E N Terp Rise D Ata & a N Alytics

Enterprise Data & Analytics FEBRUARY 2017 www.MarlinLLC.com M&A INVESTMENTBANKING STRATEGICAND ADVISORY TO THE TECHNOLOGY, MARLIN &ASSOCIATES MARLIN INFORMATION AND HEALTHCARE INDUSTRIES UPDATE MARKET Analytics & Enterprise Data © Marlin & Associates Holdings LLC, All Right Reserved Right All LLC, Holdings Associates & Marlin © Washington, D.C. San Francisco New York New Toronto DEAR CLIENTS AND FRIENDS,

Big Data, Analytics, and Politics. Our February 2017 Enterprise Data & Analytics Update

Please see our latest update on m&a trends for the four segments of the Enterprise Data and Analytics sector that we follow, and sometimes lead, below. In December we wrote a blog post on why Data & Analytics failed the pundits predicting the outcome of the Brexit referendum and our recent Presidential Election. A few weeks ago, in our Fintech Market Update, we noted that, in spite of the fears raised by many of these same pundits, following both events, interest rates did not skyrocket – they fell; and securities markets did not crater; they rose. The sky has not fallen...yet…

There are many drivers of this continued growth. Among them, we note three:

The first is simply optimism. We meet with buyers, sellers, and investors every day and it is clear that in the aggregate, most are willing to bet that our institutions and sanity will prevail regardless of the breathless pronouncements of politicians and pundits. I hope they are correct. If that optimism should fail – watch out for falling objects from the sky.

The second driver of growth is the abundance of cash. There is over $1 trillion of committed, unspent capital available for m&a transactions out there - and a lot of people whose job is to spend it as long as the values are rising….

The third driver of growth is the continued impact of innovation – particularly the continued refinement, expansion, and adoption of software tools that take advantage of advances in Artificial Intelligence and Machine Learning, and then combine those with Big Data analytic capabilities to offer disruptive solutions to real problems. This is where our current market report shines its brightest light.

As you will see from the report that follows, in a market characterized by optimistic buyers with plenty of cash and debt capacity who are chasing the few truly innovative firms that have reached scale, transaction values have continued to be strong – particularly among the growing Enterprise Data and Analytics companies with market values below $500 million. And that’s our world.

At the same time, we note that this is not a rising tide that lifts all boats. It is a discriminating tide that is lifting those boats that are proven and sturdy. Or, to mix a metaphor, lifting values for those technology-based firms that have reached scale, are growing rapidly, addressing unmet needs of large markets, with a proprietary, defensible product. The report that follows notes many of these firms as well as recent m&a values and trends.

Some recent interesting transactions include:

• Gartner (NYSE:IT) acquired Corporate Executive Board (“CEB”) • Verisk Analytics (NasdaqGS:VRSK) acquired Arium Limited for an for $2.6bn in cash, implying an enterprise value of $3.3bn and undisclosed sum, valuing the company at an implied 3.5x LTM Revenue and 17x • Parabellum Capital (London, United Kingdom) acquired Razor LTM EBITDA, Risk from TMX Group for an undisclosed sum, • Atlassian (London, UK) acquired Trello for $425mm, • A company owned by Pierre Feligioni, one of QuantHouse’s • Affiliates of The Carlyle Group (NasdaqGS:CG) and the Indian original founders, acquired QuantHouse from S&P Global for an Hill Group acquired Claritas from Nielsen (NYSE:NLSN) for an undisclosed sum. undisclosed sum,

Sincerely,

Kenneth B. Marlin | Managing Partner Marlin & Associates | www.marlinllc.com Author | The Marine Corps Way to Win on Wall Street

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 San Francisco, CA, 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 2017

MARLIN & ASSOCIATES: MARKET UPDATE Enterprise Data & Analytics Enterprise Data & Analytics is a broad industry containing several sectors that encompass the large and growing data assets used and generated by businesses, along with the related analytics that enhance insight and drive better business decisions.

