Regtech Industry Update January 2021

January 2021 Growing Urgency Of Innovative RegTech Solutions Fuels Covid-Year And Beyond

Dear Clients and Friends,

Marlin & Associates (M&A) is pleased to share our latest report on the Regulatory Technology (RegTech) sector.

As we approach a year in the Covid-19 environment, the urgency for finding and implementing technology-based solutions to the governance, regulatory and compliance industry pain points has never been higher. The regulators have not and are not relaxing. Meanwhile, this pandemic has exposed critical gaps to many companies – and, by extension, to investors and acquirers.

In our debut report, in June, we highlighted some of the drivers of interest in RegTech m&a including: shifting regulations and international regulatory divergence, new technologies, such as AI / Machine Learning, Natural Language Processing, Big Data, Advanced Analytics, Blockchain and Cloud Computing; and the desire to avoid costly penalties and headline risk. We noted that U.S. Banks alone have paid out more than $200bn in fines since 2008.

Our report this month expands in those themes, noting the continued global investment in cybersecurity and AI-based solutions as well as the increased demand for acquisitions, right through the worst of the pandemic. While the number of RegTech transactions in 2020 was fewer than we saw at the height of the market in 2019, as you will see in the report that follows, interest by buyers and investors in the sector remains strong; so does risk sensitivity. Good deals continue to be done, but they are taking more time. We expect this heightened sensitivity to continue into 2021 until the pandemic is clearly behind us. At the same time, we expect to continue to see strong interest at strong values for strong companies.

We remain available to answer questions.

Stay safe,

© 2021 Marlin & Associates All Rights Reserved – Proprietary & Confidential 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 is a FINRA/SIPC member firm (www.finra.org). Investment © Copyright Marlin & Associates Holding LLC 2021 banking and/or securities are offered through Marlin & Associates Securities LLC. Marlin & Associates: Advisor Of Choice To FinTech, Data And Analytics Companies And Investors Worldwide

▪ Domain expert – advised on 200+ relevant transactions over 19+ years. Marlin & Associates (“M&A”) has been the domain expert in providing independent and unbiased strategic counsel and advisory services to global sellers and buyers of middle-market FinTech and Data & Analytics firms ▪ Local yet global – successfully served clients from 27 countries from our HQ in New York City, with an additional office in Toronto ▪ Well recognized – “Middle-Market IB of the Year,” “TMT Advisory Firm of the Year”, and “Cross-border Boutique IB of the Year”, and more than 20 “Deals-of-the-Year”

Full Range of Transaction Services Industry Recognition and Awards Sector Coverage

Regulatory Tech ▪ TMT Advisory Firm of the Year Sell-side & ▪ Middle-Market IB of the Year Buy-side M&A Bank Tech

Payments

▪ Cross-Border Boutique IB of the Year Data & Analytics

DebtCapital ▪ Advisory Firm of the Year

Equity& Raise

Capital Markets Tech Fairness Fairness Opinions Digital Lending ▪ FinTech Deal of the Year ▪ Corporate M&A Deal of the Year Insurance Tech

Joint Ventures Wealth Tech & Partnerships ▪ Middle-Market IB of the Year Enterprise Software ▪ Middle Market Tech Deal of the Year Business Intelligence

Proprietary & Confidential 3 © Copyright Marlin & Associates Holding LLC 2021 Several Key Trends Are Shaping The RegTech Landscape

RegTech Investments Reached A Record High In 2020

Private Equity Firms Have Been Ready To Capitalize

Cybersecurity Remains Hot

RegTech Strategic Investments Rise In AI

Proprietary & Confidential 4 © Copyright Marlin & Associates Holding LLC 2021 RegTech Investments Reached A Record High In 2020

▪ This industry has come a long way in a short time; we started 10 Global RegTech Investment 2016-2020

370 talking about it back in 2015 here 348

9 ▪ The RegTech industry experienced record levels of both funding 324 8.3bn

amount and number of investments in 2020, according to 320 8

FinTech Global 7.2bn  RegTech companies raised $8.3bn across 348 deals in 7 RegTech Investments 270

