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%

(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

5.8x 6x 5.0x 4.9x 4.9x 4.2x 4.4x 4x

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

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. n.m. 23% 20% 7% 8% NCR 5,202 11,421 1.6x 1.4x 9.0x 7.4x 17% 12% 17% 19% Oracle Financial Services 5,117 4,473 6.3x 5.7x n.a. n.a. 9% 10% n.a. n.a. ACI Worldwide 3,824 4,822 3.6x 3.4x 12.7x 11.9x 4% 5% 28% 29% Bottomline Technologies 1,846 1,866 3.8x 3.4x 18.5x n.a. 11% 11% 20% n.a. Aptitude Software 480 417 5.3x 5.3x 23.8x 22.2x (2%) 0% 22% 24%

Trim Mean 5.8x 5.3x 17.7x 15.2x 11.2% 10.2% 27.6% 30.5% Median 6.1x 5.6x 16.0x 13.8x 9.9% 10.0% 25.2% 28.7%

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. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies 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. 08 © Copyright Marlin & Associates Holding LLC 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry

Capital Markets Tech

. Acquirer(s) / This has become a hot space for M&A and the size and pace of Capital Target / Issuer Description Markets deals will increase in the coming years. Calypso went to Thomas Investor(s) Bravo, APEX went to TA, Confluence went to Clearlake, Intiviti went to 7/5/2021 Equiniti Group, via its financial sponsor Siris Capital Group BroadRidge—all at big multiples acquired American Stock Transfer & Trust Company (Brooklyn, NY) . Who’s next? Does FactSet finally sell? Does Finastra go public? Do the through a $630 mm LBO. American Stock Transfer & Trust Company larger consolidators start to shed assets? Finastra, HIS/S&P, provides stock and registrar services, corporate trust services, LSEG/Refinitiv, FIS/Sungard, ICE etc. shareholder services, dividend and interest payment disbursements . In addition, the pandemic did not affect the factors that previously made the and employee stock purchase plans space attractive, such as the lean operating model of many capital market 7/21/2021 State Street (Boston, MA) acquired Mercatus (San Mateo, technology companies. In a nutshell, the maturing of the capital markets CA) for an undisclosed amount. Mercatus develops an investment technology industry, growth potential and resiliency have resulted in an data management platform for private markets investing with a focus active M&A market in the past year. And this…our own pipeline is very on solving systematized workflow challenges including data extraction, robust cleaning and accessing. Private fund managers leverage Mercatus to  Calypso Technology was acquired by Axion Software Laboratories to enhance their data flexibility create a leading platform for automation of workflows for trading, 7/22/2021 Calypso Technology (San Francisco, CA) was acquired by treasury, and regulatory compliance Axiom Software Laboratories, via Thoma Bravo, through a $3.75 bn  State Street acquired Mercatus, developer of an investment LBO to create a leading platform for automation of workflows for management platform for private markets investing with a focus on trading, treasury, risk management and regulatory compliance. The solving systematized workflow challenges platform enables improvements across capital markets, investment management, and banking verticals

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E IHS Markit $47,602 $52,719 11.3x 10.7x 26.0x 23.9x 9% 6% 44% 45% Broadridge Financial Solutions 20,198 21,872 4.3x 4.0x 19.3x 16.7x 13% 6% 22% 24% SS&C Technologies 19,491 25,812 5.2x 5.0x 13.0x 12.4x 7% 4% 40% 40% Computershare 7,159 8,901 3.7x 3.3x 13.5x 12.3x 6% 10% 27% 27% SimCorp 5,277 5,266 9.0x 8.2x 30.3x 27.7x 6% 10% 30% 29% Envestnet 4,051 4,647 4.0x 3.6x 18.1x 16.9x 18% 11% 22% 21% Iress 2,011 2,172 4.9x 4.6x 20.4x 19.6x 20% 5% 24% 24% Intertrust Group 1,478 2,406 3.5x 3.4x 8.8x 8.4x (1%) 3% 40% 41% First Derivatives 894 946 2.7x 2.4x 20.3x 16.6x 5% 13% 13% 15% Trim Mean 4.9x 4.6x 18.6x 16.9x 9.1% 7.4% 29.2% 29.5% Median 4.3x 4.0x 19.3x 16.7x 7.5% 6.1% 27.2% 27.1%

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. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies 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. 09 © Copyright Marlin & Associates Holding LLC 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry

Data & Analytics – Financial Services

. Acquirer(s) / In digital transformation, while buyers are also monitoring the potential Target / Issuer Description headwinds from the rapid pace of deals in Q4 and Q1 this year, the Private Investor(s) Equity firms are becoming an influential enabler of large-scale reorganizations this year 7/2/2021 Codat (London, England) raised $42 mm of Series B venture funding from Tiger Global Management to expand its US presence,  Nordic Capital acquired Duco Technology, which develops a data add new products, accelerate hiring, and onboard new customers. engineering platform designed to ease data management Codat develops financial integration software to make data integration . Data and analytics have continuously been realized as key players in seamless for the small businesses companies for enhancing business efficiency over the years. We’ve seen this play out that data and analytics are highly regarded in customer service, 7/7/2021 LoanPro Software (Farmington, UT) received $100 mm of recruitment, optimization of supply chains, finance optimization, and other development capital from FTV Capital (New York,NY) to enhance functions in different organizations. Data and analytics leaders should platform functionality and enter new lending verticals. LoanPro actively monitor, experiment with or deploy emerging technologies Software develops loan management, servicing and collections  LoanPro Software received $100 mm in development from FTV Capital platform for alternative, fintech and traditional lenders and offers loan to enhance platform functionality and enter new lending verticals servicing and consumer credit reporting  Codat raised $42 mm of Series B venture funding from Tiger Global 7/15/2021 Nordic Capital (Frankfurt, Germany) acquired Duco Management to expand its US presence Technology (London, England) through an LBO for an undisclosed sum. Duco Technology develops a data engineering platform that is designed to ease data management by using a cloud-based and no- code technology, enabling financial institutions to reduce risk and stay compliant with regulation