03 Sector Comparison Snapshot

04 Sector Analyses

04 Data Analytics - Services (DAS)

05 Enterprise Software & Data Analytics (ESDA)

06 Business Intelligence Software (BIS)

07 Data & Analytics – Financial Services (DAFS)

08 Capital Raising Activity Trends

09 Merger & Acquisition Activity Trends

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 4/30/14. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above 02 FEBRUARY 2017

ENTERPRISE DATA & ANALYTICS Sector Comparison Snapshot:

Enterprise Value / Revenue

DAS

ESDA

BIS

DASF

0x 2x 4x 6x 2016E EV/Revenue 2017E EV/Revenue

Enterprise Value / EBITDA

DAS

ESDA

BIS

DASF

0x 5x 10x 15x 20x 25x 30x 2016E EV/EBITDA 2017E EV/EBITDA

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 1/31/17. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean and median multiples using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above. 03 FEBRUARY 2017 Data Analytics - Services

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 5 Year M&A Info & Mkt Research Index vs. S&P 500, base = 100

4.0x 18x 190

170 3.5x 16x

150 3.0x 14x 130 EV / EBITDA EV / Revenue 2.5x 12x 110

2.0x 10x 90 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17

EV / LTM Revenue EV / LTM EBITDA M&A Info & Mkt Research Index S&P 500

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin (USD millions) Cap Value CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Reed Elsevier (RELX Group) 36,003 40,637 4.8x 4.5x 13.7x 12.2x 13% 8% 35% 36% Nielsen 14,751 22,463 3.6x 3.5x 11.7x 11.4x 2% 1% 30% 31% Wolters Kluw er 11,183 13,151 2.8x 2.7x 10.9x 10.2x 2% 5% 26% 27% Gartner 8,340 8,626 3.5x 3.2x 21.1x 16.9x 13% 11% 17% 19% Pearson 6,296 6,841 1.2x 1.2x 7.3x 7.1x (1%) 3% 17% 17% Informa 5,291 6,609 3.9x 3.0x 11.8x 8.9x 13% 29% 33% 33% UBM 3,880 3,937 3.7x 3.2x 13.1x 10.7x 10% 16% 28% 30% Euromoney Institutional Investor 1,768 1,729 3.4x 3.3x 13.1x 12.5x 1% 3% 26% 26% comScore 1,323 1,209 2.3x 2.1x 10.1x 7.9x 41% 13% 23% 26% Forrester Research 752 617 1.9x 1.8x 15.3x 13.6x 4% 6% 12% 13% Trim Mean 6,604 8,071 3.1x 2.8x 12.5x 10.9x 7% 8% 25% 27% Median 5,793 6,725 3.5x 3.1x 12.5x 11.0x 7% 7% 26% 26%

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced VeriskChina OceanwideAnalytics (NasdaqGS:VRSKHoldings (Beijing,) acquiredChina) and The IDG GeoInformation Capital GroupGroup (Beijing, for China)an undisclosedacquired International sum. The DataGeoInformation Group (“IDG”)Group for offersan undisclosed large-scale sum. mapping IDG is services a leading 11/14/161/19/17 anddata geospatialand marketing data companyand analytic that solutions also runs to venture a broad capital set of firmcompanies IDG Ventures. and more thanUpon 300 closing public of sectorthe transaction, organizations. China The Oceanwide acquisitionwill bolsters become Verisk’s the controlling presence in theshareholder United Kingdom of IDG with as a IDG data Capital and analytics taking a provider minority across stake. multiple markets.

GartnerAffiliates (NYSE:IT)of The Carlyle acquired Group Machina (NasdaqGS:CG Research) andfor an the undisclosedIndian Hill Groupsum. Machina acquired ResearchClaritas from provides Nielsen market (NYSE:NLSN) intelligence for and an undisclosedstrategic insight sum. on Claritas Internet offers of Things 11/9/161/5/17 (consumerIoT), Machine segmentation-to-Machine insights (M2M), that and provide big data marketers opportunities. with a Thecomprehensive acquisition isview Indian Hill Group partinto consumerof Gartner’s behavior strategy patterns of investing through further proprietary in IoT capabilities. segmentation analysis.