2020, compared to $7.2bn across 324 deals in 2019 6 Reached A Record High In 2020 ▪ This was despite the industry seemingly being on track to record 4.9bn 5.9bn 5 its first decrease in investment volume and activity since 2016, 4.6bn 220

according to Q3 2020 figures 4 186

▪ The rebound was heavily fueled by a number of large 156 170 3 148 3.6bn transactions above $50mm that took place in Q4, including:

2  Blackstone and ClearSky’s $400mm investment in FireEye 1.5bn 120 1.0bn 2.6bn 2.4bn 1 0.7bn  SentinelOne’s $267mm Series F round of funding led by 0.2bn 1.3bn Tiger Global Management 0.8bn 0.8bn

0 70  Arctic Wolf’s $200mm Series E round of funding led by 2016 2017 2018 2019 2020 Viking Global Investors Under $50mm $50mm and above Number of deals (USD, number of deals) Relevant Transactions

Transaction Date Acquirer / Investor Target Description Value ($mm)

▪ Snyk raised $200mm through a combination of debt and Series D funding in a deal led by Addition 09/15/20 $200 ▪ Snyk develops security analysis tools designed to identify open-source vulnerabilities

▪ Netskope raised $340mm in a Series G funding round led by Sequoia Capital 02/27/20 ▪ Netskope’s security platform provides companies with visibility, real-time data, and threat protection $340 when accessing cloud services, websites, and private applications

▪ AvePoint raised $200mm in a Series C funding round led by TPG Sixth Street Partners 01/08/20 $200 ▪ AvePoint offers a full suite of SaaS solutions to migrate, manage, and protect data in Microsoft 365

Source: PitchBook, FinTech Global Proprietary & Confidential 5 © Copyright Marlin & Associates Holding LLC 2021 Private Equity Firms Have Been Ready To Capitalize

▪ Pressure to lower costs and accelerate digital transformation Illustrative Companies due to COVID-19 has turned businesses in search of innovative RegTech solutions OneTrust provides technology solutions that power privacy,  These solutions are typically more cost-effective than security, and governance existing processes and are better-equipped to monitor newly- programs adopted digital channels Private Equity Firms ▪ Having amassed record levels of dry powder by the end of 2019, Have Been Ready To FireEye offers cybersecurity tools private equity firms were well-positioned to take advantage of to help organizations combat Capitalize RegTech opportunities throughout 2020, with notable online threats transactions including:

 Insight Partners, Coatue Management, and TCV investing a Behavox provides an analytics cumulative $510mm in OneTrust over the course of 2020 platform designed to search and interrogate employee-generated ▪ OneTrust’s $300mm round in December 2020 valued the data in real-time company at $5.1bn

 SoftBank’s $100mm investment in Behavox RegTech offers reporting and compliance solutions that enable  Nordic Capital’s acquisition of BearingPoint’s Regulatory Regulatory Technology financial institutions to comply Technology Unit, RegTech, for an undisclosed sum Unit with evolving regulations

Relevant Transactions

Transaction Date Acquirer / Investor Target Description Value ($mm)

▪ Chainalysis raised $100mm in a Series C funding round led by Addition and included participation 11/20/20 from Benchmark, Accel, and Ribbit Capital $100 ▪ Chainalysis provides blockchain-based fraud prevention & compliance management software ▪ Providence Equity Partners acquired Signaturit for an undisclosed sum 10/28/20 ▪ Signaturit provides innovative solutions in the field of electronic signatures, certified registered Undisclosed delivery, and electronic identification

▪ Thoma Bravo acquired AxiomSL for an undisclosed sum 10/19/20 Undisclosed ▪ AxiomSL provides cloud-enabled risk management and regulatory reporting technology

Source: PitchBook, FinTech Global Proprietary & Confidential 6 © Copyright Marlin & Associates Holding LLC 2021 Cybersecurity Remains Hot

