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Financia L Technology April 2016 F i n a n c i a l Te c h n o l o g y MARKET UPDATE INVESTMENT BANKING AND STRATEGIC ADVISORY TO THE FINANCIAL TECHNOLOGY AND INFORMATION SERVICES INDUSTRIES New York San Francisco Washington, D.C. Toronto Financial Technology Financial www.MarlinLLC.com © Marlin & Associates Holdings LLC, All Right Reserved DEAR CLIENTS AND FRIENDS, Fintech: It’s changing everything – Welcome to M&A’s April Fintech Market Update It’s a busy time for fintech dealmakers. Not only are people investing in disruptive fintech companies in the US and the UK, but entrepreneurs with new approaches in China, Germany, Sweden, Singapore, India and a dozen other countries are also seeing massive action. We’ve always taken a global approach to advising clients and this week we were pleased that the M&A Advisor named us as the Boutique Investment Bank of the Year at their 8th Annual International M&A Awards fete. More on that HERE. Disruptive fintech this year has broken out around the world in at least a dozen sectors. It’s no longer just about the many firms trying to disrupt the way consumers pay for goods and services - although that sector certainly is seeing a lot of action. Investors and strategics are looking for the best Blockchain based companies that can bring efficiency to the exchange of data, assets, and currencies in a wide range of b2b transactions; they are picking up firms that are using SaaS, the cloud and other newer technologies to disrupt the way wealth managers, brokers, and others manage retirement accounts and other investable assets. They are seeking ways to bring new levels of convenience to a wide range of human resource services such as benefits management and payroll services and to offer better ways for companies to manage cash flow, or to lend or borrow money in amounts large and small. It’s a challenging time too – not only for the old guard, but also for the many firms trying to stand out in a crowded marketplace. Some have what it takes to succeed. Some had it – and got passed. Some companies should not be businesses, not even products really – they should be features of a product. But for the few that have what it takes and can continue to build on it, these are heady times. The report that follows is intended to bring a focus to the m&a values and trends in the seven discreet sectors of the fintech industry that we have followed and sometimes led for more than 14 years. Read on for details on many of the more notable recent transactions. • Deutsche Börse (Eschborn, Germany) and the London Stock Exchange (London, United Kingdom) agreed to merge in an all-stock deal for $30bn; • Broadridge (NYSE:BR) has made a strategic investment and entered into a referral, sales and marketing alliance with LiquidX for an undisclosed sum; • Markit (NYSE:MRKT) agreed to merge with IHS (NYSE:IHS), implying an enterprise value of $6.2bn for Markit and valuing Markit at an implied 5.6x 2015 revenue and 12.4x 2015 adjusted EBITDA; • Nasdaq (NASDAQ:NDAQ) agreed to acquire the International Securities Exchange (ISE) for $1.1bn from Deutsche Börse; • FinTech Acquisition Corp. (NASDAQ:FNTC) agreed to acquire CardConnect through a reverse merger transaction for $438mm. We are here to advise the participants in this industry as they seek to buy, sell, or raise capital. Please let us know how we can help you. Sincerely, Kenneth B. Marlin 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 San Francisco, CA, Washington, D.C., and Toronto, Canada. It has been the recipient of numerous awards including “Boutique Investment Bank of the Year,” “Middle-Market Investment Bank of the Year,” "Middle-Market Financing Agent of the Year – Equity," and “TMT Advisory Bank of the Year.” Marlin & Associates' team of professionals has advised over 200 information- technology transactions. APRIL 2016 MARLIN & ASSOCIATES: FINTECH MARKET UPDATE Financial Technology 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 APRIL 2016 MARLIN & ASSOCIATES’ 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 • Member Market Data Hall of Fame • MD Veronis Suhler Stevenson • CEO of Telesphere Corporation • CEO of Telekurs (NA) • EVP Bridge Information systems • SVP at Dun & Bradstreet • BA from the University of California (Irvine) • MBA from UCLA, post-MBA from New York University Ken Marlin Chief Operating Officer of M&A • 18+ years of investment banking and • 20+ years of M&A experience advising private equity experience technology and PE firms, globally • Named twice to Dealer’s Digest and • VP Business Development at FactSet recently M&A Advisor’s “40-Under-40” • M&A attorney of Skadden, Arps, Slate, • Founded Marlin & Associates with Ken Meagher and Flom Marlin • CFO of JCF Group • Formerly at Veronis Suhler Stevenson, • MBA from Columbia Business School Morgan Stanley, and American • J.D. from Fordham Law School International Group • CFA Charterholder • BS from Binghamton University Jason Panzer Michael Maxworthy • 20+ years of M&A experience • 20+ years of investment banking • Founder of Chela Capital experience • Global Head of Barclays’ Capital • Focused on entrepreneurial Technology Group technology-based companies • BA in Economics from Milton College • Formerly at Robertson Stephens and • MBA in International Finance from PaineWebber (UBS) • University of Wisconsin-Madison • BS, Finance from Pennsylvania State • Post-MBA from Northwestern University University Paul Friday Afsaneh Naimollah • 12+ years of M&A experience • 15+ years of corporate finance • VP of Business Development at experience SunGard • Thought leader in payments technology • Founder of software company sold to • 8+ years in investment banking at UBS SunGard and Deutsche Bank • Started career designing trading • BS from Union College software for TD Bank • MBA from University of Virginia’s • BaSC, Engineering from University of Darden School of Business Toronto • Named to Deal’s Digest “40-Under-40” Tom Selby Jonathan Kaufman • 25+ years of investment banking/ strategic consulting • 10+ years on Wall Street • Co-founder of MarketResearch.com • Winner of M&A Advisor’s 2016 • Advisor at Dun & Bradstreet, R.R. Emerging Leaders Award • Donnelly & Sons, and BDM • Previously at Scotia Capital's Equity • Executive positions in Washington Research • Post’s Legislate subsidiary and • Previously at Bear Stearns and Thomson Finacials’ legal research J.P. Morgan business • BSBA from Villanova University • National Defense Education Fellow • CFA Charterholder George Beckerman at New York University’s Graduate Jeffrey Trongone School of Public Administration APRIL 2016 OUR FOUNDING PARTNER HAS THREE 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, Institutional Investor named Ken as an inaugural member of the “The Fintech Finance 35: The Financiers Who Place the Bets” . 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. APRIL 2016 PEERS AND INDUSTRY GROUPS RECOGNIZE MARLIN & ASSOCIATES Acquisition International recognized Marlin The Global M&A Network recognized Marlin & Associates for & Associates for the M&A Award USA TMT excellence in multiple deal categories through its M&A Atlas Advisory Firm of the Year (2012, 2015) Awards: • Financial Technology Deal of the Year (2012, 2011) • North America Small Mid Markets Corporate Deal of the Year (2013) The M&A Advisor and The M&A Forum have recognized Marlin & Associates for excellence in • Corporate M&A Deal of the Year (2010)
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