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E S&P Global $106,455 $109,021 13.5x 12.8x 24.0x 22.6x 10% 6% 56% 57% Moody's 72,030 76,160 12.9x 12.1x 24.9x 23.9x 12% 6% 52% 51% MSCI (US) 51,723 53,860 26.9x 24.4x 46.0x 40.9x 18% 10% 59% 60% IHS Markit 47,602 52,719 11.3x 10.7x 26.0x 23.9x 9% 6% 44% 45% Experian 41,321 45,516 7.6x 6.9x 21.9x 19.6x 13% 10% 35% 35% CoStar Group 34,724 32,196 16.5x 14.2x n.m. n.m. 18% 16% 31% 36% Equifax 31,167 34,629 7.2x 6.8x 21.1x 18.0x 17% 6% 34% 38% Verisk Analytics 30,642 33,787 11.3x 10.6x 23.2x 21.5x 8% 7% 49% 49% TransUnion 23,068 26,054 8.5x 7.9x 21.3x 19.4x 13% 8% 40% 41% Fair Isaac 13,825 14,700 11.0x 10.2x 27.0x 23.9x 9% 7% 41% 43% FactSet Research Systems 13,563 13,765 8.6x 8.2x 23.5x 23.5x 6% 5% 36% 35% Morningstar 11,255 11,344 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Dun & Bradstreet 8,031 11,584 5.4x 5.1x 13.7x 12.7x 24% 5% 39% 40% Trim Mean 10.8x 10.0x 23.7x 21.8x 12.6% 7.0% 42.5% 43.4% Median 11.1x 10.4x 23.5x 22.6x 12.3% 6.4% 40.2% 41.8%

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. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies 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. 10 © Copyright Marlin & Associates Holding LLC 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry

Digital Tech

. Acquirer(s) / As digital transformation of the businesses continue to gain momentum, Target / Issuer Description democratization of AI and data is leading the way. The use of data, with AI Investor(s) and machine learning technologies, is enabling companies and 7/8/2021 BNY Mellon (New York, NY) acquired Milestone Group governments to tackle global, market and health problems faster, better and (Boston, MA) for an undisclosed sum. Milestone Group provides fund at scale management technology solutions for fund managers and specialist . The proliferation of AI is already impacting how we shop, how we hire and investment managers and offers an investment automation platform what we do for entertainment. A combination of powerful and cheaper that delivers front, middle and back-office capabilities within a single computing capabilities with troves of data is powering this change. We think application AI and Data will become a bigger focus for governments in the coming 7/26/2021 Datasite (Minneapolis, MN), via its financial sponsor months. It is already evident from China’s recent actions against their tech CapVest Partners, acquired Firmex (Toronto, Canada) through an giants including Ant Financial (unit of Alibaba) and Didi but also in recent LBO for an undisclosed sum to support Datasite's aggressive growth announcements in the US at both federal and state levels. We will be strategy into new markets. Firmex develops a virtual data room closely watching how this unfolds and it’s potential impact on M&A / marketplace for financial institutions to digitally share confidential financing activity in the space information . Some notable transactions include: 7/26/2021 Thoma Bravo (Chicago, IL) acquired Medallia (San  Securitize, a digital securities management platform, raised $48mm in Francisco, CA) through a $6.4 bn LBO. Medallia Inc has a SaaS funding from Blockchain Capital and Morgan Stanley platform that captures experience data from signal fields emitted by customers and employees and utilizes AI technology to provide solutions for industries including finance, automotive, healthcare, hospitality and insurance

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E ServiceNow $117,969 $117,074 20.1x 16.1x 64.2x n.a. 30% 25% 31% 31% HubSpot 31,024 30,540 24.0x 18.8x n.m. n.m. 47% 28% 12% 13% Nuance Communications 16,920 18,291 13.2x 11.9x n.a. n.m. 2% 11% n.a. 29% Zendesk 15,533 15,778 12.0x 9.6x n.m. n.m. 28% 25% 11% 13% Pegasystems 10,386 10,605 8.4x 7.0x n.m. n.m. 22% 19% 6% 10% Medallia 5,419 5,500 9.7x 8.1x n.m. n.m. 20% 19% 2% 7% New Relic 5,348 5,100 7.1x 6.5x n.m. n.m. 12% 9% n.m. 3% Alteryx 4,993 5,153 9.8x 8.3x n.m. n.m. 8% 18% 1% 9% LivePerson 4,325 4,227 9.0x 7.1x n.m. n.m. 29% 27% 4% 1% Cardlytics 2,932 2,875 11.1x 8.3x n.m. n.m. 43% 34% n.m. 0% Blue Prism 1,195 1,023 4.1x 3.5x n.m. n.m. 27% 17% n.m. n.m. QuinStreet 1,022 920 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. LiveChat 873 858 16.5x 14.2x n.a. n.a. 19% 17% n.a. n.a. eGain 358 307 3.7x 3.4x n.m. 73.0x 11% 11% 6% 5% Artificial Solutions 43 64 7.2x 3.8x n.m. 12.6x 27% 92% n.m. 30%

