Wealthtech Industry Continues to Evolve Covid-19 Notwithstanding

February 2021 WealthTech Industry Continues To Evolve Covid-19 Notwithstanding

Dear Clients and Friends;

Marlin & Associates (M&A) is pleased to share our latest report on the Wealth Management Technology (WealthTech) sector.

Like many companies within many of the FinTech sectors we cover – firms within the WealthTech space have weathered the COVID storm well, with many even thriving throughout these unprecedented times. Sector growth and prosperity typically drives investment and m&a, and WealthTech has not deviated from this pattern.

As noted in the following report, both public and private market activity in the space has been strong – with below being significant factors driving such activity: • Technology – which has allowed for a wide range of powerful, easy to use mobile friendly digital engagement tools for both advisors and consumers • Millennials – who have embraced the new applications and welcomed the increased ability to participate in the management of their own money • Boomers – who, as a group, have amassed unprecedented wealth, seek financial wellness and have been more than willing to adopt new wealth management approaches in an otherwise tumultuous environment • Traditional and non-traditional brokers, banks (and “non-banks”) and others in the evolving financial service sector that have adopted new technology to make new forms of product available to a growing class of investors • VC and PE players – who have continued to fund and support leading edge Wealthtech firms – even in the face of a Global Pandemic • Wealth Industry Participants – who have recognized opportunities to use m&a as a vehicle to advance technology and broaden product lines, consolidate There’s more in the report that follows.

We are available to answer questions.

Stay safe,

1 © Copyright Marlin & Associates Holding LLC 2021 WealthTech Industry Update February 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 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 to date ▪ 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

WealthTech ▪ 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 Regulatory Tech ▪ FinTech Deal of the Year ▪ Corporate M&A Deal of the Year Insurance Tech

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

3 © Copyright Marlin & Associates Holding LLC 2021 Several WealthTech Themes Are Evolving In The Pandemic Affected World

Digital Engagement Technology In WealthTech Gains Momentum Millennial Engagement Spurs Retail Market Growth Increased Demand For Financial Wellness Solutions Amongst Boomers

Growth In Retail Investor Access To Alternative Products

Global VC & PE Funding Into WealthTech Firms Advances

Consolidation & New Product Acquisitions

4 © Copyright Marlin & Associates Holding LLC 2021 Digital Engagement Technology In WealthTech Gains Momentum As External Pressures Mount

Illustrative Companies ▪ Behavioral finance (BeFi) tools have seen particularly significant momentum in client communications as they allow advisors to Provides digital wealth keep clients engaged through turbulent markets and optimize management marketing platform emotional satisfaction. In the most recent Charles Schwab BeFi Barometer survey, 55% of advisors surveyed in 2020 identified Digital Engagement behavioral finance as vital in keeping clients engaged compared Technology In to 30% in 2019 WealthTech Gains Provides marketing suite for financial advisors Momentum ▪ Continued significant momentum amongst advisor investment in CRM and digital engagement tools spurred strong m&a interest amongst strategic acquirers and financial sponsors alike with notable transactions including Seismic’s acquisition of advisor Provides sales-enablement sales-enablement tool Grapevine6 (Marlin & Associates acted behavioral profiling solutions to as sole strategic advisor to GV6) and FMG Suite’s acquisition of financial advisors twenty over ten

▪ As part of the same transaction to divest its right to acquire the PCG team, iCapital acquired factorE from Alphacore on Provides a CRM for financial September 30, 2020 advisors

Relevant Transactions

Date Target Acquirer / Investor Description

12/4/20 • Twenty Over Ten provides a financial advisor marketing platform for financial advisors

• Grapevine6 provides digital sales engagement solutions enabling marketers to publish pre-vetted 12/1/20 content and track distribution

• Advisor Software provides digital wealth management solutions including digital advice, planning, 7/29/20 proposal generation, portfolio construction, rebalancing, and asset allocation

Source: Pitchbook , Marlin & Associates 5 © Copyright Marlin & Associates Holding LLC 2021 Millennial Engagement In The Retail Space Drives Growth Across B2C Wealth Management Platforms And Investments Follow

Illustrative Companies ▪ Millennial's comfortability with new technologies and increased functionality drive retail investor participation Utilizes advanced investment strategies and technology to ▪ Financial sponsor investment and strategic acquisitions quickly provide online financial advisory Millennial followed wealth platform scaling with notable transactions Engagement including TCV’s $87mm investment in WealthSimple at a $1.1bn Spurs Retail valuation and BlackRock’s $57mm investment in Provides financial platform that paints clients’ full financial Market Growth Scalable.capital pictures  However, all advisory solutions are not created equal. Solutions providing a digital and comprehensive client experience are thriving while traditional advisory firms Provides innovative financial continue to lose steam against the new entrants platform intended to help clients achieve financial freedom ▪ Featheringill Capital acquired InvestEdge through an LBO on October 2, 2020 for an undisclosed amount Provides online financial ▪ Bibit, an Indian robo-advisor, raised $30mm from Sequoia advisory platform designed to Capital India grow and protect wealth inexpensively and transparently