Gartner (NYSE:IT) acquired Corporate Executive Board (“CEB”) for $2.6bn in cash, 20/20 Research (Nashville, TN) acquired iModerate for an undisclosed sum. implying an enterprise value of $3.3bn and valuing the company at an implied 3.5x 10/17/161/5/17 iModerate offers online qualitative market research services and fits strategically LTM Revenue and 17x LTM EBITDA. CEB is a leading provider of best practice with 20/20’s QualBoard discussion and QualMeeting interview platforms. and talent management insights.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 5 Year M&A Application Software Index vs. S&P 500, base = 100

7.5x 45x 260

6.5x 39x 230

5.5x 33x 200

4.5x 27x 170

3.5x 21x 140 EV / EBITDA EV / Revenue

2.5x 15x 110

1.5x 9x 80 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17

EV / LTM Revenue EV / LTM EBITDA M&A Application Software Index S&P 500

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin (USD millions) Cap Value CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Oracle 168,261 164,765 4.4x 4.3x 10.0x 9.7x (0%) 2% 44% 44% SAP 108,309 110,100 4.6x 4.3x 14.5x 12.5x 6% 8% 32% 35% Salesforce 54,616 55,931 6.7x 5.5x 32.6x 26.4x 26% 21% 20% 21% Intuit 30,594 31,089 6.4x 5.9x 17.5x 15.4x 10% 7% 36% 38% Workday 16,575 15,188 9.7x 7.6x na 69.1x 34% 28% 9% 11% CA Technologies 12,946 12,207 3.0x 3.1x 9.5x 7.9x (0%) (1%) 32% 38% Constellation Softw are 9,469 9,489 4.5x 4.0x 17.5x 15.4x 16% 13% 26% 26% Amdocs 8,712 7,771 2.1x 2.0x 11.0x 10.0x 3% 4% 19% 20% NICE Sy s tems 4,180 3,492 n/a 2.6x na 9.7x n/a n/a n/a 27% Manhattan Associates 3,647 3,551 5.9x 5.7x 17.5x 16.1x 9% 3% 34% 35% Softw are AG 2,717 2,625 2.8x 2.7x 9.4x 8.7x (0%) 3% 30% 31% Paycom Softw are 2,724 2,679 8.2x 6.4x 30.1x 23.6x 46% 29% 27% 27% Zendesk 2,251 2,040 6.6x 5.0x na na 49% 32% 2% 3% Paylocity 1,586 1,503 5.7x 4.5x na 32.2x 41% 25% 3% 14% Callidus Softw are 1,070 884 4.3x 3.6x 38.2x 26.5x 19% 18% 11% 14% Trim Mean 19,871 19,821 5.3x 4.4x 17.8x 17.2x 17% 13% 23% 26% Median 8,712 7,771 5.2x 4.3x 17.5x 15.4x 13% 10% 26% 27%

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

InforPipedrive (New(New York, York, NY) raisedNY) raised more $17mm than $2bn in series in funding B funding from Kochfrom AtomicoEquity Investment 11/16/161/18/17 Development.Holdings. Pipedrive The investmentdevelops web was-based a combination customer of relationship preferred and management common equity. and Inforsales plans pipeline to usemanagement the proceeds software to accelerate solutions. innovation and expand distribution.

MacroPointAtlassian (London,LLC (Cleveland, UK) acquired OH) Trelloraised for $44mm $425mm. in funding Trello isfrom a collaborative Susquehanna Web Growth and 11/15/161/9/17 Equity.mobile basedMacroPoint applicationdevelops that automatedhelps teams location and individuals tracking solutions to stay organized for freight and brokers, thirdcommunicate party logistic on projects. firms and shippers.