▪ Growing cyber risks was identified as one of the major drivers Illustrative Companies of the RegTech industry in PitchBook’s ‘Q3 2020 Emerging Tech Research’ report Absolute Software provides a cloud-based cybersecurity  Expanding cyberthreats and data security concerns have endpoint visibility and control introduced new areas of risk and regulation for financial platform institutions Cybersecurity  Moody’s $700mm acquisition of anti-fraud firm Regulatory Centrify is a cybersecurity Remains Hot DataCorp demonstrates the market’s demand for developer of an identity and comprehensive cybersecurity solutions access management platform

▪ We expect cybersecurity to be a very hot area of investment, particularly in sub-sectors related to cloud security and Deep Instinct develops a governance platform to protect against invasive, unknown malware  Access and identity management solutions will likely also be key priorities, given the increasing focus on fraud prevention and detection Infoblox develops network infrastructure automation and cybersecurity software

Relevant Transactions

Transaction Date Acquirer / Investor Target Description Value ($mm)

▪ EclecticIQ raised $24mm in a Series C funding round led by ACE Management 12/01/20 ▪ EclecticIQ provides artificial intelligence-powered cybersecurity solutions for government $24 organizations and commercial enterprises ▪ SentinelOne raised $267mm in a Series F funding round led by Tiger Global Management 11/11/20 ▪ SentinelOne delivers autonomous security for the endpoint, datacenter, and cloud environments to $267 help organizations secure their assets ▪ Francisco Partners agreed to acquire Forcepoint through a $1.1bn LBO 10/26/20 ▪ Forcepoint delivers risk-adaptive cybersecurity protection to continuously ensure trusted use of critical $1,100 data and systems

Source: PitchBook, Forbes, CRN Proprietary & Confidential 7 © Copyright Marlin & Associates Holding LLC 2021 Investments Into RegTech Businesses That Employ AI-Based Solutions Continue To Be On The Rise In Diverse Industries

▪ Artificial Intelligence has been a key driver behind the rise in Illustrative Companies RegTech strategic investments in 2020

▪ The data-driven approach that AI brings to compliance that Automation Anywhere provides manages escalating costs, detects regulatory changes faster, IQ bots to leverage unstructured data & automate decision-making and creates new efficiencies was highlighted in 2020. There are other industries that are investing in the AI space besides RegTech Strategic investment banks: Sword Group provides risk Investments Rise In  Manulife, PNC BANK, and New York-Presbyterian Ventures evaluation, cost optimization, and AI have all participated in rounds for AI tools-based BPO compliance services platform WorkFusion

 Salesforce and Oxford University Innovation have both Blue Prism provides virtual bought into AI verification solution Onfido workforces for administrative  Accenture invested in NIKE Group to enhance its AI process automation RegTech and compliance capabilities for consulting and service-oriented firms in Europe WorkFusion offers an intelligent  The U.S. DoD and Columbia University participated in the automation platform for data latest round with TextIQ – its AI combines language analysis collection & enrichment with network relationship analysis Relevant Transactions

Transaction Date Acquirer / Investor Target Description Value ($mm)

▪ Smarsh, via its financial sponsor K1 Investment, acquired Digital Reasoning for an undisclosed sum 11/10/20 ▪ Digital Reasoning provides a cognitive computing platform that automates the analysis of open and Undisclosed closed source data while providing a view of risks and threats ▪ Signzy raised $8mm in a Series A funding round led by MasterCard and Arkam Ventures 10/21/20 ▪ Signzy provides AI-based customer on-boarding & KYC solutions, enabling identity verification, facial $8 recognition, regulatory reporting, fraud detection, customer identification, and more

▪ Silent Eight raised $15mm in a venture funding round led by OTB Ventures 10/18/20 $15 ▪ Silent Eight offers an AI-based fraud detection solution by monitoring transactions

Source: PitchBook, Gartner, Juniper Research Proprietary & Confidential 8 © Copyright Marlin & Associates Holding LLC 2021 Consolidation In RegTech Has Accelerated And The Definition Of RegTech Is Broadening, Encompassing Vertical & Business Unit Focused Solutions