Trim Mean 10.7x 8.7x 64.2x 42.8x 23.0% 21.0% 6.9% 11.7% Median 9.7x 8.2x 64.2x 42.8x 24.5% 19.4% 5.9% 9.2%

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. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies 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. 11 © Copyright Marlin & Associates Holding LLC 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry

Information Services

. Acquirer(s) / To remain at the forefront of developments in the industry, information Target / Issuer Description services firms need access to unique customer and industry data sets. This Investor(s) is a given and no one can escape the constant barrage of news headlines 7/13/2021 Insightsoftware (Raleigh, NC) entered into a definitive speaking about it. It’s not enough though agreement to receive $1 bn of development capital from HG Capital . They also need to be able to structure this data so that it can be analyzed. (London, England). Insightsoftware develops of financial reporting and The latest advanced analytics solutions can then predict customer behavior enterprise performance management (EPM) software with financial and prescribe marketing strategies, assess risk, help decision process etc. reporting, business dashboards, budgeting and planning, tax . Technology acquisitions and expansion of customer base continue to be the provisioning and transfer pricing products for business intelligence. primary strategic drivers for M&A activity for heavy information services business 7/14/2021 Railsbank (London, England) raised $70 million of venture funding from Anthos Capital (Menlo Park, CA) to further expand its . Information Services and Tech-Enabled Services emerged as a dominating product range across Europe, Asia Pacific and North America. sector in megadeals contributing big numbers to the overall M&A activity in Railsbank builds APIs for banking, payment cards and credit products 2020. As companies cross industry lines to find new growth and profit pools, for use by fintechs and other industries. there is also an increase in focus on those proprietary data sets.  Aite Group and Novarica have merged to become Aite-Novarica 7/21/2021 Aite Group LLC and Novarica Inc. have merged and Group, bolstering both firm’s money laundering and cyber security become Aite-Novarica Group. The transaction bolsters both firm's capabilities money laundering and cyber security capabilities. Aite-Novarica Group  Railsbanks raised $70mm of venture funding from Anthos Capital to is an advisory firm that provides insights on technology, regulations, further its product range across Europe, Asia Pacific, and North strategies and operations for banks, insureres, payment providers and America investment management firms.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E RELX (London) $57,959 $66,820 6.6x 6.1x 17.9x 15.9x 11% 9% 37% 38% Thomson Reuters 55,348 56,735 9.1x 8.7x 28.8x 25.0x 4% 5% 32% 35% Wolters Kluwer 29,442 32,304 5.8x 5.6x 18.2x 17.4x 6% 4% 32% 32% Gartner 24,696 27,108 5.9x 5.2x 23.0x 26.7x 14% 14% 25% 19% Informa 10,818 13,878 5.4x 4.3x 19.4x 14.1x 21% 25% 28% 31% Pearson 8,459 9,534 2.0x 1.9x 11.1x 10.1x (2%) 4% 18% 19% The Nielsen Company 8,295 14,100 4.0x 3.9x 9.5x 9.1x (44%) 4% 43% 43% Euromoney Institutional Investor 1,579 1,635 3.5x 3.0x 14.1x 11.6x 8% 16% 25% 26% Forrester Research 866 866 1.8x 1.6x 12.8x 11.6x 11% 8% 14% 14% Comscore 319 523 1.4x 1.3x 18.5x 13.1x 4% 5% 8% 10%

Trim Mean 4.4x 4.0x 16.9x 14.8x 7.0% 7.9% 26.3% 26.8% Median 4.7x 4.1x 18.1x 13.6x 7.1% 6.3% 26.6% 28.5%

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. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies 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 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry

InsurTech

. Acquirer(s) / As we noted in our latest update on the InsurTech sector, the Covid Target / Issuer Description pandemic meaningfully accelerated adoption of digital technologies across Investor(s) all sectors of the economy but has really provided momentum in the insurance industry 6/27/2021 WeSure Insurance (Kfar Saba, Israel) acquired by Ayalon . InsurTechs that offer solutions that complements existing players in Holdings (Ramat Gan, Israel) for $109 mm . Ayalon Holdings Ltd underwriting process, processing claims, and enabling faster or easier provides insurance products and services including car insurance, car selling experience are particularly seeing faster adoption compared to possession insurance, property cover, life insurance that covers solutions that aim to completely disrupt the status quo sickness, disability and death policies . Increasingly, we are starting to witness convergence between non- insurance and insurance players. Some notable examples include Walmart 7/6/2021 Lereta, a leading national provider of real estate tax and launching insurance brokerage services and Ford teaming with Metromile to flood services for mortgage servicers, announced today that they have offer UBI insurance options. Similarly, many insurance companies are reached an agreement to sell the company to private equity firms venturing outside of traditional insurance with several recent examples of Flexpoint Ford and Vestar Capital Partners. The combination of these investments in Wealthtech, Payments or Energy efficiency solutions two firms provides deep expertise in financial services . InsurTech capital raising continues at a record pace in 1H’2021 setting a new high with companies raising over $4.5 bn across approximately 200 7/14/2021 YuLife (London, England) raised $69 mm of Series B deals venture funding in a deal led by Target Global (Berlin, Germany) to  YuLife raised $69mm of Series B venture funding, led by Target develop new products, expand UK market penetration, and reach into Global, to develop new products, expand market penetration, and new global markets. Developer of a platform that offers life and reach new global markets medical insurance plans and health living rewards  Kin Insurance, a D2C platform that helps homeowners purchase insurance within minutes, went public via a SPAC merger