Roper Technologies (Sarasota, FL) acquired Deltek for $2.8bn. Deltek provides Aspenenterprise Technology software (andNasdaq:AZPN information) acquiredsolutions Mtelligence for project-basedfor $37mm. businesses. Mtelligence Deltek will 10/27/1612/6/16 providesoperate as asset a distinct performance company optimization within Roper software Technologies to manufacturers name, while and its utilities. brands and office locations will not change as a result of the transaction.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples[1] 5 Year M&A BI Index[1] vs. S&P 500, base = 100

12.0x 60x 220

200 10.0x 50x 180

8.0x 40x 160

6.0x 30x 140 EV / EBITDA

EV / Revenue 120 4.0x 20x 100

2.0x 10x 80 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17

EV / LTM Revenue EV / LTM EBITDA M&A BI Index S&P 500

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin (USD millions) Cap Value CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Open Text 8,982 9,631 4.9x 3.9x 16.4x 11.0x 7% 27% 30% 35% Splunk 7,845 6,905 7.4x 5.8x nm 54.8x 39% 27% 9% 11% Tableau Softw are 3,656 2,747 3.3x 3.2x na 41.5x 27% 4% na 8% Verint Systems 2,349 2,802 2.6x 2.5x 12.2x 10.3x (6%) 6% 22% 24% Microstrategy 2,327 1,737 3.4x 3.3x 13.9x 12.2x (3%) 3% 24% 27% Talend 642 552 5.3x 4.1x na na 38% 29% na na Hortonw orks 581 498 2.8x 2.1x na na 48% 30% na na Trim Mean 3,364 2,949 3.9x 3.4x 13.9x 21.6x 22% 19% 23% 21% Median 2,349 2,747 3.4x 3.3x 13.9x 12.2x 27% 27% 23% 24%

[1] Tableau Software (DATA) added to the index as of IPO 5/17/13, Hortonworks (HDP) added to the index as of IPO 12/12/14

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

Logtrust (Madrid, Spain) raised $11mm in a funding round led by Atlantic Bridge. Connotate Technologies (New Brunswick, NJ) raised $11mm in a Series B1 round led Logtrust provides real-time Big Data-in-Motion as-a-Service for fast Big Data 11/17/161/10/17 by Long River Ventures. Connotate provides a Web data extraction platform provider analytics. Logtrust’s platform is currently used by top companies in the financial for the information services industry and data-centric businesses. services, telecommunications, cyber security services and other industries.

Databricks (San Francisco, CA) raised $60mm in a Series C round led by return Metamarkets (San Francisco, CA) raised $14mm in a debt round led by Wellington investor New Enterprise Associates. Databricks delivers a just-in-time data platform in Financial. Metamarkets Group develops a real-time analytics platform for the digital 10/12/1612/14/16 the cloud powered by Apache Spark to simplify data integration, real-time exploration, advertising space. The capital will help Metamarkets expand its engineering team and and robust deployment of production applications. The new funding round brings invest even further in its real-time data processing infrastructure. Databricks' total funding to date to $107.5 million. Wavefront (Palo Alto, CA) raised $53mm in a funding round led by Tenaya Capital. ConnotateWavefront operatesTechnologies a cloud (New-based Brunswick, analytics NJ) platform raised $11mmfor managing in a Series data centers.B round Itsled 11/17/1610/4/16 byplatform Long Riverenables Ventures users .to Connotate ask new questions;provides a getWeb real data-time extraction answers; platform send data provider points forevery the day; information localize servicesan issue industryby identifying and data and- centricaddressing businesses. the culprit during a crisis; prevent downtime; and get alerts on various situations.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 5 Year M&A Data & Analytics Financials Index vs. S&P 500, base = 100