Relevant Transactions

Date Target Acquirer / Investor Description

• Evolute offers wealth management solutions including compliance, risk management, and legal 12/13/20 services

• 55ip provides automated investment solutions including investment strategy, analytics, and 12/4/20 automated tax management

10/14/20 • WealthSimple provides online investment management services in Canada

Source: Pitchbook, CNBC, Bloomberg , Marlin & Associates 6 © Copyright Marlin & Associates Holding LLC 2021 Increased Demand For Financial Wellness Amongst Boomers Drives Adoption Of New Solutions

Illustrative Companies ▪ Boomers – who, as a group have amassed unprecedented wealth, seek financial wellness and have been more than willing to adopt new wealth management approaches in an Holberg Financial provides financial wellness and wellness otherwise tumultuous environment coaching platforms Increased Demand For Financial ▪ Technologies enabling the pursuit of financial wellness Wellness Solutions gained traction in both m&a and financing markets as Amongst Boomers strategic acquirors and investors recognize particularly Provides financial and benefits broad horizontal and vertical applications possible with a education platforms solution provider in the financial wellness space, namely:

 GoSave, a digital piggy bank designed to help children with financial wellness was acquired by Strive for an Provides digital financial undisclosed amount on November 3, 2020 wellness platform

 Digs, a savings management app was acquired by OJO Home for an undisclosed amount on October 15, 2020 Provides independent ratings, research, and analytics. Prior Marlin & Associates client (Link)

Relevant Transactions

Date Target Acquirer / Investor Description

• Pocketnest provides financial planning platform intended to offer a holistic financial wellness 12/15/20 Undisclosed Investors approach

• Truebill provides financial wellness solutions including spending optimization, subscription 11/12/20 management, and savings optimization

• FloatMe provides a financial wellness platform intended to help customers make better financial 10/27/20 decisions

Source: WSJ, Forbes , Marlin & Associates 7 © Copyright Marlin & Associates Holding LLC 2021 More Players In The Financial Services Space Have Adopted New Technologies Making New Forms Of Product Available To A Growing Class Of Investors

▪ Traditional capital markets-related technologies are moving downstream and making historically institutional-exclusive Illustrative Companies investment vehicles now available to retail investors through online platforms such as RockerDollar, Fundrise, NextSeed, Provides a retail alternative Forge, and Alto investment platform

Growth In Retail ▪ Strategics and financial sponsors are beginning to recognize Investor Access To the near-term opportunity that technology solutions hold over Provides online trading platform Alternative Assets traditional advisory shops as acquisitions and investment in the space have been heating up over the past 6-9 months that improves investor access to private markets with notable transactions including Forge’s acquisition of SharesPost in November 2020 and RocketDollar’s seed investment from Barclay Street Venture in June 2020 Provides crowdfunding platform that allows retail investors to ▪ Other notable transactions include OurCrowd’s, an equity- access private markets based crowdfunding platform, $60mm investment by ORIX, Rally Rd.’s, an app-based platform to invest in automobiles, $17mm investment from Raptor Group, Global Brain & Relay Provides platform for individual Ventures, and Landbay’s, an online P2P lending platform for retirement accounts to access residential mortgages, $7mm investment from an alternative assets undisclosed investor Relevant Transactions

Date Target Acquirer / Investor Description

11/18/20 • CAIS provides an alternative asset platform for financial advisors

11/16/20 • Nextseed provides crowdfunding platform that allows retail investors to access private markets

5/13/20 • Artivest provides retail investors access to alternative investments

Source: Pitchbook, McKinsey & Company, Marlin & Associates 8 © Copyright Marlin & Associates Holding LLC 2021 Global VC & PE Players Continue To Fund And Support Leading Edge Wealthtech Firms – Even In The Face Of A Global Pandemic

$1,600 62 70 63 $1,400 54 ▪ WealthTech startups attracted significant 60 VC funding during the last five years through $1,200 2019, with more than $5.8bn invested 47 50 Global VC & PE across North America and Europe. In 2019, 38 Funding Into investment reached an all-time high at $2.3 $1,000 39 40 WealthTech Firms billion. However, 2020 continued the strong momentum with more than $2.4 billion $800 Advances $1,491 already invested in the space through Q3 $1,355 30 $600 ▪ Principal drivers of increased venture $1,152 funding remain to be the rapid growth 20 $400 $835 companies are experiencing and long apparent runway remaining for continued $200 $477 10 expansion in the space as “gorillas” in many $275 sub-verticals within WealthTech are yet to be identified $0 0 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20E

Total Funding ($mm) # Of Deals Relevant Transactions

Date Target Acquirer / Investor Description

• Addepar provides digital wealth management solutions including data aggregation, analytics, and 12/18/20 performance reporting

10/1/20 • Robinhood provides commission-free trading in stocks, ETFs, options, and cryptocurrencies

• Greenlight Financial Technology provides a smart debit card designed to help parents monitor 9/24/20 children’s spending habits

