2%) 6.8%

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30//2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of com panies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 15 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry

Information Services

Acquirer(s) / ▪ The Coronavirus pandemic has upset the global economy, and the Information Target / Issuer Description Services industry has shown it is not immune. Still, the effects of this Black Swan Investor(s) catastrophe are not falling evenly across the hundreds of thousands of companies in 4/23/20: SingleOps (Atlanta, GA) raised $6.0 million in a Growth the Information Services sector. While some firms have been cut off at their ankles, funding round led by Five Elms Capital Management (Kansas others are posting record revenues. Size has little to do with it. Rather, the immediate City, MO). SingleOps develops a cloud-based software that winners are companies with products and services that accommodate social mobile estimates, scheduling, time tracking, CRM, QB sync, distancing and working from home. Think BlueJeans deal with Verizon going head to automated marketing, credit card processing, etc. head with Slack, Zoom and teams. 4/22/20: Lifeboat Distribution (Eatontown, NJ) agreed to acquire Interwork Technologies (Toronto, Canada) for an undisclosed ▪ One area that is thriving is cloud. It continues to become a more desirable delivery sum. Interwork Technologies operates as a distributor of data model and sector activity remains robust, with strong interest from both private equity security, VoIP, information management/storage solutions, and investors and strategic buyers. communications solutions. 4/14/20: Axcel Management (Copenhagen, Denmark) agreed to acquire SuperOffice (Oslo, Norway) for an undisclosed sum. SuperOffice develops customer relationship management (CRM) solutions to the business to business market, supporting users in sales, marketing, pricing, and customer service.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E

RELX Group $ 43,560 $ 51,504 4.9 x 5.2 x 16.2 x 14.6 x 9% (4%) 30% 35% Thomson Reuters 35,002 37,234 6.3 x 6.1 x 34.0 x 19.2 x 7% 4% 19% 32% Wolters Kluwer 19,467 21,892 4.2 x 4.1 x 14.9 x 14.2 x 6% 2% 28% 29% Gartner 10,595 13,471 3.2 x 3.2 x 23.6 x 21.7 x 7% (0%) 13% 15% Informa 7,619 11,210 2.9 x 3.9 x 9.0 x 13.0 x 27% (25%) 32% 30% Nielsen 5,251 13,802 2.1 x 2.1 x 11.4 x 7.4 x (0%) 0% 19% 29% Pearson 4,340 5,929 1.2 x 1.3 x 8.6 x 8.5 x (3%) (13%) 13% 16% Euromoney 1,119 1,057 3.4 x 2.3 x 14.6 x 10.9 x (1%) 44% 23% 21% Forrester Research 587 729 1.6 x 1.6 x 21.5 x 17.3 x 29% 1% 7% 9% comScore 203 428 1.1 x 1.1 x n.a. 12.5 x (7%) 2% (6%) 9% Trim Mean $ 10,497 $ 13,166 2.9 x 3.0 x 15.9 x 13.8 x 6.5% -1.0% 19.2% 22% Median $ 6,435 $ 12,341 3.1 x 2.8 x 14.9 x 13.6 x 6.5% 0.5% 18.6% 25%

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30//2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of com panies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 16 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry

InsurTech

Acquirer(s) / ▪ Although, after surging to new highs in 2019, the investment in InsurTechs has taken Target / Issuer Description a breather along with most of the private market recently, deals are still getting done. Investor(s) 4/24/20: Bestow (Dallas, TX) raised $50.0 million in a Series B ▪ Most of the activity continues to be around digital distribution platforms and business funding round led by Valar Ventures (New York, NY). Bestow is process management including automation. an insurance technology company that builds products and software that make life insurance accessible to families. ▪ A few noteworthy transactions includes capital raising by Bestow (digital distribution) 4/21/20: SS&C Technologies Holdings (Windsor, CT) agreed to and xbAV (process automation) and acquisition of Capita (BPM) by SS&C acquire Capita Life & Pensions Services (Dublin, Ireland) for an undisclosed sum. Capita Life and Pensions Services provides business process management (BPM) and digital technology solutions to the life and pensions sector. 4/3/20: xbAV AG (Munich, Germany) raised $27.0 million in a Series C funding round led by HPE Growth Capital (Amsterdam, Netherlands). xbAV AG develops a platform for corporate retirement and process automation between employees, insurance companies, employers, and insurance brokers.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E