Enterprise Financial Operational

Source: Marlin & Associates Proprietary & Confidential 9 © Copyright Marlin & Associates Holding LLC 2021 We Expect RegTech Players To Continue To Extend Solution Offerings Through Acquisitions

Consolidator

Cloud and Hosting Service Business

Holds a significant minority stake

Corporate Communications

(Holds a significant minority stake)

2009 2013 2014 2015 2016 2017 2018 2019 2020

Crash and Project Business

Source: Marlin & Associates Proprietary & Confidential 10 © Copyright Marlin & Associates Holding LLC 2021 The Market Values Of Most Publicly Listed RegTech Companies Have Fully Recovered

60%

Operational 45.9%

40%

Financial 28.0%

20% S&P 17.9%

Enterprise 9.0%

(20%)

(40%)

Enterprise Financial Operational S&P 500

Source: PitchBook as of market close on January 22nd, 2021. Enterprise: FIS, WKL, TRI ; Financial: REL, MSCI, EXPN, EFX, FICO, NICE, TEMN; Operational: VRSK, FDP, WK, SWP Proprietary & Confidential 11 © Copyright Marlin & Associates Holding LLC 2021 Revenue And EBITDA Multiples Across The RegTech Ecosystem Have Bounced Back

EV / 2020E Revenue as of January 22, 2021 vs January 1, 2020 EV / 2020E EBITDA as of January 22, 2021 vs January 1, 2020

10x 28x

8.8x 23.8x 24x

8x 7.7x 8.0x

20x 19.1x 20.2x 6.4x 18.2x

6x 6.1x 17.2x 16x 16.1x

4.9x 12x 4x

0x 0x Enterprise Financial Operational Enterprise Financial Operational

EV/2020E Revenue EV/2020E Revenue EV/2020E EBITDA EV/2020E EBITDA Multiple as of 01/01/20 Multiple as of 01/22/21 Multiple as of 01/01/20 Multiple as of 01/22/21

Source: PitchBook as of market close on January 22nd, 2021 Proprietary & Confidential 12 © Copyright Marlin & Associates Holding LLC 2021 Marlin & Associates: Clients Choose Us To Advise Them On Their Most Important Strategic And Financial Decisions

Proprietary & Confidential 13 © Copyright Marlin & Associates Holding LLC 2021 Marlin & Associates: Advisor Of Choice To FinTech, Data And Analytics Companies And Investors Worldwide

Full Range of Transaction Services Industry Recognition and Awards Sector Coverage

Regulatory Tech ▪ TMT Advisory Firm of the Year Sell-side & ▪ Middle-Market IB of the Year Buy-side M&A Bank Tech

Payments

▪ Cross-Border Boutique IB of the Year Data & Analytics

DebtCapital ▪ Advisory Firm of the Year

Equity& Raise

Capital Markets Tech Fairness Fairness Opinions Digital Lending ▪ FinTech Deal of the Year ▪ Corporate M&A Deal of the Year Insurance Tech

Joint Ventures Wealth Tech & Partnerships ▪ Middle-Market IB of the Year Enterprise Software ▪ Middle Market Tech Deal of the Year Business Intelligence

Proprietary & Confidential 14 © Copyright Marlin & Associates Holding LLC 2021 We Have An “Unfair” Competitive Advantage

▪ Marlin & Associates is one of the most active investment banking and strategic advisory firms providing trusted counsel to worldwide FOCUS buyers and sellers of middle-market FinTech, Data and Analytics firms including those that offer RegTech, Digital Payments, BankTech, WealthTech, InsurTech, LegalTech, Business Intelligence, Market Intelligence, and related enterprise software

▪ Diverse team based in New York and Toronto TEAM ▪ Execution experience from some of the most highly regarded firms in the industry

▪ Real world and relevant operating experience EXPERTISE ▪ 19+ years of transaction success ▪ Our partners have worked at leading firms in Enterprise Software