6.0x 18x 270

16x 225 5.0x

14x 180

4.0x EV / EBITDA EV / Revenue 12x 135

3.0x 10x 90 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17

EV / LTM Revenue EV / LTM EBITDA M&A D&A Financial Index S&P 500

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin (USD millions) Cap Value CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Thomson Reuters 33,070 41,908 3.7x 3.7x 13.3x 12.6x (8%) 2% 28% 29% S&P Global 31,439 33,691 6.0x 5.9x 13.6x 12.8x 5% 1% 44% 46% Moody's 20,143 21,691 6.1x 5.7x 13.5x 12.7x 2% 6% 45% 45% Experian 18,165 21,318 4.6x 4.5x 13.4x 12.9x (0%) 3% 34% 35% Equifax 14,226 16,999 5.4x 5.0x 15.2x 13.9x 18% 8% 36% 36% Verisk Analytics 14,196 16,314 8.2x 7.7x 16.3x 15.3x (3%) 6% 50% 51% MSCI 7,766 8,866 7.7x 7.2x 15.6x 14.2x 7% 7% 49% 51% FactSet Research Systems 6,939 7,110 6.2x 5.8x 17.7x 16.5x 11% 6% 35% 35% CoStar Group 6,556 6,370 7.6x 6.8x 24.9x 21.8x 18% 13% 31% 31% Dun & Bradstreet 4,488 5,780 3.4x 3.3x 11.7x 11.2x 4% 3% 29% 29% FICO 4,012 4,544 5.0x 4.8x 22.0x 18.4x 6% 4% 23% 26% Morningstar 3,297 3,092 3.9x 3.7x 12.4x 11.4x 0% 5% 32% 33% CoreLogic 3,146 4,603 2.4x 2.4x 9.2x 9.2x 27% (2%) 26% 26% Trim Mean 11,930 13,390 5.4x 5.1x 15.0x 13.8x 6% 5% 35% 36% Median 7,766 8,866 5.4x 5.0x 13.6x 12.9x 5% 5% 34% 35%

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced London Stock Exchange Group (LSE:LSE) acquired Mergent for an undisclosed sum. Verisk Analytics (NasdaqGS:VRSK) acquired Arium Limited for an undisclosed sum. Mergent is a leading provider of business and financial information on public and Arium specializes in liability risk modeling and decision support and will become part 11/21/161/23/17 private companies and adds to LSEG’s data and analytics capabilities. The Mergent of AIR Worldwide, a Verisk Analytics business. Arium will enable AIR to provide its business will form part of LSEG’s Information Services Division which includes FTSE clients with additional modeling solutions and analytics for the casualty market. Russell, among other real time and reference data products. eVestment Alliance (New York, NY) acquired Public Plan IQ for an undisclosed sum. Parabellum Capital (London, United Kingdom) acquired Razor Risk from TMX Group Public Plan IQ is a SaaS-based platform that provides access to public pension plan for an undisclosed sum. Razor Risk is a leading provider of risk management 1/5/1711/10/16 reporting and board documents and houses more than 10,000 documents. The technology and consulting solutions to financial institutions worldwide. TMX had acquisition builds upon eVestment’s intelligence offering to institutional investors, acquired Razor Risk in November 2011 for AUD 10mm (~$10mm). consultants and managers. AStrategic company Insight owned (New by PierreYork, NY)Feligioni acquired, one BrightScopeof QuantHouse’sfor anoriginal undisclosed founders, sum. acquiredBrightScope QuantHouse is a financialfrom information S&P Global companyfor an undisclosed that provides sum. a suite QuantHouse of proprietaryoffers 1/4/1711/1/16 QuantHouse co-founder ultradatasets,-low latency data management market data, capabilities algo trading and development analytics to frameworks,asset managers, proximity record hosting- andkeepers, order financial routing toadvisors, hedge funds,and other market market makers, participants. proprietary The desks, transaction brokers follows and sell - sideStrategic firms. Insight’s S&P Global recent had acquisitions acquired QuantHouse of Market Metricsin April and 2012. Matrix Solutions.

RECENT CAPITAL RAISES Below is a selection of recent capital raises in the Enterprise Data & Analytics Industry.

Date Investor Issuer Description Announced

Pipedrive (New York, NY) raised $17mm in series B funding from Atomico 1/18/17 Investment Holdings. Pipedrive Inc. develops web-based customer relationship management and sales pipeline management software solutions.

Logtrust (Madrid, Spain) raised $11mm in a funding round led by Atlantic Bridge. Logtrust provides real-time Big Data-in-Motion as-a-Service firm for fast 1/10/17 Big Data analytics. Logtrust’s platform is currently used by top companies in the financial services, telecommunications, cyber security services and other industries.