AON $ 39,901 $ 47,726 4.3 x 4.3 x 14.9 x 14.4 x 2% 1% 29% 30% Cerner 21,112 22,189 3.9 x 3.9 x 19.3 x 12.5 x 6% (1%) 20% 31% Guidewire Software 7,529 6,900 9.6 x 9.4 x 170.7 x 74.6 x 10% 2% 6% 13% HealthEquity 4,000 5,109 17.8 x 6.5 x 53.3 x 20.2 x 25% 172% 33% 32% Sapiens 1,253 1,309 4.0 x 3.5 x 25.5 x 20.4 x 12% 13% 16% 17% EverQuote 1,049 1,003 4.0 x 3.1 x n.a. 71.9 x 52% 28% (2%) 4% CorVel 954 965 1.6 x n.a. 11.4 x n.a. 7% (100%) 14% n.a. Ebix 638 1,373 2.4 x 2.5 x 8.9 x 10.0 x 17% (5%) 26% 25% Majesco 241 200 1.4 x n.a. 14.0 x n.a. 14% (100%) 10% n.a. Trim Mean $ 5,219 $ 5,550 4.3 x 4.3 x 23.1 x 27.9 x 13.0% -8.6% 17.3% 23.1% Median $ 1,253 $ 1,373 4.0 x 3.9 x 17.1 x 20.2 x 12.4% 1.5% 15.8% 24.8%

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30//2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of com panies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 17 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry

Mortgage Tech

Acquirer(s) / ▪ Advent of digital first origination platforms such as Better, SoFi , Figure, LoanDepot Target / Issuer Description and others are fueling and driving the need for tech enabled B2B service and Investor(s) solutions providers 4/17/20: EarnUp (San Francisco, CA) raised an undisclosed  Focus is on providing efficiencies through automation, best practices, re- amount in a Growth funding round led by Flourish Ventures engineered workflow, leveraging data analytics, and reducing cycle times (Redwood City, CA). EarnUp operates a consumer first platform that automates loan payments. ▪ Origination volumes continue to decline due to continued uncertainty around 4/15/20: MRI Software (Solon, OH) agreed to acquire Castleton employment and wages Technology (Sutton Coldfield, UK) for $103.5 million. Castleton  JPMorgan, the largest home equity bank lender in the country, is Technology is a provider of specialist software and services to temporarily halting home equity loans due to coronavirus, as banks shore the social housing sector. up loan loss reserves in anticipation of defaults 4/1/20: RefineRE (Dallas, TX) agreed to acquire BenchCore (Dallas, TX) for an undisclosed sum. BenchCore provides ▪ Macroeconomic indicators are a mixed bag for the mortgage industry as suppressed proprietary benchmarking reports and insights to help manage rates are offset by heightened unemployment and low/stricter credit availability corporate real estate portfolios.

▪ Some recent transactions are RefineRE’s acquisition of BenchCore, MRI Software’s acquisition of Castleton Technology, and EarnUp’s capital raise.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E