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E Aon $59,236 $66,370 5.5x 5.2x 17.3x 16.3x 11% 5% 32% 32% Guidewire Software 9,680 9,062 12.1x 11.2x n.m. n.m. 8% 8% 2% 5% ZhongAn 8,090 8,725 2.6x 2.0x n.m. n.m. 26% 26% 4% 5% Duck Creek Technologies 5,928 5,578 20.8x 17.6x n.m. n.m. 20% 18% 5% 5% Lemonade 4,900 3,792 30.5x 18.3x n.m. n.m. 34% 67% n.m. n.m. SelectQuote 2,913 3,048 2.8x 2.1x 11.1x 8.0x 50% 33% 25% 26% GoHealth 2,871 4,049 3.3x 2.6x 11.2x 8.2x 41% 27% 29% 32% Oneconnect 2,161 1,824 2.8x 2.2x n.m. n.m. 30% 30% n.m. n.m. MoneySupermarket.com Group 1,915 1,903 4.0x 3.7x 12.8x 11.0x (1%) 8% 31% 33% Root Insurance 1,826 899 3.1x 2.0x n.m. n.m. (53%) 58% n.m. n.m. MediaAlpha 1,813 1,925 2.8x 2.1x 29.1x 20.3x 25% 29% 9% 11% Sapiens International 1,553 1,532 3.3x 3.0x 17.8x 15.5x 22% 10% 19% 19% ehealth 1,283 1,240 1.8x 1.5x 10.6x 8.4x 19% 21% 17% 18% Ebix 932 1,558 1.7x 2.0x 9.8x 7.8x 46% (16%) 17% 26% Fineos 795 770 5.9x 5.2x n.m. n.m. 15% 12% n.m. 13% EverQuote 699 699 1.6x 1.3x 28.0x 17.7x 30% 19% 6% 8% Huize.com 179 171 0.6x 0.4x n.a. n.a. 60% 29% n.a. n.a. Trim Mean 4.9x 4.3x 15.5x 12.1x 24.9% 22.3% 16.3% 17.7% Median 3.1x 2.2x 12.8x 11.0x 24.7% 20.7% 17.2% 17.8%

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. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies 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 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry

Payments Tech

. Acquirer(s) / Fintech is at the epicenter of technology-driven disruption and adoption is Target / Issuer Description exploding around the world, with the pandemic continuing to fuel the fire Investor(s) . Traditional FIs are stuck with legacy technology, heavy regulation, and 7/5/2021 Pleo (Copenhagen, Denmark) raised $150 million of Series antiquated models C venture funding in a deal led by Bain Capital Ventures and Thrive . Fintech brings best of tech together: mobile, cloud, AI, machine learning, Capital to improve technology and to increase business development. APIs, awesome UI/UX Pleo develops a business spending platform intended provides . 2021 is poised to be a watershed year for the BNPL category with payments company cards paired with mobile receipt matching and real-time companies jumping in headfirst to add these product capabilities to their expense tracking. roster. BNPL offers a superior financial solution that is a win-win for both consumers and merchants 7/19/2021 Bill.com (San Jose, CA) acquired Invoice2go (Palo Alto,  Square, PayPal are entering an emerging market to compete with CA) for $625 mm. Invoice2go develops a professional invoicing Affirm, Sezzle, Klarna platform for small business owners and freelancers to win jobs, track . Some notable transactions are: work, and get paid. The platform offers invoicing, expense tracking,  Square acquired Afterpay in an all stock $29 bn deal, which accelerates and reporting tools enabling businesses to manage cash flow. Square’s priorities for Seller and Cash App ecosystems  Klarna, the global buy-now-pay-later platform, raised $639 mm at a 7/22/2021 Visa (San Francisco, CA) acquired CurrencyCloud (London, $45.6 bn valuation England) for $986 mm. CurrencyCloud develops foreign exchange  Payments processor and card issuing platform Marqeta raised $1.23 bn payments automation platform designed to remit cross border in its IPO, valuing the company at $14 bn payments through using automated end to end payment process. The platform includes collection and conversion services and digital currency management features.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E Visa $527,115 $531,842 21.1x 17.9x 29.0x 25.2x 19% 18% 73% 71% MasterCard 367,021 374,287 19.9x 16.7x 34.6x 27.5x 24% 19% 57% 61% PayPal Holdings 329,796 326,346 12.7x 10.3x 43.0x 35.2x 20% 23% 29% 29% Shopify 192,117 185,438 39.8x 30.1x n.m. n.m. 60% 32% 16% 11% Square 129,547 127,250 6.6x 5.9x n.m. n.m. 105% 11% 5% 6% Adyen 85,302 83,902 74.2x 52.3x n.m. n.m. (73%) 42% 62% 63% Global Payments 50,025 59,139 7.7x 7.0x 16.3x 14.4x 14% 10% 47% 48% Evolution Global 34,984 34,837 27.5x 21.0x n.m. n.m. 94% 31% 69% 68% Worldline 25,982 30,848 5.1x 4.7x 20.4x 17.9x 92% 9% 25% 26% FleetCor Technologies 21,737 25,514 9.2x 8.2x 16.1x 14.2x 17% 13% 57% 58% Affirm 17,804 18,294 18.7x 14.3x n.m. n.m. 46% 31% n.m. n.m. Western Union 9,049 8,425 1.6x 1.6x 6.4x 6.0x 7% 3% 26% 26% WEX 8,032 10,809 5.9x 5.2x 14.6x 12.1x 18% 14% 40% 43% Trim Mean 15.8x 12.8x 21.8x 18.6x 37.4% 19.1% 42.8% 43.4% Median 12.7x 10.3x 18.3x 16.2x 20.2% 17.9% 43.7% 45.7%