Source: Pitchbook, CNBC, Bloomberg, Marlin & Associates 9 © Copyright Marlin & Associates Holding LLC 2021 Wealth Industry Participants, Who Have Recognized Opportunities To Use M&A As A Vehicle To Advance Technology And Broaden Product Lines, Consolidate

▪ In September 2020, Baltimore-based RIA startup Facet Wealth secured a $25mm Series B funding round led by Warburg Consolidation & New Pincus. The latest round of funding will be used to support anticipated growth of its direct-to-consumer business, which Product Acquisitions more than doubled since the start of Covid-19 ▪ Personal finance platform SoFi proves particularly acquisitive as it transforms into a broader fintech holding company ▪ 2020 brought to light a heightened appreciation for the value and importance of scale in a strategic acquirer. 2H 2020 saw active and potential sellers appreciate scale in an acquirer. m&a, once perceived solely as an exit strategy, is seen as a method to access new markets, growth opportunities, and synergies ▪ The Independent Advisor Industry Is Ripe For Innovation: Many independent RIAs must log-in to three to five apps versus a simple, unified warehouse system

Relevant Transactions

Date Target Acquirer / Investor Description

• Facet Wealth provides financial planning solutions including goal planning, portfolio management, 9/29/20 and financial planning

9/10/20 • Groww provides a data-science based mutual fund investing platform

7/22/20 • Scalable Capital provides a consumer trading platform for multiple assets

Source: Pitchbook, Forbes, Barron’s , Marlin & Associates 10 © Copyright Marlin & Associates Holding LLC 2021 Large WealthTech Venture Capital Deals Continue To Show Momentum In The Market

VC-backed Wealth Tech Landscape ($mm) $3,000 Series G ($660)

$2,500

Series F ($600) $2,000

Series E ($373) Series D ($363) $1,500 Series C ($103)

Series D ($363) Total Raised ($mm)TotalRaised $1,000 Series C ($103)

Series C ($110) Series E ($100) Series E ($117) $500 Series E ($100)

$0 2011 2012 2013 2014 2015 2016 2017 2019 2020 Completed 2020 Q4 Selected Transactions

Funding Amount Date Target Acquirer / Investor Target Company Description ($mm) • Addepar provides digital wealth management solutions including data 12/18/20 $117 aggregation, analytics, and performance reporting • Vise provides an AI-powered portfolio management platform to automate 12/15/20 investment management for financial advisors $45

11/19/20 • CAIS provides an alternative asset platform for financial advisors $50

Source: PitchBook 11 © Copyright Marlin & Associates Holding LLC 2021 U.S. Online Brokers And Asset Managers Outperform Rest Of WealthTech Market

60%

U.S. Online Brokers 50% 45%

Asset Managers 38%

Financial Information 30% Providers 21% Trading Software / Solutions 19% S&P 500 19% 15% Outsourced Financial Solutions Providers 16%

(15%)

(30%)

(45%)

Trading Software / Solutions Asset Managers U.S. Online Brokers Outsourced Financial Solutions Providers Financial Information Providers S&P 500

Source: PitchBook as of market close on February 4, 2020. Trading Software / Solutions: FDS, SIM, IRE, FDP, LIN; Asset Managers: BLK, TROW, IVZ, BEN, JHG, CNS, FOCS, AB, APAM, WETF; U.S. Online Brokers: SCHW, IBKR, VIRT, FLOW; Outsourced Financial Solution Providers: SSNC, BR, LPLA, SEIC, CPU, ENV, AMK, NOAH, SNN, NWL, BVS; Financial Information Providers: SPGI, MCO, REL, TRI, INFO, VRSK, MSCI, EXPN, EFX, IT, INF, FICO, MORN, FORR 12 © Copyright Marlin & Associates Holding LLC 2021 Revenue Multiples Across The WealthTech Sector Have Largely Returned To Pre- Pandemic Levels

Enterprise Value / 2021E Revenue as of January 1, 2020 vs February 4, 2021

EV/2020 Revenue Multiple as of 1/1/20 EV/2021E Revenue Multiple as of 2/4/2021

10.0x

7% 7.9x 8.0x 7.4x

(10%)

5.8x 6.0x 4% (10%) 5.2x 5.0x 4.8x 4.9x 4.4x 6%

4.0x 3.6x 3.4x

2.0x

0.0x Financial Information Providers U.S. Online Brokers Trading Software / Solutions Outsourced Financial Solutions Asset Managers Providers

Source: Pitchbook as of market close on February 4, 2021 13 © Copyright Marlin & Associates Holding LLC 2021 EBITDA Multiples Have Similarly Returned To Pre-Pandemic Levels

Enterprise Value / 2021E EBITDA as of January 1, 2020 vs February 4, 2021

EV/2020 EBITDA Multiple as of 1/1/20 EV/2021E EBITDA Multiple as of 2/4/2021

28.0x

24.0x 10% 4% 49% 21.5x 21.8x 20.5x 19.7x 19.8x 20.0x (13%)

16.0x 16.0x 14.4x 14.0x 6%

12.0x 11.1x 10.5x

8.0x

4.0x

0.0x Financial Information Providers U.S. Online Brokers Trading Software / Solutions Outsourced Financial Solutions Asset Managers Providers