Databricks (San Francisco, CA) raised $60mm in a Series C round led by return investor New Enterprise Associates. Databricks delivers a just-in-time data 12/14/16 platform in the cloud powered by Apache Spark to simplify data integration, real-time exploration, and robust deployment of production applications. The new funding round brings Databricks' total funding to date to $107.5 million.

Finicity (Murray, UT) raised $42mm in a Series B funding round led by new investor Experian and including existing investors. Finicity, a provider of real- 12/7/16 time financial data aggregation, plans to use the capital to expand the size of its engineering and support teams in order to accelerate the development of solutions built on its platform.

Connotate Technologies (New Brunswick, NJ) raised $11mm in a Series B 11/17/16 round led by Long River Ventures. Connotate provides a Web data extraction platform provider for the information services industry and data-centric businesses.

Infor (New York, NY) raised more than $2bn in funding from Koch Equity Development. The investment was a combination of preferred and common 11/16/17 equity. Infor plans to use the proceeds to accelerate innovation and expand distribution.

MacroPoint LLC (Cleveland, OH) raised $44mm in funding from Susquehanna 11/15/17 Growth Equity. MacroPoint develops automated location tracking solutions for freight brokers, third party logistic firms and shippers.

Paxata (Redwood City, CA) raised $33.5mm in its fourth round of funding led by 10/24/16 Intel Capital. Paxata provides an adaptive self-service data preparation platform.

360insights.com (Whitby, ON) raised $30mm in funding from Sageview Capital. 360insights.com provides a platform that empowers brands to create, measure, 10/19/16 and manage their incentives programs, such as sales incentives, rebates and co-op/MDF in real time.

Metamarkets (San Francisco, CA) raised $14mm in a debt round led by Wellington Financial. Metamarkets Group develops a real-time analytics platform for the digital advertising space. The capital will help Metamarkets 10/12/16 expand its engineering team and invest even further in its real-time data processing infrastructure.

RECENT MERGERS & ACQUISITIONS Below is a selection of recent mergers & acquisitions in the Enterprise Data & Analytics Industry.

Date Acquirer Target Description Announced

Verisk Analytics (NasdaqGS:VRSK) acquired Arium Limited for an undisclosed sum. Arium specializes in liability risk modeling and decision 1/23/17 support and will become part of AIR Worldwide, a Verisk Analytics business. Arium will enable AIR to provide its clients with additional modeling solutions and analytics for the casualty market.

China Oceanwide Holdings (Beijing, China) and IDG Capital Group (Beijing, China) agreed to acquire International Data Group (“IDG”) for an undisclosed sum. IDG is a leading data and marketing company that also runs venture 1/19/17 capital firm IDG Ventures. Upon closing of the transaction, China Oceanwide will become the controlling shareholder of IDG with IDG Capital taking a minority stake.

Atlassian (London, UK) agrees to acquire Trello for $425mm. Trello is a 1/9/17 collaborative Web and mobile based application that helps teams and individuals to stay organized and communicate on projects.

Affiliates of The Carlyle Group (NasdaqGS:CG) and the Indian Hill Group agreed to acquire Claritas from Nielsen (NYSE:NLSN) for an undisclosed 1/5/17 sum. Claritas offers consumer segmentation insights that provide marketers Indian Hill Group with a comprehensive view into consumer behavior patterns through proprietary segmentation analysis.

Gartner (NYSE:IT) agreed to acquire Corporate Executive Board (“CEB”) for 1/5/17 $2.6bn in cash, implying an enterprise value of $3.3bn and valuing the company at an implied 3.5x LTM Revenue and 17x LTM EBITDA. CEB is a leading provider of best practice and talent management insights.

Parabellum Capital (London, United Kingdom) acquired Razor Risk from TMX Group for an undisclosed sum. Razor Risk is a leading provider of risk 1/5/17 management technology and consulting solutions to financial institutions worldwide. TMX had acquired Razor Risk in November 2011 for AUD 10mm (~$10mm).

