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F in an Cial Tech N O Lo November 2017 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, Is Capital Markets Tech the Forgotten Stepchild of FinTech? Our November 2017 Fintech M&A report Dear Clients and Friends, Our latest Fintech m&a report is 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. There is a revolution going on in many areas of Fintech. It’s obvious to anyone who uses their smart phone for banking, uses Alipay, PayPal, or Venmo to make online payments; uses ApplePay, or LevelUp for mobile purchases; knows about crypto-currencies such as Bitcoin and Etherium; or about Kabbage or OnDeck or others doing business lending; or about our client, BillingTree, for managing b2b collections; or Prosper, LendingClub and China Rapid Finance for Peer-to-Peer lending. It’s everywhere – except in capital markets. Some will argue; they will point out that Wealthfront, Nutmeg, Betterment and other robo-advisers are “revolutionizing” asset management. Yes, but the impact feels more evolutionary. Some may note the scores of firms offering SaaS, PaaS and cloud-based capital markets solutions. True, but their market share is small. Some point to firms applying AI to “Big Data” and making trading decisions in real time. True, but we had algo-traders in the 1980s. So why does Capital Markets feel like the forgotten stepchild of Fintech? We think the revolution may be finally coming – soon – and there are four drivers: • Competitors are putting pressure on profits and that makes institutions more willing to look for innovative ways to grow revenue – or gain efficiencies. • Regulators are pushing for better risk management and more transparency – which are both tough to accomplish in firms with bureaucratic silos of information that are technologically incompatible. • Technology allows more creative solutions: Cloud storage has matured; SaaS and PaaS applications are proliferating; Big Data is here, AI is coming. But the real game changer is Distributed Ledger Technology (Blockchain). TabbGroup tells us that more than 30 major institutions are within two years of DLT implementation. • Vendors such as Fenergo, OpenGamma, Trunomi and Xignite are using these technologies to offer innovative solutions to capital markets participants as are companies like ComplyAdvantage, Earnix, InvestCloud, iSentium, Ripple, Tradair, Axoni and others. The combination of these drivers is spurring some highly visible changes to Capital Markets technology. We enjoy working with companies at the forefront of this effort. It’s fun; it’s historic; and it is affecting m&a values and trends. As you will see in the report found below, demand for Fintech firms fomenting this revolution is strong. A few of the more notable recent deals include: • First Data (NYSE:FDC) agreed to acquire BluePay for • E*Trade Financial Corporation (NASDAQ:ETFC) agreed to $760mm, acquire Trust Company of America (TCA) for $275mm, • TMX Group (TSX:X) agreed to acquire Trayport from • Fintrax Group agreed to acquire Planet Payment, Intercontinental Exchange for $721mm, valuing the (NASDAQ:PLPM) for $220mm, implying an enterprise value company at an implied 9.5x LTM revenue and 18.3x LTM of $249mm, valuing the company at an implied 4.7x LTM EBITDA, revenue and 20.5x LTM EBITDA. • Intercontinental Exchange (NYSE:ICE) agreed to acquire BondPoint from Virtu Financial for $400mm, Please see our November Fintech Market 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. NOVEMBER 2017 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 NOVEMBER 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 • 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 • 7+ 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 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.” Roman Brunner CEO, QuoVadis Note: Not a complete list NOVEMBER 2017 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. NOVEMBER 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
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