FIS $ 81,287 $ 100,938 9.8 x 8.1 x 29.7 x 18.4 x 23% 21% 33% 44% Fiserv 69,703 93,330 9.2 x 6.0 x 26.4 x 17.2 x 75% 52% 35% 35% Black Knight 10,580 12,157 10.3 x 10.2 x 30.6 x 20.4 x 6% 1% 34% 50% Fair Isaac 10,288 11,200 9.7 x 9.3 x 39.5 x 28.8 x 16% 4% 24% 32% Zillow Group 9,332 9,423 3.4 x 3.1 x n.a. n.a. 106% 9% (6%) (2%) REA Group 7,669 7,827 11.9 x 14.0 x 23.8 x 23.7 x 3% (15%) 50% 59% Fidelity National Financial 7,358 8,380 1.0 x 1.1 x 5.1 x 9.3 x 12% (13%) 19% 12% First American 5,210 5,783 0.9 x 1.1 x 5.3 x 9.1 x 8% (14%) 17% 12% CoreLogic 3,036 4,747 2.7 x 2.8 x 12.8 x 9.2 x (1%) (2%) 21% 30% Radian Group 2,919 3,908 2.6 x 2.7 x 4.0 x n.a. 20% (5%) 64% n.a. Real Matters 971 907 2.8 x 2.1 x 33.4 x 15.8 x 15% 31% 8% 14% Stewart Information Services 759 682 0.4 x 0.4 x 4.1 x 8.6 x 2% (14%) 9% 5% Altisource Portfolio Solutions 130 327 0.5 x 0.8 x 6.3 x 6.6 x (23%) (37%) 8% 12% Trim Mean $ 11,620 $ 14,395 4.8 x 4.3 x 17.8 x 14.6 x 16.0% 0.3% 23.5% 24.5% Median $ 7,358 $ 7,827 2.8 x 2.8 x 18.3 x 15.8 x 11.7% -2.2% 21.0% 21.8%

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30//2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of com panies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 18 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry

Payments Tech

Acquirer(s) / ▪ Transaction volumes for eCommerce/Online enabled platforms continue to rise, Target / Issuer Description driven by broad consumer adoption and the need to socially distanced Individuals, Investor(s) small businesses, and large corporations are all adopting new habits in the current 4/23/20: Worldline (Bezons, France) agreed to acquire GOPAY environment, some of which could become permanent as fear and uncertainty could (Planá, Czech Republic) for an undisclosed sum. GOPAY be the catalysts that effect long awaited changes. provides online payment processing services for small and medium-sized businesses. ▪ M&A and financing activity continues to exist, though at a measured pace, and also 4/16/20: Stripe (San Francisco, CA) raised $600.0 million in a for differentiated and best-in-class platforms – Stripe announced a $600mn capital Series G funding round from Andreessen Horowitz (Menlo Park, raise at a $36bn valuation, Worldline acquired GoPay, Airwallex raised $160mn CA), General Catalyst Partners (Cambridge, MA), GV Series D. (Cambridge, MA), and Sequoia Capital Operations (Menlo Park, CA). Stripe provides APIs to help businesses accept various modes of payments from the latter's customers. 4/15/20: Airwallex (Melbourne, Australia) raised $160.0 million in a Series D funding round led by Salesforce Ventures (San Francisco, CA). Airwallex offers a cross-border payment platform for sellers to collect international payments from their customers in the latter's local currency.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E