Source: Pitchbook as of market close on February 4, 2021 14 © Copyright Marlin & Associates Holding LLC 2021 M&A Activity Has Picked Up Over The Last Few Months

Date Acquirer(s) Target Target Location Comments Enterprise Value

• WealthEngine provides a predictive marketing analytics platform designed to offer 12/8/20 Bethesda, MD wealth intelligence services $15mm • The acquisition adds scale to Euromoney’s People Intelligence business • 55ip provides tax-smart investment strategies 12/2/20 Boston, MA • The acquisition accelerates investment in and development of advanced n/a technology for financial advisors • Quartal provides fee management and revenue cycle management software 11/17/20 Zurich, Zurich • The acquisition expands Purefacts’s global reach and strengthens its technology n/a solutions

• Silica provides outsourced administration solutions for investment managers 11/16/20 Sandton, Gauteng n/a • The acquisition expands FNZ’s reach to serve the South Africa market

• Northout provides IT services for business process optimization 11/5/20 Boston, MA n/a • The acquisition accelerates Eze Castle Integration's digital transformation offering

• OpenWealth provides digital wealth management platform for investors and 11/2/20 Zurich, Zurich advisors n/a • The acquisition allows Nucleus to provide previously outsourced services in-house • Kabbage provides an online lending platform for SME working capital loans 8/17/20 Atlanta, GA • The acquisition accelerates AMEX’s plans to offer U.S. small businesses an easy ~$850mm and efficient way to manage payments and cash flow digitally in one place • Marq Millions provides issuing solutions to financial institutions and banks 7/29/20 Manchester, UK • The acquisition enables the eToro Group to become a global market leader n/a through issuing its debit card • Advisor Software is a developer of a cloud-based wealth management platform Assets of 7/29/20 Walnut Creek, CA • The transaction adds key digital functionalities to Refinitiv’s Wealth Management n/a offering, including enhanced digital advice capabilities and digital portfolio analysis

Wealth Manager Services • State Street is a leading provider of financial and investment services 7/7/20 Business of Boston, MA • The new venture will, upon full implementation, combine the custody expertise of n/a State Street with the international platform operated by FNZ • FormulaFolio Investments is an operator of an investment advisory company 7/7/20 Costa Mesa, CA • The merger positions Brookstone Capital Management and FormulaFolio n/a Investments as a leading provider of advisory services to retirement advisors

Source: PitchBook and Tracxn 15 © Copyright Marlin & Associates Holding LLC 2021 M&A Activity Has Picked Up Over The Last Few Months (Continued)

Date Acquirer(s) Target Target Location Comments Enterprise Value

• Personal Capital is a provider of online wealth management services 6/29/20 Redwood City, CA • The completion of the transaction will deliver Empower’s vision of transforming the $825mm financial lives of those it serves • Tagomi is a developer of a cryptocurrency trading platform for better execution 5/27/20 Chicago, Illinois • The acquisition bolsters Coinbase's offerings for advanced traders and the most ~$90mm sophisticated crypto investors

Source: PitchBook and Tracxn 16 © Copyright Marlin & Associates Holding LLC 2021 Broader SubSectors Within The WealthTech Landscape Are Highly Fragmented …

Alt. Investment Fund Platforms Portfolio Mgmt. & Reporting Alt. Investment Solutions Providers

B2B Digital Retirement Solutions CRM

B2B Robos

Data Aggregation Rebalancing

* Indicates that the company was acquired by a financial sponsor within the last twelve months. 17 © Copyright Marlin & Associates Holding LLC 2021 . . . And Ripe For Consolidation

RIA Custodians Portfolio Risk Management Online Client Engagement

ANVIL

Compliance Specialized Planning

Financial Planning

Plan Monitoring Advisory Fee Billing

Advisor Lead Generation Outsourced Cloud Hosting

* Indicates that the company was acquired by a financial sponsor within the last twelve months. 18 © Copyright Marlin & Associates Holding LLC 2021 Leading Advisor to FinTech, Digital Tech, Data & Analytics Companies and Investors Worldwide

19 © 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

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

Digital Lending

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

DebtCapital ▪ Advisory Firm of the Year

Equity& Raise

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

Joint Ventures Payments Tech & Partnerships ▪ Middle-Market IB of the Year Digital Tech ▪ Middle Market Tech Deal of the Year Business Intelligence

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

▪ Unrelenting focus on the financial technology sector with deep expertise in Capital Markets Tech and other FinTech sectors FOCUS ▪ Deep understanding of industry structure and drivers of value ▪ Extensive contacts at multiple levels among industry participants and financial investor firms

▪ Diverse team based in New York City 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 FinTech

▪ The industry we serve is not defined geographically, nor are we GLOBAL ▪ Half of our transactions are cross-border ▪ A third 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