A company owned by Pierre Feligioni, one of QuantHouse’s original founders, acquired QuantHouse from S&P Global for an undisclosed sum. QuantHouse 1/4/17 QuantHouse co- offers ultra-low latency market data, algo trading development frameworks, founder proximity hosting and order routing to hedge funds, market makers, proprietary desks, brokers and sell-side firms. S&P Global had acquired QuantHouse in April 2012.

Netgear, Inc. acquired Placemeter (New York, NY) for an undisclosed sum. Placemeter is a computer vision analytics company whose proprietary 12/21/16 computer vision algorithms will now be used to build leading video analyticS solutions for Netgears Arlo Smart Home Security team platform.

Nielsen (NYSE:NLSN) agreed to acquire Gracenote from Tribune Media Company for $560mm. Gracenote is a leading provider of media and 12/20/16 entertainment metadata, including reference information for more than 12 million movie and television listings and 200 million music tracks.

12/20/16 Nielsen (NYSE:NLSN) agreed to acquire Gracenote from Tribune Media Company for $560mm. Gracenote is a leading provider of media and entertainment metadata, including reference information for more than 12 million movie and television listings and 200 million music tracks.

CLIENTS CHOOSE M&A TO ADVISE THEM ON THEIR IMPORTANT STRATEGIC MOVES

"The Marlin & Associates team was a highly valued player in completing our transaction. Their professional expertise and commitment to the process, preparation, positioning, presentation, and leadership got us to the finish line. They’re smart, available whenever needed, and bring the work ethic to get the deal done.”

Stephen Hall Managing Partner and CEO, iTransact

Phoenix, AZ Salt Lake City, UT Brentwood, TN New York City, NY San Mateo, CA has completed a majority Port Talbot, United Kingdom has been acquired by has been acquired by has been acquired by recapitalization with received a strategic received an investment from investment fom

a portfolio company of Boston, MA and San Francisco, Lake Success, NY CA Chicago, IL London, United Kingdom Tokyo, Japan Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as exclusive strategic and exclusive strategic and financial Marlin & Associates acted as exclusive strategic and financial exclusive strategic and strategic and financial advisor to advisor to iTransact Group, LLC exclusive strategic and financial advisor to M&O Systems, Inc. financial advisor to BillingTree financial advisor to Xignite. Agilum Healthcare Intelligence. advisor to Vizolution.

Paris, France New York, NY Campbell, CA Boston, MA New York, NY has acquired the Business Process has been acquired by Management business from received an investment from has been acquired by has invested in

Palo Alto, CA Dublin, Ireland Palo Alto, CA Windsor, CT Marlin & Associates acted as exclusive strategic and financial Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as strategic and Marlin & Associates acted as exclusive strategic and financial advisor financial advisor to Aquiline Capital strategic and financial advisor advisor to Everteam. strategic and financial advisor to Trunomi. to Varden Technologies Inc. Partners. to Alacra, Inc.

Dublin, Ireland

has been acquired by

London, United Kingdom Marlin & Associates acted as exclusive strategic and financial advisor to Information Mosaic.

Lucca, Italy Hong Kong, China Washington, D.C. secured a $36 million Wixom, MI has raised capital from investment from has acquired has been acquired by

Hong Kong, China Milan, Italy Marlin & Associates acted as Hamilton, NJ London, United Kingdom strategic and financial advisor to Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Wisers Information Limited. exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial advisor to Tagetik Software srl. advisor to RevSpring Inc. advisor to Current Analysis, Inc.

has sold New York, NY Woburn, MA Chicago, IL Port Washington, NY has been acquired by has acquired secured a $53 million investment has been acquired by Chicago, IL a portfolio company of Bain Capital from Ventures and Lemhi Ventures to has merged with

Chicago, IL Boulder, Colorado New York, NY Stockholm, Sweden New York, NY Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as exclusive Marlin & Associates acted as Marlin & Associates acted as exclusive strategic and financial exclusive strategic and financial Marlin & Associates acted as strategic and financial advisor to exclusive strategic and financial exclusive strategic and financial advisor to ByAllAccounts, Inc. advisor to NPD Group. exclusive strategic and financial advisor to Bain Capital Ventures. SpyWare LLC. advisor to MarketAxess. advisor to SR Labs.