Visa $ 383,948 $ 394,002 17.1 x 17.5 x 25.0 x 25.7 x 11% (2%) 68% 68% Mastercard 276,375 278,257 16.5 x 17.2 x 27.3 x 30.2 x 13% (4%) 60% 57% PayPal 144,184 138,939 7.8 x 6.9 x 40.8 x 25.7 x 15% 13% 19% 27% Shopify 74,119 71,803 45.5 x 35.7 x n.a. 2514.5 x 47% 27% (7%) 1% Global Payments 49,827 58,468 11.9 x 8.7 x 30.4 x 19.5 x 46% 37% 39% 45% Adyen 29,760 27,904 9.4 x 41.2 x 93.5 x 73.1 x 58% (77%) 10% 56% Square 28,615 28,151 6.0 x 5.6 x 338.1 x 79.1 x 43% 6% 2% 7% FleetCor Technologies 20,610 24,474 9.2 x 9.3 x 16.1 x 16.2 x 9% (1%) 57% 57% Worldline 12,342 13,264 5.0 x 5.0 x 24.1 x 19.7 x 36% (2%) 21% 26% Wirecard 12,220 10,049 n.a. 2.9 x n.a. 9.5 x (100%) n.a. n.a. 31% Western Union 7,835 9,856 1.9 x 2.0 x 7.6 x 8.0 x (5%) (8%) 24% 25% WEX 5,737 8,126 4.7 x 4.8 x 13.9 x 11.0 x 15% (3%) 34% 44% EVO 824 2,062 4.2 x 4.7 x 17.0 x 15.7 x (14%) (10%) 25% 30% Trim Mean $ 60,148 $ 60,845 9.2 x 10.8 x 32.0 x 29.6 x 19.6% 1.8% 29.2% 36.8% Median $ 28,615 $ 27,904 8.5 x 6.9 x 25.0 x 19.7 x 15.0% -1.7% 24.8% 30.5%

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30//2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of com panies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 19 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry

Regulatory Tech

Acquirer(s) / ▪ FCA pushes back SCA, SEC pushes back some 606 amendments, as Regulators will Target / Issuer Description continually face pressure to push back regs expected in 2020. While delays will Investor(s) happen, the impact to the tech players is negligible, as often the solutions have been 4/15/20: Onfido (London, UK) raised $100.0 million in a Series D put in place early to test. funding round led by TPG Growth (San Francisco, CA). Onfido develops document ID and facial biometrics verification SaaS ▪ Fenergo, a solution provider in Client Lifecycle Management, raised $80mn earlier solutions. this year from DXC/others, with the aim to target M&A opportunities that fit its roadmap. 4/7/20: Accellion (Palo Alto, CA) raised $120.0 million in a Private Equity funding round led by Bregal Sagemount (New York, NY). Accellion is a developer of enterprise software for ▪ Some recent transactions include Onfido’s $100mn raise in Series D, Accellion secure mobile file sharing. secured $120mn in financing, and Privitar’s $80mn raise in Series C. 4/5/20: Privitar (London, UK) raised $80.0 million in a Series C funding round led by Warburg Pincus (New York, NY). Privitar develops products for privacy preserving data mining and sophisticated data anonymization.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E

FIS $ 81,287 $ 100,938 9.8 x 8.1 x 29.7 x 18.4 x 23% 21% 33% 44% Fiserv 69,703 93,330 9.2 x 6.0 x 26.4 x 17.2 x 75% 52% 35% 35% RELX 43,560 51,504 4.9 x 5.2 x 16.2 x 14.6 x 9% (4%) 30% 35% Thomson Reuters 35,002 37,234 6.3 x 6.1 x 34.0 x 19.2 x 7% 4% 19% 32% MSCI 27,800 30,086 19.3 x 17.9 x 36.7 x 32.3 x 9% 8% 53% 55% Experian 26,951 31,272 6.4 x 6.0 x 20.7 x 17.4 x 6% 7% 31% 35% Verisk Analytics 24,828 28,039 10.8 x 10.2 x 26.6 x 21.8 x 9% 6% 40% 47% Wolters Kluwer 19,467 21,892 4.2 x 4.1 x 14.9 x 14.2 x 6% 2% 28% 29% Equifax 16,860 20,042 5.7 x 5.9 x 24.9 x 19.0 x 3% (3%) 23% 31% NICE Systems 10,392 10,541 6.7 x 6.2 x 25.5 x 19.3 x 9% 7% 26% 32% Fair Isaac 10,288 11,200 9.7 x 9.3 x 39.5 x 28.8 x 16% 4% 24% 32% Temenos 9,335 10,337 10.6 x 11.1 x 38.3 x 24.5 x 16% (4%) 28% 45% Workiva 1,804 1,635 5.5 x 4.8 x n.a. n.a. 22% 14% (14%) (10%) First Derivatives 892 997 3.4 x 3.2 x 28.0 x 19.6 x 13% 9% 12% 16% Majesco 241 200 1.4 x n.a. 14.0 x n.a. 14% (100%) 10% n.a. Trim Mean $ 22,837 $ 26,778 7.2 x 6.9 x 26.8 x 20.0 x 12.1% 5.4% 26.2% 34.4% Median $ 19,467 $ 21,892 6.4 x 6.1 x 26.5 x 19.2 x 9.2% 5.6% 27.7% 33.5%