21 © 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 Middle-Market Investment Bank of the Year Year (US) Capital Raising Advisory Firm of the TMT Advisory Firm of the Year (US) Year Boutique Investment Banking Firm of Deal of the Year (Parthenon / BillingTree) the Year Boutique Investment Banking Firm of the Advisory Firm of the Year (US) Year Gamechanger of the Year (US), Ken Small Tech Fund Raising of the Year for Marlin CRM Middle-Market Investment Bank of the Professional Services (B2B) Deal of the Year (US) Year (2017) Capital Raising Advisory Firm of the Boutique Investment Banking Firm of the Year Year Boutique Investment Banking Firm of Cross-Border Deal of the Year (2016) the Year

“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

22 © 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

Sam Wilcox New York City Toronto Jordan Wittbrot

Woolley Capital Partners

Al Sisca Neil Chadda

Samuel Martinez Henry Kamp

Max Schroeder

23 © Copyright Marlin & Associates Holding LLC 2021 Preferred Advisor To Founder-Owned Companies

Client Buyer Commentary

• With M&A’s guidance, Management vetted both minority and majority offers and agreed to sell the company to Majesco, a provider of a cloud- based software suite for the insurance industry, a portfolio company of Thoma Bravo

• M&A conducted an almost entirely virtual transaction, with principal management members meeting only once throughout the year for a socially-distanced work session

• M&A prepared marketing materials, conducted discussions with interested parties, managed due diligence reviews, and helped the company close a transaction with Seismic

• 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

• Marlin managed the process, assisted in the negotiations and acted as the exclusive strategic and financial advisor to Varden Technologies

24 © Copyright Marlin & Associates Holding LLC 2021 Leading Buyside Advisor To Both Strategic And Financial Investors

Client Target Commentary

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

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

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

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

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

o 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

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

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

o Marlin provided Vista and Ventyx with aid in due diligence, structuring and valuation of the business o 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

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

New York, NY Darien, CT Toronto, Canada Danbury, CT Brisbane, Australia Wilton, CT has received a majority equity has received an equity investment has been acquired by has acquired has been acquired by has agreed to be acquired by investment from from

San Diego, CA Atlanta, GA A portfolio company of New York, NY Lake Success, NY Edinburgh, United Kingdom New York, NY Boston, MA

Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as financial 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 advisor to GBST Holdings Limited strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to Grapevine6 ClearStructure Financial Technology, LLC Private Client Resources, LLC Aquiline Holdings LLC Investment Metrics

Advisor Sales- Portfolio Management Wealth Management Wealth Aggregation & Compliance Platform Performance enablement Solution Solutions & Capital Markets Data Management for RIAs Reporting & Analytics Services Solutions

has sold Boston, MA Private equity funds managed by Woburn, MA New York, NY San Francisco, CA Blackstone and by the Goldman Sachs has been acquired by Merchant Banking Division (together, has been acquired by has led a $60 million investment in the “Sponsors”) have agreed to acquire has been acquired by London, United Kingdom to a portfolio company of from affiliates of Kohlberg Kravis Roberts & Co. L.P. Windsor, CT New York, NY Chicago, IL Chicago, IL New York, 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 Marlin & Associates advised the strategic and financial advisor to strategic and financial advisor to financial advisor Francisco Partners Advise Technologies, LLC Varden Technologies Sponsors ByAllAccounts, Inc. Ipreo Holdings, Inc.

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

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 financial 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 advisor to GBST Holdings Limited Hanweck Associates, LLC NinjaTrader Group, LLC Greenwich Associates, LLC ClearStructure Financial Technology, LLC Kore.ai

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

New York, NY New York, NY New York, NY Charlotte, NC New York, NY 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 has acquired investment from from equity investment from

London, United Kingdom to

Troy, MI Boston, MA Jacksonville, FL San Francisco, CA New York, NY 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 TradingScreen Inc. SALIDO, Inc. SERMO, Inc. Zenmonics Rapid Ratings Aquiline Holdings LLC

Affiliate of

Boston, MA New York, NY Toronto, Canada Chicago, IL Darien, CT Addison, TX received a has sold Financial Engineering has received an equity investment has received an equity investment from has been acquired by Received a $250mm credit series B investment led by Associates, Inc. to from facility from affiliate of

Dallas, TX Atlanta, GA A portfolio company of White Plains, 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 Inc. Tier1CRM OptionsCity Software Investment Metrics Think Finance

Hamilton, Bermuda Toronto, Canada A portfolio company of London, United Kingdom Port Talbot, United Kingdom Salt Lake City, UT San Mateo, CA has sold the Atrium wireless and received an investment from received an investment from has been acquired by received a strategic extranet infrastructure businesses to investment from

has been acquired by

London, United Kingdom Chicago, IL Tokyo, Japan Atlanta, GA Geneva, Switzerland Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive 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 strategic and financial advisor to Group QuoVadis and ABRY advisor to OpenGamma Vizolution iTransact Group, LLC Xignite

Background Grapevine6 operates a powerful digital sales engagement platform that uses AI to search thousands of web-based sources, curating highly-relevant content that then leverages its distribution engine to time-release posts for optimal network engagement and viewership. Grapevine6 enables clients to confidently publish pre-vetted, targeted content to their network with the push of a button and allows marketing and sales departments to track engagement across distribution channels.