Note: Not a complete list 10 FEBRUARY 2017

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 Partner

Boutique Investment Banking Firm of the Year (2014, 2015, 2016) - The M&A Advisor

M&A Award USA TMT Advisory Firm of the Year (2012, 2015) – Acquisition International

The M&A Advisor and The M&A Forum have recognized Marlin & Associates for excellence in multiple deal categories including:

• Cross-Border Boutique Investment Banking Firm of the Year (2016)* • Boutique Investment Banking Firm of the Year (2014, 2015, 2016)* TMT Advisory Firm of the Year (2016) • Advisory Firm of they Year (2015)* • Middle Market International Professional Services (B-to-B) Deal of the Year (2013) Boutique Investment • Financial Services Deal of the Year (2013, 2012 and 2011) Banking Firm of the • Information Technology Deal of the Year (2011) Year • Middle Market Deal of the Year <$25M (2011) (2016) • Corporate and Strategic Acquisition of the Year (2011) • Middle Market Financial Services Deal of the Year (2011 and 2010) – ACQ5 • Middle Market Information Technology Deal of the Year (2011 and 2010) (Acquisition Finance • Middle Market International Financial Services Deal of the Year (2013 and 2010) Magazine) • Middle Market International Information Technology Deal of the Year (2010) • Middle Market Financial Services Turnaround Deal of the Year (2009) • Middle Market Information Technology Turnaround Deal of the Year (2009) • Middle Market International Deal of the Year(2008) • Middle Market Financial Services Deal of the Year (2008) • Middle Market Technology Deal of the Year (2008) • Middle Market Investment Banking Firm of the Year (2008 and 2007)* • Middle Market International/Cross Border Deal of the Year (2007, Below $100M) • Middle Market Financial Services Deal of the Year (2007, Below $100M) • Middle Market Financing Agent of the Year – Equity (2007)* • Middle Market Computer and Information Technology Deal of the Year (2007)

The Global M&A Network has recognized Marlin & Associates for excellence in multiple deal categories through its M&A Atlas Awards:

• Financial Technology Deal of the Year (2012, 2011) • North America Small Mid Markets Corporate Deal of the Year (2013) • Corporate M&A Deal of the Year (2010) • Technologies Deal of the Year (2010) * Firm-wide Awards

11 FEBRUARY 2017 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 Chief Operating Officer of M&A • Twice named to II’s Tech 50 • 20+ years of M&A experience advising • Member Market Data Hall of Fame technology and PE firms, globally • MD Veronis Suhler Stevenson • VP Business Development at FactSet • CEO of Telesphere Corporation • M&A attorney of Skadden, Arps, Slate, • CEO of Telekurs (NA) Meagher and Flom • EVP Bridge Information systems • CFO of JCF Group • SVP at Dun & Bradstreet • MBA from Columbia Business School • BA from the University of California (Irvine) • J.D. from Fordham Law School • MBA from UCLA, post-MBA from New Ken Marlin • CFA Charterholder York University 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

Paul Friday

• 12+ years of M&A experience • 15+ years of corporate finance • VP of Business Development at experience SunGard • Thought leader in Fintech • Founder of software company sold to • 8+ years in investment banking at UBS SunGard and Deutsche Bank • Started career designing trading software • BS from Union College for TD Bank • MBA from University of Virginia’s Darden • BaSC, Engineering from University of School of Business Toronto • Named to Deal’s Digest “40-Under-40” Tom Selby Jonathan Kaufman

“Marlin's advice, consultation and leadership throughout the process directly drove the best outcome for our firm. Their deep industry knowledge and close relationships with prospective acquirers provides unparalleled value as well. They are a principally centered and tireless team of professionals.”

Michael Brodeur, President, M&O Systems

Note: Not a complete list 12 INVESTMENT BANKING AND STRATEGIC ADVISORY TO THE TECHNOLOGY, INFORMATION AND HEALTHCARE INDUSTRIES

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