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30//2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of com panies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 20 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry

Securities Exchanges

Acquirer(s) / ▪ LSE has received CIFUS approval from the US for the Refinitiv acquisition, but the Target / Issuer Description European Commission is encouraging a delay in merger filings due to the coronavirus Investor(s) pandemic. LSE still plans to close of the transaction in the second half of 2020. 4/23/20: Euronext (Amsterdam, Netherlands) agreed to acquire VP Securities (Copenhagen, Danmark). VP Securities provides ▪ Binance's acquisition of CMC could serve as a marketing channel, steering securities and investor services in Denmark and internationally, prospective customers toward the exchange. With its extensive data on prices, focusing on securities and investor administration solutions. volumes and other metrics for 5,290 cryptocurrencies, CMC has served as a dragnet 4/3/20: European Energy Exchange (Leipzig, Germany) agreed for retail investors since its launch in 2013. to acquire K B Tech (Tunbridge Wells, UK) for an undisclosed sum. KB Tech is a UK-based software provider of data ▪ Separately, Euronext acquired VP Securities and EEX acquired KB Tech management services and products to the trading, pension and financial markets. 4/2/20: Binance Holdings (Shanghai, China) agreed to acquire CoinMarketCap OpCo (Dover, DE) for $400.0 million. CoinMarketCap (CMC) is a crypto data aggregator of about 724 currencies and 104 digital assets.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E

CME Group $ 63,870 $ 66,512 13.7 x 12.8 x 21.3 x 19.0 x 13% 7% 64% 68% Intercontinental Exchange 49,120 56,541 10.9 x 10.0 x 17.8 x 15.9 x 5% 8% 61% 63% Hong Kong Exchange 41,116 37,869 18.1 x 16.4 x 25.5 x 21.6 x 3% 11% 71% 76% London Stock Exchange 32,966 34,427 11.2 x 11.4 x 23.2 x 20.3 x 13% (1%) 48% 56% Deutsche Börse Group 28,444 30,497 8.2 x 8.6 x 16.4 x 14.1 x 3% (5%) 50% 61% The Nasdaq OMX Group 18,097 21,248 5.0 x 8.0 x 16.0 x 15.3 x (0%) (37%) 31% 52% BM&F Bovespa 15,085 14,277 9.7 x 12.0 x 16.7 x 15.8 x 18% (19%) 58% 76% CBOE 10,904 11,527 4.6 x 9.0 x 14.7 x 13.1 x (10%) (48%) 31% 68% Australian Exchange 10,325 9,602 12.6 x 15.6 x 16.4 x 20.8 x 2% (19%) 77% 75% Japan Exchange Group 10,068 10,141 9.3 x 8.9 x 14.1 x 13.8 x (4%) 5% 66% 64% Singapore Exchange 7,331 6,981 10.4 x 10.3 x 19.5 x 17.0 x 8% 1% 53% 60% Euronext 5,830 6,582 8.6 x 7.3 x 15.7 x 12.9 x 8% 18% 55% 57% TMX Group 4,885 5,511 6.2 x 9.1 x 8.8 x 15.3 x 19% (32%) 70% 59% Trim Mean $ 20,844 $ 21,790 9.6 x 10.5 x 17.4 x 16.4 x 6.3% -7.5% 57.1% 64.3% Median $ 15,085 $ 14,277 9.7 x 10.0 x 16.4 x 15.8 x 4.6% -1.2% 58.3% 63.3%