Following a period of substantial growth, Grapevine6’s founder-led team began to receive significant inbound interest from several strategic players and financial sponsors. Aware of M&A’s expertise in advising founder-led companies space, Grapevine6’s founders engaged M&A to help them explore their strategic and financial alternatives.

Toronto, Canada has been acquired by Overview of Transaction M&A organized a dedicated team to work closely with Management to develop materials that would clearly communicate Grapevine6’s San Diego, CA strengths, strategy, and growth potential. M&A then worked with the company to identify, and communicate with, a limited set of highly A portfolio company of strategic partners and select financial sponsors that recognized the strength of the company’s offering and the value that its acquisition would bring. With M&A’s guidance, Management vetted these companies, met with their representatives, and, after a careful review of their options, agreed to sell the company to Seismic, a San Diego-based portfolio company of Permira, and the developer of an industry-leading end-to-end sales enablement platform. Marlin & Associates acted as exclusive strategic and financial advisor to Grapevine6 M&A’s Role

M&A acted as the exclusive strategic and financial advisor to Grapevine6. M&A leveraged its deep domain expertise to conduct a methodical and disciplined competitive process with a particular focus on a limited set of highly strategic players. M&A prepared detailed transaction marketing materials, conducted discussions with potentially interested parties, facilitated information exchange, advised the company on the negotiation and evaluation of alternative offers, managed preliminary and confirmatory due diligence reviews, and eventually helped the company close a transaction with Seismic.

Background

ClearStructure Financial Technology is a Danbury, Connecticut-based provider of the leading front-to-back, multi-strategy, multi-asset portfolio management solution. ClearStructures’s award winning platform, Sentry PM, allows asset managers, hedge funds, administrators, and private debt issuers to streamline and automate their front-,middle-, and back-office processes to better serve their clients. Early in 2019, ClearStructure engaged Marlin & Associates to help them evaluate their strategic and financial options. M&A suggested a dual track process to give the Board options for both growth capital and a full exit. Overview of Transaction Danbury, CT

has been acquired by M&A used deep domain expertise in financial technology and enterprise software in collaboration with the company’s management team to develop materials that clearly communicated the strength and depth of the company’s product offerings, its strong competitive positioning, and its impressive client base. Additionally, the M&A team helped the company validate its growth plan focused on growing their sales team, geographic expansion, and increased services offering. M&A then worked with Management to identify and solicit indications of interest from a select group of both financial sponsors and Lake Success, NY strategic industry players, and evaluate multiple competing offers. Marlin & Associates acted as exclusive Ultimately, Management and ClearStructure’s board concluded that the strongest fit was a sale of the company to Broadridge Financial strategic and financial advisor to ClearStructure Financial Technology, LLC Solutions, a leading financial services company that serves banks, broker-dealers, asset and wealth managers and corporate issuers. From the start, both management teams were excited about the opportunities presented by the combination of ClearStrucutre’s industry leading technology and Broadridge’s international distribution network. M&A’s Role

Marlin & Associates acted as exclusive strategic and financial advisor to ClearStructure, on its sale to Broadridge. M&A ran a fast, methodical, and disciplined competitive process with multiple high-profile potential partners. M&A worked with Management and the Board to craft customized materials and identify a targeted list of highly qualified potential partners. The M&A team then managed an extremely competitive process that resulted in indications of interest and meetings with several high-profile buyers. M&A helped Management and the Board to evaluate the competing offers, negotiate terms, manage the due diligence review process, and close a transaction with Broadridge.

Background GBST, an Australian-based, publicly traded company (ASX:GBT), provides retail wealth and institutional software products including client accounting and securities transaction technology solutions for the wealth management and capital market industries worldwide.

The company believed that it had been undervalued in the eyes of the public markets for some time. In early 2019, GBST hired Deutsche Bank to run a sell side process. In early 2019, GBST received an offer from its Australian-based publicly traded competitor Bravura (ASX:GBT), which management viewed as insufficient. GBST’s CEO Rob DeDominicis reached out to Marlin & Associates to assist in identifying alternative suitors willing to pay a higher price than Bravura and create a competitive bidding process. After some discussions with Marlin, Rob and his team decided to engage Marlin & Associates as their financial advisor to co-advise them on the deal with Deutsche Bank to assist with finding an interested party outside of Australia. Brisbane, Australia

has agreed to be acquired by Overview of Transaction

M&A quickly organized a dedicated team to work closely with management to identify a select group of strategic players and financial sponsors that are active in the capital markets and wealth technology space. From this select universe of potentially interested bidders, two bidders emerged whom M&A introduced to the GBST management team, Connecticut-based SS&C Technologies (NasdaqGS:SSNC) and UK-Based FNZ Group, sparking a bidding war between Bravura, SS&C and FNZ. Edinburgh, United Kingdom

Marlin & Associates acted as financial As those of you who followed this process know, FNZ was the final winner of the bidding war. The transaction was announced at July advisor to GBST Holdings Limited 26th, and valued at approximately A$268 million including approximately A$262 million in equity value (A$3.85 per share) - a premium of about 95% to the closing price of the company’s shares on April 11, 2019, the day prior to the initial non-binding proposal of A$2.50 per share from Sydney-based Bravura Solutions. On June 19th, 2019, Bravura raised their initial offer to A$2.72; and on June 27th, raised it again to A$3.00, only to withdraw their offer, when SS&C Technologies offered A$3.25 per share, which they later raised to A$3.60. FNZ then topped that bid with a binding offer of A$3.85 per share – 54% above Bravura’s initial price.