▪ The industry we serve is not defined geographically, nor are we GLOBAL ▪ Half of our transactions are cross-border ▪ 1/3rd of our clients are international

▪ We are long-term thinkers and believe in partnering with our clients through their entire evolution PARTNERS ▪ We are domain experts and offer independent and unbiased strategic counsel and advisory services to our clients ▪ We stay with you until the end

▪ 200+ closed transactions TRACK RECORD ▪ Numerous awards and accolades ▪ Recognized as an industry leader and expert by our peers and clients

Proprietary & Confidential 15 © Copyright Marlin & Associates Holding LLC 2021 We Deliver Exceptional Results

TMT Advisory Firm of the Year Gamechanger of the Year (US), Ken Marlin

Middle-Market Investment Bank of the Year (US) Middle-Market Investment Bank of the Year

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

Boutique Investment Banking Firm of the Year Deal of the Year (Parthenon / BillingTree)

Advisory Firm of the Year (US) Boutique Investment Banking Firm of the Year

Gamechanger of the Year (US), Ken Marlin Small Tech Fund Raising of the Year for CRM

Professional Services (B2B) Deal of the Year Middle-Market Investment Bank of the Year (US) (2017)

Capital Raising Advisory Firm of the Year Boutique Investment Banking Firm of the Year

Boutique Investment Banking Firm of the Year 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.”

-Scott Turley, CEO of ClearStructure -Rob DeDominicis, CEO of GBST -Justin Wheatley, CEO of StatPro

Proprietary & Confidential 16 © Copyright Marlin & Associates Holding LLC 2021 Our Team Brings Relevant Transaction And Operating Experience

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

Tom Selby Aalap Merchant Managing Director Managing Director

Peter Manuselis Billy Adams

New York City Luke Hsieh Jordan Wittbrot Toronto, Canada

Al Sisca Sam Wilcox

Woolley Capital Partners

Samuel Martinez Neil Chadda

Max Schroeder

Proprietary & Confidential 17 © Copyright Marlin & Associates Holding LLC 2021 We Have A Strong Track Record Advising Companies In The RegTech And Capital Markets Technology Markets

Jersey City, NJ Wilton, CT New York, NY Darien, CT New York, NY has agreed to sell the MuniBrokers has received a majority equity investment has acquired has received an equity investment from has been acquired by business to from

Atlanta, GA

New York, NY New York, NY New York, NY Boston, MA Lake Success, 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 strategic and financial advisor to strategic and financial advisor to Private Client strategic and financial advisor to Aquiline strategic and financial advisor to Investment strategic and financial advisor to M&O Hartfield, Titus & Donnelly Resources, LLC Holdings LLC Metrics Systems, Inc.

Fixed Income Data Wealth Aggregation & Data Compliance Platform Performance Reporting Compensation Management Aggregation Platform Management Solutions for RIAs & Analytics & Compliance Solutions

New York, NY Boston, MA Private equity funds managed by Blackstone and has sold San Francisco, CA by the Goldman Sachs Merchant Banking Division (together, the “Sponsors”) have agreed has been acquired by has been acquired by has led a $60 million investment in to acquire

London, United Kingdom

a portfolio company of to

from affiliates of Kohlberg Kravis Roberts & Co. L.P.

New York, NY Windsor, CT New York, NY Chicago, IL

Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive financial strategic and financial advisor to Advise strategic and financial advisor to Varden Marlin & Associates advised the Sponsors strategic and financial advisor to Ipreo advisor Francisco Partners Technologies, LLC Technologies Holdings, Inc.

