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August M&A Newsletter Our August Report on M&A in the FinTech, Data and Analytics Industry 3 Keys To Successful Tech M&A: Our August Report On M&A Values And Trends In Fintech, Data, And Analytics 01 © Copyright Marlin & Associates Holding LLC 2021 Our August Report on M&A in the FinTech, Data and Analytics Industry 3 Keys To Successful Tech M&A: Our August Report On M&A Values And Trends In Fintech, Data, And Analytics Dear Clients and Friends: Our latest report on the M&A values among the 11 sectors of the FinTech, Data and Analytics world that we follow is HERE. In case you haven’t noticed, after a very brief COVID pause, tech M&A is hot again. According to Refinitiv, last year the value of worldwide M&A deals was around $634 billion. We exceed that in the first half of 2021 - and we’re still going strong. That’s good for us. Further, about a quarter of those deals are in our sweet spot: tech, data, and analytics. The drive for tech M&A should not be surprising. We live in a world in which companies must grow to survive. And growth requires vision, innovation, talented people, hard work and time. The demands on leaders can be exhausting. M&A can accelerate tech product and geographic expansion, facilitate gains in market share and improve profitability. But success is not automatic. According to a recent Harvard Business Review report, 70% - 90% of M&A transactions fail to deliver on forecast results. That’s a lot. It’s not for lack of trying. Most acquirers carefully vet candidates, negotiate hard, and conduct thorough due diligence reviews. It’s in the execution where most deals succeed – or fail. The best know that success requires clear post-merger goals, clear roles, and a dose of humility. They know it’s about melding the best of the best; not about winner-take-all. As noted in the HBR article: “… not only are you asking two companies to integrate under one corporate mission, but you are bringing together groups of people with their own personalities, ambitions, behavioral traits and ways of working…” If you chase those people away it’s not clear how you will achieve success. This is a great time to be in this industry. As you will see in our latest REPORT, the M&A market in fintech, data and analytics is strong; buyers and sellers are active; opportunities abound. We are here to help. But it’s up to you to ensure the transaction is a success. And often that requires a careful combination of clear goals, clear roles, and a dose of humility. A few of the more interesting recent transactions include: . Far Peak Acquisition acquired Bullish for $9bn via a SPAC (Securities . Visa acquired CurrencyCloud for $900mm (Payments Tech) Exchanges) . Bill.com acquired Invoice2go for $625mm (Payments Tech) . Thoma Bravo acquired Medallia for $6bn (Digital Tech) . Quantexa raised $153mm in a deal led by Warburg Pincus (Regulatory . Insightsoftware raised $1bn in a deal led by Hg Capital (Information Tech) Services) Ken Marlin | Founder & Managing Member | Marlin & Associates 570 Lexington Ave | 48th Floor | New York, NY 10022 | www.marlinllc.com P.S. My book, “The Marine Corps Way To Win on Wall Street” does a pretty good job of showing what we do that is different than most firms – and why. 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 2021 Our August Report on M&A in the FinTech, Data and Analytics Industry Contents . M&A Activity And Transaction Multiples Are Back To Pre-Pandemic Levels 4 . One-Year Stock Performance Reflects A Wide Divergence Across FinTech, Data & Analytics Sectors 5 . Revenue Multiples Have Largely Recovered 6 . EBITDA Multiples Have Recovered For Almost All Sectors 7 . Bank Tech 8 . Capital Markets 9 . Data & Analytics – Financial Services 10 . Digital Tech 11 . Information Services 12 . InsurTech 13 . Payments Tech 14 . Real Estate Tech 15 . Regulatory Tech 16 . Securities Exchanges 17 . Wealth Tech 18 . Clients Choose Us To Advise Them On Their Most Important Strategic Decisions 19 03 © Copyright Marlin & Associates Holding LLC 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry M&A Activity And Transaction Multiples Are Back To Pre-Pandemic Levels With Q2 2021 Transaction Volume Showcasing A Record Two-Year High Software and Services Transaction Activity Software and Services Transaction Multiples In $USD Millions Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 08/5/2021. Note: Mid-market M&A defined as transactions with enterprise values below $1bn. 04 © Copyright Marlin & Associates Holding LLC 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry One-Year Stock Performance Reflects A Wide Divergence Across FinTech, Data & Analytics Sectors 90% 60% 60.3% 55.7% 46.8% 36.4% 33.3% 30% 27.9% 25.8% 25.2% 19.8% 19.3% 18.2% 0% (14.9%) (30%) Bank Tech Cap. Markets Data & Analytics Digital Tech Info.Services InsurTech Payments Real Estate Tech RegTech Securities Ex. Wealth Tech S&P 500 Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 08/5/2021. Note: Each company's stock performance is equally weighted in the corresponding index, except for S&P 500. 