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30//2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of com panies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 21 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry

Wealth Tech

Acquirer(s) / ▪ Covid has had some interesting impacts for Wealth Management firms. Certainly a Target / Issuer Description primary one is the realization that remote working is here to stay, and access to Investor(s) cloud-based wealth technology solutions is mission critical to getting the job done. 4/29/20: Stash Financial (New York, NY) raised $112.0 million in This will manifest itself in the plumbing solutions like Zoom, Teams etc…. as well as a Series F funding round led by LendingTree (Charlotte, NC). the wealth tech cloud applications that deliver solutions to advisors and their clients. Stash provides a mobile application that simplifies investing, saving, and retirement options. ▪ Some recent transactions include Lendingtree’s $112mn acquisition of Galileo, Finantix’s acquisition of InCube, and JTC’s acquisition of NES Financial. 4/8/20: Finantix (Venice, Italy) agreed to acquire InCube Group (Zurich, Switzerland) for an undisclosed sum. InCube Group provides investment and risk management services. It also has software products that help institutions in pricing and valuation.

4/2/20: JTC (Jersey, Channel Islands) agreed to acquire NES Financial (San Jose, CA) for $116.1 million. NES Financial provides technology-enabled services for the back and middle office administration of complex financial transactions.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E CY2019A CY2020E

Charles Schwab $ 48,556 n.a. n.a. n.a. n.a. n.a. 6% (10%) n.a. 44% BNY Mellon 33,240 n.a. n.a. n.a. n.a. n.a. 1% (8%) n.a. n.a. MSCI 27,800 30,086 19.3 x 17.9 x 36.7 x 32.3 x 9% 8% 53% 55% State Street 22,187 n.a. n.a. n.a. n.a. n.a. (3%) (6%) n.a. n.a. Northern Trust 16,469 n.a. n.a. n.a. n.a. n.a. 2% (6%) n.a. n.a. SS&C Technologies 14,103 21,512 4.6 x 4.5 x 12.8 x 11.2 x 35% 3% 36% 40% Broadridge 13,317 15,184 3.5 x 3.3 x 16.6 x 14.8 x 1% 6% 21% 22% SEI Investments 7,539 6,837 4.1 x 4.2 x 13.9 x 12.9 x 2% (2%) 30% 33% SimCorp 3,668 3,711 7.3 x 7.4 x 25.0 x 26.9 x 16% (1%) 29% 27% Envestnet 3,326 3,909 4.3 x 4.0 x 45.5 x 18.6 x 11% 8% 10% 22% AssetMark 1,737 1,755 4.2 x 5.9 x 41.2 x 15.6 x 15% (29%) 10% 38% IRESS 1,288 1,452 4.1 x 4.0 x 18.0 x 16.0 x 9% 1% 23% 25% First Derivatives 892 997 3.4 x 3.2 x 28.0 x 19.6 x 13% 9% 12% 16% Equiniti Group 783 1,221 1.7 x 1.8 x 9.2 x 7.9 x 9% (7%) 18% 23% Blucora 673 994 1.4 x 1.2 x 8.4 x 7.3 x 28% 11% 16% 17% Donnelley Financial Solutions 246 605 0.7 x 0.7 x 6.5 x 4.4 x (9%) (3%) 11% 16% Trim Mean $ 10,501 $ 5,757 3.9 x 4.0 x 21.0 x 15.1 x 8.3% -0.6% 20.6% 27.9% Median $ 5,603 $ 2,733 4.1 x 4.0 x 17.3 x 15.2 x 8.7% -1.7% 19.4% 25.1%

Source: Marlin & Associates, Capital IQ, and public sources. All market and operating data are as of 04/30//2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of com panies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 22 © Copyright Marlin & Associates Holding LLC 2020 Contents Our May Report on M&A in the FinTech, Data and Analytics Industry