M&A’s Role

M&A served as financial advisor to GBST and its shareholders. We have known both GBST and FNZ for many years and are pleased to have played an important role in bringing these two market-leading capital market and wealth management technology firms together.

M&A identified and conducted discussions with potentially interested parties, facilitated information exchange, and eventually helped the company get the offer that delivered a satisfying result for GBST’s shareholders.

Background Founded in 2005, New York based RIA in a Box LLC ("RIA in a Box"), has become a market leader in providing SaaS-based compliance solutions to Registered Investment Advisors (“RIAs”). The company serves more than 1,600 RIA clients at the State and SEC-registration levels. RIA in a Box’s proprietary platform helps these RIAs navigate regulatory compliance challenges, improving workflows, and visibility.

Having advised on more than a dozen recent transactions in the wealth management technology space, Marlin & Associates (“M&A”) was very familiar with RIA in a Box and the competitive landscape in which it operates and had been in contact with the Company since 2011 when it transitioned to the current management team as part of its acquisition by Search Fund Partners, a search fund.

New York, NY Late in 2017, M&A became aware that RIA in a Box was considering strategic options, and approached Aquiline Capital Partners has acquired (“Aquiline”) as a potential partner. M&A believed Aquiline, with its track record of helping portfolio companies achieve success in capital markets, compliance and wealth management technology, would be an excellent partner to help take RIA in a Box’s business to the next level. Aquiline agreed – and engaged M&A as its financial and strategic advisor to pursue RIA in a Box.

Overview of Transaction New York, NY

Marlin & Associates acted as exclusive On May 22, 2018, 10-days after entering into exclusive negotiations, private equity funds managed by Aquiline Capital Partners strategic and financial advisor to acquired a significant majority interest in RIA in a Box. Aquiline Holdings LLC The terms of the transaction were not disclosed.

M&A’s Role

M&A’s thorough understanding of the marketplace, competitors and potential follow-on acquisition opportunities enabled the firm to provide valuable support to Aquiline throughout the deal process. M&A put together a financial model to support Aquiline’s analysis, conducted a review of RIA in a Box management’s business plan, orchestrated due diligence reviews and helped Aquiline with bidding. M&A is pleased to have advised Aquiline on this very important transaction.

32 © Copyright Marlin & Associates Holding LLC 2021 TradingScreen Divests A Minority Stake In BidFX To Singapore Exchange Background BidFX is a young, fast-growing, cloud-based, broker-neutral, foreign exchange e-trading solution for the global financial marketplace. The company was conceived and incubated within TradingScreen, Inc., a leading provider of SaaS based electronic trading services for hedge funds, mutual funds, and brokers, globally. Trading Screen approached M&A for strategic and financial advice on the best way to carve out BidFx and raise capital for its independent growth.

Overview of Transaction

New York, NY M&A used its deep domain expertise in advising on financial technology transactions to help BidFX quickly develop materials that has sold a minority equity interest in clearly communicated the strength of the company’s execution management system (“EMS”), liquidity and integration tools; risk and its subsidiary compliance tools, and its data and analytics tools; as well as its strong competitive positioning and the company’s impressive client base of more than 60 marquee hedge funds, asset managers, and banks in the US, UK, Europe and Asia.

London, United Kingdom At the same time, M&A helped the company develop a detailed financial plan that clearly validated its growth expectations. M&A then to leveraged its extensive contacts to help the company reach out to potentially interested parties in the US, UK, Europe and Asia. After extensive review and discussion with multiple interested parties, TradingScreen concluded that their preferred option was to accept a minority investment from Singapore Exchange Limited (SGX), Asia’s biggest provider of listed FX trading and an integrated securities Singapore exchange and derivatives exchange based in Singapore. The funds provided by SGX will be used to continue enhancing the BidFX Marlin & Associates acted as exclusive strategic and financial advisor to platform and add to the unit’s separate development, sales and management teams - all while rolling out product enhancements, TradingScreen Inc. adding liquidity providers, increasing staffing, developing strategic partnerships as well as increasing sales presence in Europe the US and Asia. As part of the transaction, SGX will gain the option to take a majority stake in BidFX.

M&A’s Role

Marlin & Associates served as exclusive strategic and financial advisor to TradingScreen and BidFX on a complex minority investment and carve-out. M&A led the preparation of detailed transaction marketing materials, conducted discussions with multiple interested parties, facilitated information exchange, advised on the negotiation and evaluation of alternative offers and helped Trading Screen and BidFX management navigate the competing desires of multiple parties.

