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Regtech Industry Update January 2021

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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, Michael Maxworthy | Partner | Marlin & Associates 570 Lexington Ave | 48th Floor | New York, NY 10022 o: +1 (212) 257-6041 | m: + 1 (516) 906-6764 [email protected] | www.marlinllc.com © Copyright Marlin & Associates Holding LLC 2021 RegTech Industry Update January 2021 © 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 Debt Capital Capital Debt ▪ Advisory Firm of the Year Equity & 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
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