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. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies 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 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry

Real Estate Tech

. Acquirer(s) / A key trend is continuing to drive inorganic expansion across the entire Target / Issuer Description value chain of mortgage lending as various participants chase the holy grail Investor(s) of end-to-end digitization of a real estate transaction . All of this was evident in our most recent transaction, where we advised on 6/30/2021 Side (San Francisco, CA) raised $50 mm of Series D1 the sale of Novantas, a data, intelligence and software solutions provider to venture funding in a deal led by Tiger Global Management (New York, the banking industry NY) to prepare for a future IPO. Side's real estate platform technology . We are similarly advising two other mortgage tech platforms that are looking that improves real estate agent productivity, legal compliance, to sell themselves – one is a leading provider of information services, data marketing programs, and customer experience analytics, and workflow automation (focused on credit decisioning) offerings to the mortgage lending community and another is a SaaS platform that 7/7/2021 Black Knight, Inc (Jacksonville, FL) acquired Top of Mind caters to borrowers (helps automate payments and improve credit), Networks (Atlanta, GA) for $250 mm and will be integrated with the servicers (real-time intelligence on DTI), originators (lead generation and Black Knight Empower loan origination system (LOS). Top of Mind greater ROI on customer acquisition) Networks develops marketing automation and CRM software for the  Neo Technology Acquisition plans to raise capital through a $40 mm real estate, enabling clients to handle customers after closing IPO, listed as NFTTU  Black Knight, Inc acquired Top of Mind Networks for $250 mm and will be integrated with the Black Knight Empower loan origination system 7/26/2021 Neo Technology Acquisition (New York, NY) plans to raise capital through a $40 mm IPO and will be listed on the Nasdaq under IPO the ticker NFTTU. Neo Technology Acquisition is a SPAC that targets real estate technology businesses in Asia and North America

(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% Zillow Group 27,306 25,528 3.8x 2.7x n.m. n.m. 101% 44% 9% 7% REA Group 16,308 16,482 22.4x 19.1x 37.4x 31.8x 16% 17% 60% 60% Fair Isaac 13,825 14,700 11.0x 10.2x 27.0x 23.9x 9% 7% 41% 43% Fidelity National Financial 13,400 13,442 1.1x 1.2x 4.3x 5.4x 27% (11%) 25% 22% Black Knight (US) 12,673 15,407 10.6x 9.8x 21.7x 19.5x 18% 8% 49% 50% First American 7,462 12,456 1.5x 1.7x 12.2x n.a. 19% (10%) 13% n.a. Radian Group 4,194 5,906 4.5x 4.4x n.a. n.a. (6%) 3% n.a. n.a. Stewart Title Guaranty Company 1,579 1,437 0.5x 0.5x 3.7x 5.3x 36% (10%) 13% 10% Real Matters 785 714 2.2x 4.0x 13.9x 10.2x 108% (45%) 16% 39% Altisource Portfolio Solutions 141 363 1.8x 1.5x n.m. n.m. (44%) 23% n.m. 4%

Trim Mean 5.0x 4.8x 15.7x 14.4x 24.0% 4.3% 30.2% 32.4% Median 4.2x 4.2x 14.6x 13.8x 17.0% 7.3% 32.6% 40.8%

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. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies 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 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry

Regulatory Tech

. Acquirer(s) / It’s a fun time to be a banker in the GRC “Governance, Risk and Target / Issuer Description Compliance” space. The current environment some would say “This is really Investor(s) just the perfect storm”. You have the problem of changing regulations that firms are trying to embrace and adopt with increased frequency, these are 7/14/2021 Quantexa (London, United Kingdom) raised $153 million of increasingly complex, and we also have firms that are trying to solve the Series D venture funding in a deal led by Warburg Pincus (New York, problem by throwing more and more people at it instead of changing their NY) to accelerate its plans for regional market expansion, to build out approach with technology and data its product portfolio and look for inorganic growth. Quantexa develops analytics technology to address financial crime . This ends up with increasingly costly, inefficient arrangements to solve the problem of financial crime, trade surveillance, less sophisticated risk 7/19/2021 MeridianLink (Costa Mesa, CA) filed to go public on the parameters -- all to ensure compliance. This will be expensive and, as in New York Stock Exchange under the symbol of MLNK with the years past will drive higher valuations for these companies looking for offering amount at $300 mm. MeridianLink Inc is a cloud-based IPO capital or full sales software solutions for financial institutions, including banks, credit  Sundae raised $80 mm of Series C venture funding in a deal led by unions, mortgage lenders, specialty lending providers, and consumer Fifth Wall and General Global Capital to expand into new markets, reporting agencies invest in the platform and increase marketing  MeridianLink filed to go public on NYSE with the offering amount at 7/20/2021 Sundae (San Francisco, CA) raised $80 million of Series C $300 mm venture funding in a deal led by Fifth Wall and General Global Capital to expand into new markets, invest in the platform and increase marketing. Sundae's platform sells dated or damaged homes off- market without any cleanup or repairs