05 © Copyright Marlin & Associates Holding LLC 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry Revenue Multiples Have Largely Recovered EV / 2021E Revenue as of Aug 05, 2021 18x 15.8x 16x 14x 12x 10.7x 10.8x 10.7x 10x 9.1x 8x 5.8x 6x 5.0x 4.9x 4.9x 4.2x 4.4x 4x 2x 0x Payments Digital Data Securities Regulatory Bank Real Estate InsurTech Capital Wealth Information Tech Tech & Analytics Exchanges Tech Tech Tech Markets Tech Tech Services Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 08/5/2021. 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 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry EBITDA Multiples Have Recovered For Almost All Sectors EV / 2021E EBITDA as of Aug 05, 2021 30x 25x 24.5x 23.7x 21.8x 20x 18.6x 17.7x 17.4x 16.9x 16.1x 15.5x 15.7x 15x 10x 5x 0x Payments Data Regulatory Bank InsurTech Capital Information Real Estate Securities Wealth Tech & Analytics Tech Tech Markets Tech Services Tech Exchanges Tech Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 08/5/2021. 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 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry Bank Tech . Acquirer(s) / The SPAC markets continue to facilitate a rapid conversion for fintech Target / Issuer Description companies from private to public. The list of those companies continues to Investor(s) grow and anything generating $50 to $500 million in revenue and with 500,000 to 10 million users is going public 7/1/2021 Karat Financial (Palo Alto, CA) raised $26 mm of venture . Last quarter, fintech funding rose to $30 billion, the highest on record. $14 funding in a deal led by SignalFire, GGV Capital, and Union Square billion of SPAC capital is waiting to take these companies public. Robinhood Ventures for cross-company hiring. Karat Financial 's cards use an and Circle went public as well algorithm that considers financial and social statistics to generate . Such activity (and fragmentation) is presenting an opportune moment to credit limits and customized rewards and perks pursue consolidation of individual financial product footprints as there are far too many point-solution brands out in the eco-system. With too many that 7/12/2021 Lunar (Aarhus, Denmark) raised $250 mm of Series D can operate as standalone entities, and many going public, many of them venture funding in a deal led by Tencent Holdings, Kinnevik and will be up for sale soon Heartland to accelerate its rollout in all Nordic countries. Lunar's digital . A US based super-fintech-app would probably cost a lot to put together and banking application offers banking services including balance might lose money for a few years. But within a decade, it’s footprint could be checking, account opening and loan applications and debit cards the size of Citi or JP Morgan or Well Fargo, and the associated valuation would look more like a technology company than a bank 7/15/2021 Revolut (London, England) raised $800 mm of Series E . Some notable transactions are: venture funding in a deal led by Tiger Global Management and Revolut raised $800 mm of Series E venture funding, led by Tiger SoftBank Investment Advisers to grow in the U.S. and India. Revolut Global Management and SoftBank Investment Advisers develops a foreign exchange and money transferring application that Lunar, a digital banking application, has raised $250mm of Series D tracks expenses and assists in trading cryptocurrencies venture funding in a deal led by Tencent Holdings, Kinnevik and Heartland (USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E FIS $80,003 $98,306 7.1x 6.5x 15.9x 14.3x 11% 8% 44% 46% Fiserv 72,604 93,606 6.1x 5.6x 14.6x 13.2x 10% 8% 42% 43% Jack Henry & Associates 12,867 12,997 7.1x 6.6x 22.1x 20.2x 7% 7% 32% 33% Temenos 11,878 12,742 12.9x 11.6x 27.7x 25.3x 10% 11% 46% 46% Euronet Worldwide 6,868 6,667 2.2x 1.9x 16.0x 9.2x 22% 19% 14% 21% Q2 Software 5,205 5,406 10.8x 9.0x n.m.
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