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F in an Cial Tech N O Lo February 2018 Financial Technology MARKET UPDATE M&AMARLIN & ASSOCIATES INVESTMENT BANKING AND STRATEGIC ADVISORY TO THE FINANCIAL TECHNOLOGY AND INFORMATION SERVICES INDUSTRIES New York Washington, D.C. Toronto Financial Technology Financial www.MarlinLLC.com © Marlin & Associates Holdings LLC, All Right Reserved DEAR CLIENTS AND FRIENDS, One $20 Billion Deal – and Four Big-Money Fintech bets in 2018. Our February M&A Update Dear Clients and Friends, Our latest Fintech m&a report can be found below. It highlights m&a trends and transactions in the seven segments of the Fintech world that we follow and sometimes lead. Please see below for our February Fintech Market Update. Clearly, the big deal this month is Blackstone (together with Canada Pension Fund and Singapore’s GIC) buying 55% of Thomson Reuters’ financial information business (commonly referred to as “Reuters”, even though the original Newswire business is not part of the transaction.) At around US$20 billion (including debt), this is Blackstone Group’s largest deal since the financial crisis, and it’s the biggest deal EVER in Fintech. So what does it mean? We see Blackstone and its partners making four big-money bets: This is a bet on FinTech outsourcing. For 30+ years people have been predicting that financial services firms, which spend billions on internal development, would soon outsource the majority of this effort to 3rd parties such as Reuters. But it has been slow in coming. This is a bet that the FinTech world is changing – driven by increasingly complex regulatory requirements, competitive pressures, and the requirement to meet customer needs with expensive data feeds and mobile-enabled enterprise applications using secure reliable AI, Big Data Analytics, biometrics, cloud, neural networks, SaaS, social media integration and more. It’s too hard to do internally for all but the largest. This is a bet on b2b. The press may be focused on B2C Fintech, but firms such as Reuters, Bloomberg, Broadridge, Cognizant, Morningstar, FIS, Fiserv, NRI, SS&C, Tata, and a few others are reaping huge rewards while mostly selling to businesses. This is a bet that this very large market will continue to expand. This is a bet on global. Reuters is one of a handful of FinTech players with global scale. China may have several Fintech "unicorns" (e.g., Ant Financial, Alibaba, JD Finance, and Tencent) but none yet have the global reach of Reuters. This is a bet that leveraging those capabilities will be a lasting differentiating factor. This is a bet that legacy players can win. Meaning no disrespect to the “disruptors” such as Addepar, Betterment, Credit Karma, Kabbage, Oscar, Stripe, SoFi, Wealthfront, etc., but legacy FinTech players are not asleep. They are acquiring (See JP Morgan’s acquisition of WePay, and PayPal’s acquisition of Xoom); partnering (See Visa’s investment into Klarna); and innovating (See the GS Bank). Reuters has been no exception. These firms are saying to us “… just watch how our new products perform, wait until the next economic downturn, and we’ll see who the winners will be.” As you will see in the report found below, m&a values in this space continue to rise. Some of the more interesting transactions this month include: • Private equity funds managed by The Blackstone Group • Silver Lake and P2 Capital Partners agreed to acquire (NYSE:BX), Canada Pension Plan Investment Board and GIC Blackhawk for $3.5bn, valuing the company at an implied Pte agreed to acquire a 55% stake in the Financial & Risk 1.8x LTM revenue and 25.4x LTM EBITDA, business of Thomson Reuters, valuing the business unit at • ING (ENXTAM:INGA) agreed to acquire a 75% stake in $20bn, Payvision for €270mm (~$333mm), implying an enterprise • SS&C (NASDAQ:SSNC) agreed to acquire DST for $5.7bn, value of €360mm ($444mm). valuing the company at an implied 2.5x LTM revenue and 11.1x LTM EBITDA, Please see our February Fintech M&A Update below. Sincerely, Kenneth B. Marlin | Managing Partner Marlin & Associates | www.marlinllc.com Marlin & Associates is one of the most active firms advising buyers and sellers of U.S. and international middle-market firms that provide software, data, and related services. The firm is based in New York City, with offices in Washington, D.C., and Toronto, Canada. It has been the recipient of numerous awards including “Boutique Investment Bank of the Year,” “Middle-Market Investment Bank of the Year,” "Middle-Market Financing Agent of the Year – Equity," and “TMT Advisory Bank of the Year.” Marlin & Associates' team of professionals has advised over 200 information-technology transactions. FEBRUARY 2018 MARLIN & ASSOCIATES: FINTECH MARKET UPDATE Financial Technology is a complex industry that serves a wide range of customers, including retail, commercial, merchant and investment banks; asset managers; insurance companies; securities exchanges; corporations (treasurers and CFO’s); merchants (payments); and a host of other financial services industry participants, consumers and intermediaries who interface with these financial institutions. 