(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% RELX (London) 57,959 66,820 6.6x 6.1x 17.9x 15.9x 11% 9% 37% 38% Thomson Reuters 55,348 56,735 9.1x 8.7x 28.8x 25.0x 4% 5% 32% 35% MSCI (US) 51,723 53,860 26.9x 24.4x 46.0x 40.9x 18% 10% 59% 60% Experian 41,321 45,516 7.6x 6.9x 21.9x 19.6x 13% 10% 35% 35% Equifax 31,167 34,629 7.2x 6.8x 21.1x 18.0x 17% 6% 34% 38% Verisk Analytics 30,642 33,787 11.3x 10.6x 23.2x 21.5x 8% 7% 49% 49% Wolters Kluwer 29,442 32,304 5.8x 5.6x 18.2x 17.4x 6% 4% 32% 32% NICE Systems 17,145 16,482 8.9x 8.1x 25.4x 22.8x 11% 11% 35% 35% Fair Isaac 13,825 14,700 11.0x 10.2x 27.0x 23.9x 9% 7% 41% 43% Temenos 11,878 12,742 12.9x 11.6x 27.7x 25.3x 10% 11% 46% 46% W ork iva 6,846 6,627 15.4x 13.1x 1194.1x n.m. 24% 17% 1% 2% First Derivatives 894 946 2.7x 2.4x 20.3x 16.6x 5% 13% 13% 15% Trim Mean 9.1x 8.3x 24.5x 20.0x 10.7% 8.6% 36.6% 37.8% Median 8.3x 7.5x 22.5x 19.6x 10.4% 8.1% 36.0% 38.0%

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. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies 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 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry

Securities Exchanges

. Acquirer(s) / We’ve noticed more and more talk from investors lately that foresee change Target / Issuer Description and technology advancement heading to the institutional and alternative Investor(s) money management space. The Exchanges are trying to jump ahead of this one. In some cases, they think they are already there and are keeping 7/09/2021 Bullish, a cryptocurrency exchange backed by billionaire watch for the further integration of cryptocurrency into the back-end. It’s not entrepreneur Peter Thiel, announced it's going public in a merger with just a marketing trick anymore IPO special purpose acquisition company Far Peak Acquisition in a deal valued at $9bn. The company is expected to have approximately . While the pandemic might show the broader venture ecosystem the $600mm in net cash, including $300mm from EFM Asset Management innovation that needs to happen in the sector many of the strategic buyers and investors we spoke to saw the writing on the wall years ago and look toward the opportunities that will continue to emerge as the pandemic 7/15/2021 LMAX (London, England) reached a definitive agreement to continues to fade. The whole securities exchanges and market infrastructure sell a 30% stake in the company to J.C. Flowers & Co. (New York, NY) ecosystem needs to change to reflect the world that we are in for $300 mm. LMAX is a cryptocurrency exchange and trading venure  FTX raised $900 mm of Series B venture funding to expand its operator and helps private and institutional investors trade on the products, user base, and partnerships market  LMAX, a cryptocurrency derivative exchange and supports quarterly 7/20/2021 FTX (Saint John's, Antigua) raised $900 mm of Series B and perpetual futures for all major cryptocurrencies and OTC derivates venture funding from Bond, Schoeneck & King and Coinbase Ventures to further expand its products, and user base and partnerships. FTX operates a cryptocurrency derivative exchange and supports quarterly and perpetual futures for all major cryptocurrencies and OTC derivates

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E HKEx $85,112 $43,045 14.5x 12.6x 17.9x 14.4x 22% 15% 81% 88% CME Group 74,791 77,071 15.9x 15.0x 24.1x 22.3x (1%) 6% 66% 67% Intercontinental Exchange 67,252 81,515 11.7x 11.3x 18.6x 17.6x 16% 4% 63% 64% London Stock Exchange Group 52,491 52,491 5.6x 5.1x 11.6x 10.6x 201% 9% 48% 48% NASDAQ 31,548 37,032 11.0x 10.5x 19.6x 19.0x 17% 5% 56% 55% Deutsche Börse Group 30,921 89,225 21.5x 19.9x 37.3x 34.0x 8% 8% 58% 59% Cboe Global Markets 12,901 13,764 9.7x 9.4x 15.2x 15.0x 14% 3% 63% 63% Japan Exchange Group 12,191 10,694 8.6x 8.5x n.a. n.a. 0% 1% n.a. n.a. Euronext 11,709 n.m. n.a. n.a. n.a. n.a. 44% 17% 44% 40% ASX 11,535 1,035 1.5x 1.4x 2.0x 1.9x 7% 4% 72% 73% Singapore Exchange 8,957 8,544 10.5x 9.9x 17.7x 16.5x 5% 6% 60% 60% TMX Group 6,372 6,910 8.8x 8.5x 14.6x 14.4x 13% 4% 61% 59% Terminix Global Holdings 6,038 6,715 3.3x 3.2x 17.4x 16.2x 4% 4% 19% 19% Trim Mean 10.7x 10.1x 17.4x 16.2x 14.7% 6.4% 60.7% 60.9% Median 10.5x 9.9x 17.8x 15.8x 13.5% 5.5% 60.6% 60.2%