Regulatory Reporting Client Communication Online Investment Market Intelligence, Data & Online Financial Solutions Software Adviser Technology Solutions Information Portal

Proprietary & Confidential 18 © Copyright Marlin & Associates Holding LLC 2021 Clients Choose Us For Their Most Important Strategic Decisions (1/2)

Dublin, Ireland Shelton, CT Toronto, Canada Jersey City, NJ Barcelona, Spain Stamford, CT 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

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

New York, NY Bologna, Italy Mumbai, India

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 TABS strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to ClaimVantage Analytics Grapevine6 Hartfield, Titus & Donnelly Strands, Inc. Greenwich Associates, LLC

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

Livonia, MI A portfolio company of Chicago, IL 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 exclusive Marlin & Associates acted as 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 financial advisor to Hanweck Associates, LLC NinjaTrader Group, LLC Greenwich Associates, LLC ClearStructure Financial Technology, LLC Kore.ai GBST Holdings Limited

London, United Kingdom Chicago, IL Alpharetta, GA Reston, VA Wilton, CT Shelton, CT has agreed to be acquired by has received a majority equity has been acquired by has been acquired by has received a majority equity has acquired investment from investment from

Pittsburgh, PA Mclean, VA A portfolio company of New York, NY A portfolio company of A portfolio company of Los Angeles, CA New York, NY Kansas City, MO

Marlin & Associates acted as strategic 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 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 TABS StatPro Group plc InRule Technology, Inc. Points2Shop, LLC Zoomdata, Inc. Private Client Resources, LLC Analytics

London, United Kingdom New York, NY New York, NY New York, NY Charlotte, NC has sold Preqin Solutions to has sold a minority equity interest in New York, NY its subsidiary has received a $61mm has received an equity investment has received a $30 million has been acquired by investment from from equity investment from

Boston, MA A portfolio company of London, United Kingdom to

Troy, MI Boston, MA Jacksonville, FL San Francisco, CA 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 strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to Preqin, Ltd. TradingScreen Inc. SALIDO, Inc. SERMO, Inc. Zenmonics Rapid Ratings

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

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

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 strategic strategic and financial advisor to MSCI strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to and financial advisor to Empow Aquiline Holdings LLC Inc. Tier1CRM OptionsCity Software Investment Metrics

Affiliate of

Hamilton, Bermuda Addison, TX Toronto, Canada A portfolio company of London, United Kingdom Port Talbot, United Kingdom Salt Lake City, UT

Received a $250mm credit has sold the Atrium wireless and received an investment from received an investment from has been acquired by facility from affiliate of extranet infrastructure businesses to

has been acquired by

White Plains, NY London, United Kingdom Chicago, IL Atlanta, GA Geneva, Switzerland Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive strategic and financial advisor to strategic and financial advisor to TMX strategic and financial advisor to exclusive strategic and financial strategic and financial advisor to strategic and financial advisor to Think Finance Group QuoVadis and ABRY advisor to OpenGamma Vizolution iTransact Group, LLC

Client Buyer Commentary

▪ Marlin leveraged its deep domain expertise in the marketing tech & related technologies space to conduct a methodical and disciplined competitive process involving multiple potential acquirers simultaneously

▪ Marlin managed an extremely selective & competitive process that resulted in indications of interest and meetings with several high-profile buyers

▪ Marlin leveraged its deep domain expertise in the capital markets & related technologies space to conduct a methodical and disciplined competitive process involving multiple potential investors simultaneously

▪ Marlin managed an extremely competitive process that resulted in indications of interest and meetings with several high-profile buyers

▪ Marlin leveraged its deep domain expertise in workflow automation & related technologies space to conduct a methodical and disciplined competitive process involving multiple potential investors simultaneously

▪ Marlin helped the company close a transaction with Cint that included senior positions within the newly combined entity for P2Sample’s leadership

▪ Marlin managed the process and led the negotiations

▪ Marlin was the exclusive strategic and financial advisor to M&O Systems

▪ Marlin represented BillingTree and advised on the majority recapitalization by Parthenon Capital Partners

Lead PE / VC Backer Client Buyer Commentary

▪ Marlin crafted customized marketing materials, identified a targeted list of highly qualified potential partners, and managed the extremely competitive process

▪ Marlin helped the company tell its “story” to the marketplace and brought an investor who not only understood the market well, but had relevant experience operating in the sector