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New York, NY Phoenix, AZ Singapore has been acquired by Paris, France Campbell, CA Boston, MA

has completed a majority has acquired the Business Process received an investment from has been acquired by recapitalization with Management business from

has secured an early stage Palo Alto, CA funding round a portfolio company of

Boston, MA and San Francisco, CA Palo Alto, CA Windsor, CT Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial advisor to BillingTree advisor to Crayon Data. advisor to Alacra. advisor to Everteam. advisor to Trunomi. advisor to Varden Technologies.

has sold the assets of New York, NY Dublin, Ireland London, United Kingdom San Francisco, CA Vienna, Austria

has invested in has been acquired by invested in has led a $60 million investment in received a majority investment from

Dublin, Ireland London, United Kingdom London, United Kingdom New York, NY New York, NY Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as financial advisor to Aquiline Capital exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial exclusive financial advisor exclusive strategic and financial Partners. advisor to CNO Financial Group. advisor to Information Mosaic. advisor to CIT Growth Capital. Francisco Partners. advisor to AIM Software.

Campbell, CA Vienna, Austria New York, NY Hong Kong, China Lucca, Italy Wixom, MI

has been acquired by has acquired has entered into a strategic has raised capital from secured a $36 million investment has acquired alliance with from

Englewood, CO New York, NY New York, NY Hong Kong, China Milan, Italy Hamilton, NJ Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial strategic and financial advisor to exclusive strategic and financial exclusive strategic and financial advisor to Infonetics Research, Inc. advisor to AIM Software. advisor to Alacra Inc. Wisers Information Limited. advisor to Tagetik Software srl. advisor to RevSpring Inc.

The M&A Team Brings Relevant Transaction Expertise And Operating Experience

Michael Maxworthy Managing Director Ken Marlin Anup Agarwal Founder & Managing Member Managing Director

Tom Selby Managing Director Aalap Merchant Managing Director

Chris Fieschko Billy Adams

New York City | Washington, DC | Toronto, Canada

Peter Manuselis Jordan Wittbrot

Sam Wilcox Al Sisca

We Deliver Exceptional Results

Advisory Firm of the Year (US) TMT Advisory Firm of the Year (US)

Gamechanger of the Year (US), Ken Marlin Deal of the Year (Parthenon / BillingTree)

Middle-Market Investment Bank of the Year (US) Boutique Investment Banking Firm of the Year

Capital Raising Advisory Firm of the Year Small Tech Fund Raising of the Year for CRM

Professional Services (B2B) Deal of the Year Boutique Investment Banking Firm of the Year (2017)

Gamechanger of the Year (US), Ken Marlin Boutique Investment Banking Firm of the Year

Middle-Market Investment Bank of the Year Cross-Border Deal of the Year (2016)

“Bringing on the Marlin & Associates team “The team at Marlin & Associates helped us get “We have been delighted with the service remains one of our great decisions. The the best value for our company. They know the provided to us by Ken Marlin and his team. They dedication of the team was on full display as we players and values of this industry at a level few have been diligent and thorough, and also a approached this latest chapter for ClearStructure. can match. They guided us and brought multiple pleasure to work with. The Marlin team’s deep The guidance, creativity and true value-add that highly qualified buyers into the process - knowledge of our industry makes them the they brought to the table helped ClearStructure including FNZ, with whom we look forward to number one go-to firm when you want to sell your achieve goals we didn’t think were possible.“ joining. We thank the Marlin & Associates team business. They have seen and managed more or and look forward to working with them again in less every possible situation and know the play the future.” book on how to deal with them. The process was meticulously planned and executed.”

Equity & Debt Capital Raise Restructuring & Recapitalizations

Joint Ventures & Partnerships Independent Board Advisory

Fairness Opinions Divestitures & Carve-outs

New York | Washington, D.C. | Toronto, Canada