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. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies 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 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry

Wealth Tech

. Acquirer(s) / It was apparent through covid-19 that wealth management is broken. A Target / Issuer Description large portion of the process is transaction-based, paper-based, in-person Investor(s) based market. Some of the behind the scenes work still involves fax 7/12/2021 Mpower Financing (Washington, DC) raised $153 mm of machines. When you think about the world today, especially post COVID- venture funding in the combination of equity and debt from ETS 19, it’s the exact opposite. While the virus has exposed these inefficiencies, Strategic Capital, King Street Capital Management and JBF Capital to multiple investor and strategic buyers in the industry were already trying to scale grow its operations in Bengaluru. Operator of a platform that innovate for the future challenges the incumbent industry is rapidly JBF Capital offers education-related loans for international and DACA students approaching . With these changes has come greater opportunity for segmentation of the 7/13/2021 The Vanguard Group (Valley Forge, PA) acquired Just market, which allows for more innovation aimed at customers with varying Invest (Oakland, CA) through an LBO for an undisclosed sum. Just degrees of wealth. However, despite the market’s progress, the coronavirus Invest provides portfolio customizations for advisers and investors has shined a light on its current inefficiencies and how much further wealth across multi-asset class portfolios and provides both asset allocation management has left to go to be a meaningful digital player and investment services, tax management and client engagement  JP Morgan Chase acquired Nutmeg, one of the UK’s leading solutions independent digital wealth managers, to complement the digital bank planned for launch in the UK under the Chase brand 7/20/2021 Vestwell (New York, NY) raised $70 mm of Series C venture funding in a deal co-led by Wells Fargo Strategic Capital and  Vestwell raised $70 mm in Series C venture funding in a deal led by Fin Venture Capital to expand the team and platform functionality. Wells Fargo Strategic Capital and Fin Venture Capital to expand the Vestwell develops a digital retirement platform with automated team and platform functionality retirement investing options for rias

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E CY2021E CY2022E *Charles Schwab & Co. $130,724 $130,724 7.1x 6.9x n.a. n.a. 58% 4% n.a. n.a. MSCI (US) 51,723 53,860 26.9x 24.4x 46.0x 40.9x 18% 10% 59% 60% *BNY Mellon 44,712 44,712 2.8x 2.8x n.a. n.a. (1%) 2% n.a. n.a. *State Street 30,053 30,053 2.5x 2.5x n.a. n.a. 3% 2% n.a. n.a. *Northern Trust 23,388 23,388 3.6x 3.5x n.a. n.a. 5% 4% n.a. n.a. Broadridge Financial Solutions 20,198 21,872 4.3x 4.0x 19.3x 16.7x 13% 6% 22% 24% SS&C Technologies 19,491 25,812 5.2x 5.0x 13.0x 12.4x 7% 4% 40% 40% SEI Investments 8,665 7,900 4.1x 3.9x 10.2x 10.1x 14% 6% 41% 39% SimCorp 5,277 5,266 9.0x 8.2x 30.3x 27.7x 6% 10% 30% 29% Envestnet 4,051 4,647 4.0x 3.6x 18.1x 16.9x 18% 11% 22% 21% IRESS 2,011 2,172 4.9x 4.6x 20.4x 19.6x 20% 5% 24% 24% AssetMark 1,842 1,828 4.8x 4.2x 11.7x 9.9x 28% 16% 41% 42% Donnelley Financial Solutions 1,177 1,442 1.6x 1.6x 6.2x 6.5x 4% (2%) 26% 25% Equiniti Group 912 1,274 1.9x 1.9x 9.8x 9.0x (3%) 4% 20% 21% First Derivatives 894 946 2.7x 2.4x 20.3x 16.6x 5% 13% 13% 15% Blucora 759 1,120 1.3x 1.2x 8.3x 7.5x 16% 5% 16% 16% Trim Mean 4.2x 3.9x 16.1x 14.6x 11.1% 6.2% 28.0% 28.2% Median 4.1x 3.7x 15.5x 14.5x 10.1% 5.3% 24.9% 24.6% *Assumming Equity Value equals Enterprise Value for financial institutions providing custodial 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. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies 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 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry

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Palo Alto, CA New York, NY A company backed by Palo Alto, CA Hermosa Beach, CA New York, NY Dublin, Ireland has agreed to combine with Has acquired has made significant equity has been acquired by investments into has received a majority equity investment from amongst others… St. Louis, MO and Morristown, NJ Has acquired A portfolio company of and A portfolio company of New York, NY London, United Kingdom New York, NY New York, NY New York, NY Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to Symphony Communications Symphony Communications Marlin Equity Partners OptionMetrics, LLC Novantas, Inc. ClaimVantage

Shelton, CT Toronto, Canada Jersey City, NJ Barcelona, Spain Stamford, CT New York, NY has been acquired by has been acquired by has been acquired by has agreed to sell the MuniBrokers has been acquired by has agreed to be acquired by business to

Lawrence, MA San Diego, CA A portfolio company of A portfolio company of

New York, NY Bologna, Italy Mumbai, India Chicago, IL

Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive strategic and financial advisor to TABS strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to Analytics Grapevine6 Hartfield, Titus & Donnelly Strands, Inc. Greenwich Associates, LLC Hanweck Associates, LLC

