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F in an Cial Tech N O Lo June 2017 Financial Technology MARKET UPDATE M&AMARLIN & ASSOCIATES INVESTMENT BANKING AND STRATEGIC ADVISORY TO THE FINANCIAL TECHNOLOGY AND INFORMATION SERVICES INDUSTRIES New York San Francisco Washington, D.C. Financial Technology Financial Toronto www.MarlinLLC.com © Marlin & Associates Holdings LLC, All Right Reserved DEAR CLIENTS AND FRIENDS, Fintech Demand Remains Strong – Our June 2017 Fintech Market Update Dear Clients and Friends, Fintech demand remains strong. Our report found below highlights some of the m&a trends and transactions in the seven segments of the Fintech world that we follow and sometimes lead. Please find our latest Fintech m&a Market Update below. The Fintech world is rapidly changing. It is being reshaped by innovative, fast growing companies that have found effective, new ways to solve old problems – and those who would partner with them to help reinvent this world. This week, we announced the completion of our sixth transaction in as many months; our client Investment Metrics, a Darien, CT-based provider of powerful performance analytics and reporting software to the investment management industry, has received a significant equity investment from Resurgens Technology Partners and HarbourVest Partners, both well-regarded PE firms. Investment Metrics is a creative firm finding better solutions to real problems. Shortly before that we advised on a $175 million Fintech refinancing that has not yet been announced – and we expect to close another Fintech transaction within weeks. Last week, we were pleased to learn that we have been named as the 2017 “Boutique Investment Bank of the Year (US)” by ACQ5, and also that a Fintech transaction on which we advised last year was named as the “Cross-Border Deal of the Year”. (We were recognized for our role as the strategic and financial advisor to another innovator, Xignite, in its Series C funding round led by Tokyo-based QUICK Corporation, part of the Nikkei Group and Japan’s largest financial information provider.) It’s clear to us that the demand for innovative, growing Fintech firms that have achieved scale has not diminished. There is a wide range of corporate and financial buyers with deep pockets and a strong desire to partner with management and participate in the reshaping of this rapidly evolving marketplace. We are pleased to be advising many of them. You can see more about the trends and deals in Fintech m&a in the following report. They clearly demonstrate that across the board, values and volume in this world remain strong. Some of the more interesting deals this past month include: • Moody’s Corporation (NYSE:MCO) agreed to acquire Bureau • FLEETCOR Technologies (NYSE:FLT) agreed to acquire van Dijk for €3.0bn (~$3.3bn), valuing the company at an Cambridge Global Payments for $675mm, implied 11.6x LTM revenue, • Cowen Group (NASDAQ:COWN) agreed to acquire Convergex • First Data (NYSE:FDC) agreed to acquire CardConnect Group for $116mm. (NASDAQ:CCN) for $750mm valuing the company at an implied 4.6x LTM revenue and 27.8x LTM EBITDA, • London Stock Exchange Group (LSE:LSE) agreed to acquire The Yield Book and Citi Fixed Income Indices for $685mm, Please see our full June Fintech m&a Market Update, below. Also, please standby for some interesting new format changes to our newsletters over the coming weeks. We’re working hard on them. We will be attending Money20/20 Europe on June 26th-28th. To arrange a meeting there, please contact Paul Friday at [email protected]. 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 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. JUNE 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 JUNE 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 Chief Operating Officer of M&A • Twice named to II’s Tech 50 • 20+ years of M&A experience advising • Member Market Data Hall of Fame technology and PE firms, globally • MD Veronis Suhler Stevenson • VP Business Development at FactSet • CEO of Telesphere Corporation • M&A attorney of Skadden, Arps, Slate, • CEO of Telekurs (NA) Meagher and Flom • EVP Bridge Information systems • CFO of JCF Group • SVP at Dun & Bradstreet • MBA from Columbia Business School • BA from the University of California (Irvine) • J.D. from Fordham Law School • MBA from UCLA, post-MBA from New Ken Marlin • CFA Charterholder York University 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 Paul Friday • 18+ years of M&A experience • 15+ years of corporate finance • VP of Business Development at experience SunGard • Thought leader in Fintech • Founder of software company sold to • 8+ years in investment banking at UBS SunGard and Deutsche Bank • Started career designing trading software • BS from Union College for TD Bank • MBA from University of Virginia’s Darden • BaSC, Engineering from University of School of Business Toronto • Named to Deal’s Digest “40-Under-40” Tom Selby Jonathan Kaufman "We would like to thank the Marlin & Associates team. They brought a deep understanding of the industry and their expertise was critical in helping us navigate through this strategic transaction. We are very excited about Advise’s future within this new structure.” Doug Schwenk, Founder and CEO of Advise Note: Not a complete list JUNE 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. JUNE 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 in multiple deal categories including: • Cross-Border Deal of the Year (2017)* • Cross-Border Boutique Investment Banking Firm of the Year (2016)* TMT Advisory Firm of the Year (2016) • Boutique Investment Banking Firm of the Year (2014, 2015, 2016)* • Advisory Firm of they Year (2015)* Boutique Investment • Middle Market International Professional Services (B-to-B) Deal of the Year (2013) Banking Firm of the • Financial Services Deal of
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