3 Marlin & Associates 8 Events 9 Sector Comparison 10 Sector Analyses 10 Banking Software & Processors 11 Capital Markets Software & Services 12 Data & Analytics – Financial Services 13 Insurance Technology 14 Payment Technology 15 Securities Exchanges 16 Technology-Enabled Financial Institutions 17 Case Studies FEBRUARY 2018 MARLIN AND ASSOCIATES: WHO WE ARE OUR SENIOR TEAM BRINGS EXTENSIVE DEPTH, BREADTH AND INDUSTRY EXPERTISE TO OUR CLIENTS Founder and Managing Partner of M&A • Twice named to II’s Tech 50 Chief Operating Officer of M&A • Member Market Data Hall of Fame • 20+ years of M&A experience advising • MD Veronis Suhler Stevenson technology and PE firms, globally • CEO of Telesphere Corporation • VP Business Development at FactSet • CEO of Telekurs (NA) • M&A attorney of Skadden, Arps, Slate, • EVP Bridge Information systems Meagher and Flom • SVP at Dun & Bradstreet • CFO of JCF Group • BA from the University of California (Irvine) • MBA from Columbia Business School • MBA from UCLA, post-MBA from New • J.D. from Fordham Law School Ken Marlin York University • CFA Charterholder Jason Panzer • 18+ years of investment banking and • 20+ years of investment banking private equity experience experience • Named twice to Dealer’s Digest and • Experience working with both large recently M&A Advisor’s “40-Under-40” corporations and entrepreneurial • Founded Marlin & Associates with Ken technology-based companies Marlin • Formerly at Robertson Stephens and • Formerly at Veronis Suhler Stevenson, PaineWebber (UBS) Morgan Stanley, and American • BS, Finance from Pennsylvania State International Group University • BS from Binghamton University Michael Maxworthy Paul Friday • 18+ years of M&A experience • 10+ years of technology investment • VP of Business Development at banking experience SunGard • Experience working with both large • Founder of software company sold to corporations and entrepreneurial SunGard technology-based companies • Started career designing trading software • Formerly at BNPParibas, for TD Bank • MBA, NYU Stern, MS from • BaSC, Engineering from University of CentraleSupelec Toronto Tom Selby Sam Levy • 8+ years of M&A experience • Formerly a corporate finance & strategy consultant at Pöyry and Huron Consulting • CFA Charterholder • BS, Finance & Accounting from Villanova University Louis DeRose "“The team at Marlin & Associates was critical to our completion of this important strategic transaction, providing invaluable guidance throughout every step of the process. Their expertise in financial technology, SaaS, and the Salesforce ecosystem helped us to prepare effectively and best position Tier1CRM to potential investors. We could not have closed this transaction without their steady hand.” Mark Notten CEO, Tier1CRM Note: Not a complete list FEBRUARY 2018 OUR FOUNDING PARTNER HAS FOUR TIMES BEEN RECOGNIZED AS ONE OF THE MOST INFLUENTIAL PEOPLE IN FINANCIAL TECHNOLOGY “Deal making is as integral to the evolution of the financial technology industry as the technologies themselves and Ken Marlin has been in the thick of it...” – Institutional Investor 2014 . In 2011, Institutional Investor, the international publisher focused primarily on international finance, has named M&A’s Founding Partner, Ken Marlin, as one of Institutional Investor’s Tech 50, which honored the 50 most “disruptive” figures in the financial technology sector . Institutional Investor calls these 50 people disrupters because they're changing the way Wall Street does business . Ken was the only investment banker included on the list . In 2014, Institutional Investor again named Ken as one of the 50 most influential people in financial technology . Ken was, again, the only investment banker included on the list . In 2015 and 2016, Institutional Investor named Ken one of the “35 Most Powerful Dealmakers of 2016” . Institutional Investor calls these 35 people the influential financiers that accelerate financial start-up’s paths to commercialization Candidates were evaluated by four primary sets of attributes: achievements and contributions over the course of a career; scope and complexity of responsibilities; influence and leadership inside and outside the organization; and pure technological innovation. FEBRUARY 2018 PEER AND INDUSTRY GROUP RECOGNITION “We are always grateful to be recognized for our hard work, but we are more pleased that we are able to help our clients achieve the results that they seek.” Ken Marlin Founder and Managing
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