Select Transactions Select ▪ Marlin served the client with sophisticated performance

– analytics and assisted in the negotiations

▪ Marlin represented Information Mosaic in a very competitive process that resulted in its acquisition by IHS Markit

▪ Marlin managed the process, identified the buyer, assisted in the negotiations

▪ Marlin worked diligently on the deal to craft materials, initiate conversations, negotiate alternative offers with multiple parties and final legal documents swiftly

▪ Marlin managed the process, assisted in the negotiations

▪ Marlin advised Bain Capital Ventures and undertook a comprehensive search for identifying suitable buyers for IVANS and positioned ABILITY + Applied Systems as the most logical buyers

▪ Marlin crafted materials, initiated conversations and Sale of Venture and Private Equity Companies Backed Equity of Private and Venture Sale negotiated alternative offers with multiple parties

Client Target Commentary

▪ Marlin completed a broad sector-wide review and analysis of potential acquisition targets for RevSpring and identified Talksoft ▪ Marlin managed the process from preliminary discussions to transaction close

▪ Marlin completed an in-depth review of multiple technology verticals relevant to NYSE and provided guidance with regards to potential synergies and fit with NYSE's existing businesses

▪ Marlin identified both acquisition targets and lead the negotiation and structuring of the transaction Strategics ▪ Marlin aided in due diligence, negotiation, and structuring the transaction ▪ Marlin is currently serving as exclusive financial and strategic advisor to the Company

▪ Marlin advised Aquiline on their investment in Fenergo ▪ Marlin provided market and process intelligence, Fenergo financial review and aided with due diligence, investment committee materials and exit opportunity analysis

▪ Marlin advised Francisco Partners on its investment in Betterment ▪ Marlin provided detailed insight into the space, competitors and potential follow-on acquisition opportunities ▪ Marlin provided a thorough understanding of the marketplace, competitors and potential follow-on acquisition opportunities ▪ Marlin conducted financial analysis, reviewed Ipreo management’s business plan and financial forecasts, and completed competitive benchmarking and market share analyses

▪ Marlin aided JMI and Welsh Carson in a detailed review of Triple Point from a financial and strategic perspective as well as provided valuation and industry-related guidance during due diligence

▪ ABRY leveraged Marlin's proprietary knowledge of the target and industry in its analysis of the

investment opportunity Financial Sponsors Financial ▪ Marlin provided ABRY with aid in due diligence and valuation in the evaluation of SoftBrands

▪ Marlin provided Vista and Ventyx with aid in due diligence, structuring and valuation of the business ▪ Global Energy Decisions was an important add-on to Ventyx, which was a serial acquirer under Vista's ownership prior to the sale of the Company to ABB for more than $1bn

▪ Marlin undertook a comprehensive search for identifying suitable buyers for IVANS and positioned ABILITY + Applied Systems as the most logical buyers for IVANS ▪ Marlin worked diligently to craft materials, initiate conversations and negotiate the terms

For more than 19 years, Marlin & Associates has been the domain expert - providing independent and unbiased professional investment banking and strategic counsel to worldwide buyers and sellers of middle-market FinTech, data and analytics technology firms.

Headquartered in New York City, with additional offices in Toronto, the Marlin & Associates team of professionals has advised on more than 200 information-technology transactions in 27 countries. More than 20 transactions on which Marlin & Associates has advised have been recognized as “Deal-of-the-Year”. The firm has won numerous awards including the “Middle- Market Investment Bank of the Year,” “Middle-Market Financing Agent of the Year – Equity,” and “TMT Advisory Bank of the Year.”

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 is a FINRA/SIPC member firm (www.finra.org). Investment banking and/or securities are offered through Marlin & Associates Securities LLC.

Marlin & Associates is one of the most active investment banking and strategic advisory firms providing trusted counsel to worldwide buyers and sellers of middle-market Fintech, Data and Analytics firms including those that offer FinTech, WealthTech, InsurTech, BankTech, LegalTech, RegTech, Business Intelligence, Market Intelligence and related enterprise software.

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