Denver, CO Pleasanton, CA Danbury, CT Orlando, FL Brisbane, Australia London, United Kingdom has received a majority equity a division of Greenwich Associates has agreed to be acquired by has been acquired by has received growth capital from has agreed to be acquired by investment from was acquired by

Pittsburgh, PA Livonia, MI A portfolio company of A portfolio company of New York, NY Lake Success, NY Vancouver, BC Edinburgh, United Kingdom

Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as financial Marlin & Associates acted as strategic strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to advisor to GBST Holdings Limited and financial advisor to NinjaTrader Group, LLC Greenwich Associates, LLC ClearStructure Financial Technology, LLC Kore.ai StatPro Group plc

19 © Copyright Marlin & Associates Holding LLC 2021 Contents Our August Report on M&A in the FinTech, Data and Analytics Industry

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London, United Kingdom New York, NY New York, NY Reston, VA Wilton, CT Shelton, CT has sold Preqin Solutions to has sold a minority equity interest in has received a majority equity its subsidiary has been acquired by has acquired has been acquired by investment from

Boston, MA A portfolio company of London, United Kingdom Mclean, VA to A portfolio company of New York, NY Kansas City, MO Troy, MI Singapore Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to TABS strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to Zoomdata, Inc. Private Client Resources, LLC Analytics Preqin, Ltd. TradingScreen Inc. SALIDO, Inc.

New York, NY Charlotte, NC Boston, MA New York, NY Toronto, Canada Chicago, IL received a has sold Financial Engineering has received a $61mm has received an equity investment has received an equity investment from has been acquired by series B investment led by Associates, Inc. to investment from from

Dallas, TX A portfolio company of Boston, MA Boston, MA & San Francisco, CA New York, NY Boston, MA Jacksonville, FL

Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as strategic Marlin & Associates acted as exclusive strategic and financial advisor to MSCI strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to and financial advisor to Empow strategic and financial advisor to Inc. Tier1CRM OptionsCity Software SERMO, Inc. Zenmonics

Affiliate of

Hamilton, Bermuda New York, NY New York, NY Darien, CT Addison, TX Toronto, Canada A portfolio company of has received a $30 million has received an equity investment has acquired Received a $250mm credit has sold the Atrium wireless and equity investment from from facility from affiliate of extranet infrastructure businesses to

has been acquired by Atlanta, GA

White Plains, NY San Francisco, CA New York, NY Boston, MA Atlanta, GA Geneva, Switzerland Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to TMX strategic and financial advisor to Rapid Ratings Aquiline Holdings LLC Investment Metrics Think Finance Group QuoVadis and ABRY

Clients Choose Us To Advise Them On Their Most Important Strategic Decisions

London, United Kingdom Port Talbot, United Kingdom Brentwood, TN New York, NY New York, NY Phoenix, AZ has completed a majority received an investment from received an investment from has been acquired by has been acquired by has been acquired by recapitalization with

a portfolio company of a portfolio company of London, United Kingdom Lake Success, NY Boston, MA and San Francisco, CA New York, NY Marlin & Associates acted as Marlin & Associates acted as exclusive Marlin & Associates acted as strategic Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive exclusive strategic and financial strategic and financial advisor to and financial advisor to Agilum strategic and financial advisor to strategic and financial advisor to M&O strategic and financial advisor to advisor to OpenGamma Vizolution Healthcare Intelligence Advise Technologies, LLC Systems, Inc. BillingTree

Salt Lake City, UT New York, NY Boston, MA New York, NY San Mateo, CA Singapore has been acquired by has been acquired by has invested in has been acquired by received a strategic investment from

has secured an early stage Palo Alto, CA funding round a portfolio company of Chicago, IL Tokyo, Japan Windsor, CT Dublin, Ireland

Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as financial strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to advisor to Aquiline Capital Partners iTransact Group, LLC Xignite Crayon Data Alacra Varden Technologies

has sold the assets of Paris, France Campbell, CA Dublin, Ireland London, United Kingdom San Francisco, CA has acquired the Business Process received an investment from has been acquired by Management business from invested in has led a $60 million investment in

London, United Kingdom Palo Alto, CA London, United Kingdom New York, NY

Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive strategic and financial advisor to CNO strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to CIT financial advisor Francisco Partners Financial Group Information Mosaic Everteam Trunomi Growth Capital

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

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

Tom Selby Aalap Merchant Managing Director Managing Director

Sam Wilcox New York City Toronto Jordan Wittbrot

Woolley Capital Partners

Al Sisca Henry Kamp

8 Samuel Martinez Ananth Panchanadam

We Deliver Exceptional Results

Boutique Investment Banking Firm of the Year Middle-Market Investment Bank of the Year

Middle-Market Investment Bank of the Year (US) TMT Advisory Firm of the Year (US)

Advisory Firm of the Year (US) Deal of the Year (Parthenon / BillingTree)

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

Middle-Market Investment Bank of the Year (US) Small Tech Fund Raising of the Year for CRM

Professional Services (B2B) Deal of the Year Capital Raising Advisory Firm of the Year (2017)

Boutique Investment Banking Firm of the Year Boutique Investment Banking Firm of the Year

Gamechanger of the Year (US), Ken Marlin Cross-Border Deal of the Year (2016)

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

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