Background

Subserveo was a young technology firm with tremendous potential. The company built a robust compliance and surveillance software solution for Broker-Dealers, Wealth Managers and RIA firms. The solution delivered daily analysis of all transactions, orders and account holdings supported by an extensive library of FINRA, SEC, IIROC and UMIR-based tests.

Since Subserveo was still in an early stage of development, they concentrated on further developing their technology platform and growing the client base. While being acquired was not on the agenda, the recognition of Subserveo’s market potential and ability to provide a SaaS-based compliance solution caused other firms to notice. That was when they turned to M&A to help. Overview of Transaction

Vancouver, Canada A number of industry players, including DST Systems, had taken notice of Subserveo’s market launch. DST Systems had historically has been acquired by operated in the mutual fund processing space, but sought to leverage their financial services expertise into other markets and diversify their business. DST announced in 2011 their intention of entering the core brokerage processing and insurance spaces as part of their diversification strategy. DST realized that organic development in any suitable timeline would be a challenge. They would have to spend time analyzing key building blocks for the brokerage vertical, and then analyze which firms were considered market leading firms. In addition, compliance was a long time pain point for brokerages. M&A helped DST Systems understand that Subserveo was ideally Kansas City, MO positioned to be a key building block for executing their compliance strategy. Marlin & Associates acted as exclusive strategic and financial advisor to M&A organized a team to manage the transaction process. The team worked with Management to position the company for a potential Subserveo transaction; led preparations for due-diligence reviews; identified key strengths and weaknesses, and worked with the company to strengthen those weaknesses before presenting to outside parties.

Given that Subserveo was a nascent firm just beginning to gain traction in the marketplace, the acquirer would need to understand the potential growth that Subserveo could provide and that in order for Subserveo’s management and shareholders to sell at the early stage, the business would only trade at a significant premium over any typical market multiple. Approximately six months after engaging M&A, Subserveo was acquired by DST Systems. The acquisition of Subserveo considerably strengthened DST’s position in the recently entered Brokerage Services space. At the same time, shareholders of Subserveo were able to realize the value from their investment with an exit to the leading player in the industry.

M&A’s Role

Marlin & Associates managed the process, assisted in the negotiations and acted as exclusive strategic and financial advisor to Subserveo, Inc.

Background Investment Metrics, LLC is a Darien, Connecticut-based provider of performance measurement, investment analytics, risk attribution, market intelligence and reporting software to the investment management industry. Marlin & Associates had been talking with Investment Metrics’ CEO, Sanjoy Chatterjee, for many years, as well as building a relationship with the company’s private equity owners and an independent board member. Investment Metrics’ software was originally developed as an in-house tool for RogersCasey, a leading investment consultant that Marlin & Associates knows well.

As Investment Metrics continued to expand its marquee client base and invest in its performance analytics and reporting solution, the management team and board of directors felt a new equity partner could help the company in its next phase of growth – both domestically and internationally. In 2016, management and the company’s board of directors asked Marlin & Associates to help the firm evaluate strategic and financing alternatives as its exclusive strategic and financial advisor. Darien, CT has received an equity investment Overview of Transaction from Marlin & Associates worked collaboratively with Investment Metrics’ management team to develop materials that clearly communicated the strength of the company’s product, its positioning in the marketplace and its high-caliber client roster. Additionally, the Marlin team helped the Atlanta, GA company communicate its growth plan in the evolving wealth management industry, leveraging marquee client wins with Morgan Stanley and Wells Fargo.

Boston, MA After thorough preparation, Marlin & Associates diligently managed a process which brought several high quality suitors to the table – both Marlin & Associates acted as exclusive strategic and financial. The management team met with more than 10 prospective parties, including an operationally-focused software private strategic and financial advisor to equity firm, Resurgens Technology Partners. Resurgens Technology Partners brought relevant operational and industry expertise that Investment Metrics management and the board believed was a critical quality of any new equity partner. In addition, Resurgens partnered with HarbourVest Partners, a global private markets asset manager with more than $40 billion in assets under management, that brought a complementary skill set to the table. In June 2017, management and the board agreed to sell a significant equity stake in Investment Metrics to Resurgens Technology Partners and HarbourVest Partners. M&A’s Role Marlin & Associates diligent approach to preparation was critical to the success of this transaction. The company’s sophisticated performance analytics and reporting platform served very complex needs of the investment management industry and communicating the value proposition to the market had to be clear and comprehensible. Marlin & Associates 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.

"The team at Marlin & Associates was pivotal to completing this transaction. Their professional expertise in terms of understanding our business and ability to prepare and position us in the marketplace were very instrumental in getting us across the finish line. They’re smart, available whenever needed, and bring a positive work ethic to get the deal done.” Sanjoy Chatterjee, CEO, Investment Metrics

For more than 19 years, Marlin Associates has been the domain expert providing independent and unbiased professional investment banking and strategic counsel to middle market enterprise and vertical application software, services, data and analytics including firms across the FinTech ecosystem (WealthTech, InsurTech, Bank Tech, Payments, Capital Markets Tech, Digital Lending, RegTech), Digital Tech, Legal Tech, GRC, Business Intelligence, and Market Intelligence.

Headquartered in New York City, with an office 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.

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