December Newsletter

Our December Report on M&A in the FinTech, Data and Analytics Industry

A Look Back At 2020

01 © Copyright Marlin & Associates Holding LLC 2020 Our December Report on M&A in the FinTech, Data and Analytics Industry

A Look Back At 2020

Dear Clients and Friends: As we come to an end to this tumultuous year, we take a moment to reflect on what has become a tale of two cities. One of them – ours – is in remarkably good shape, given the state of the world. As you will see in our report, m&a values and volumes are strong: public markets are up, banks are lending, and buyers have cash. We have advised on three successful transactions in the past 30 days. We are not unmindful of the “other” city – the one that has not been good for many. We see those impacted by raging rush fires; Brexit uncertainty, and a global pandemic that has caused more than 1.5 million deaths – and shows no signs of slowing. We see of the impact of economic shutdowns that have closed thousands of businesses – and left millions unemployed. We see the social inequality. We know that Flint, Michigan still doesn’t have clean water. We could go on. In other times, when a year-end approaches, we would recap our successes, thank our clients and colleagues for their contributions, and wish everyone “happy holidays”. Somehow, little of that now seems appropriate. Fortunately, for many, 2020 was not a complete bust. Remote working turned out to be a surprise benefit for some, as employers adjusted, and families got reconnected. “Tiger King” and “Hamilton” (the movie) streaming into homes helped. Many (not all) retail stores and restaurants found creative ways to use technology to facilitate online purchases and delivery. Voters and election workers used tech to keep Democracy working. We learned to appreciate our front- line health care workers and our teachers. And there is an approved COVID vaccine, with others on the way. There is light at the end of this tunnel. US GDP grew by 33% in Q3, bringing the US to only 3.5 percentage points below its pre-pandemic level. Economists predict continuing growth in 2021, assuming people follow CDC recommendations to wear masks and practice social distancing until a preponderance of the population is vaccinated. As you will see in the report that follows, m&a values among mid-sized FinTech, Data and Analytics companies have benefited from a world in which tech may not solve everything, but sometimes it can help. A few of the more interesting recent transactions over the past month include: ▪ Our client, TABS Analytics, a leading provider of cloud-based ▪ S&P Global is buying IHS Markit for $44bn in an all-stock deal (Data & marketing analytics solutions, has been acquired by Strattam Capital- Analytics - Financial Services) backed Blacksmith Applications (Data & Analytics – Financial Services) ▪ Nasdaq has inked an agreement to buy Verafin for $2.75bn in cash, in ▪ Our Client, Grapevine6, which operates a powerful, AI-based digital a move to strengthen the stock exchange operator’s anti-money sales engagement platform, was acquired by Seismic (Digital Tech) laundering and fraud software tools (Securities Exchanges) ▪ Clearlake Capital Group completed its acquisition of Zywave, Inc. and ▪ Deutsche Boerse said it would acquire an 80% stake in Institutional also acquired Advisen Ltd in a transaction rumored to be to be valued Shareholder Services (ISS) in a deal that values ISS at $2.3bn at $800mn to $900mn (InsurTech) (Securities Exchanges) Stay Safe.

Ken Marlin | Founder & Managing Member | Marlin & Associates 570 Lexington Ave | 48th Floor | New York, NY 10022 | www.marlinllc.com P.S. My book, “The Marine Corps Way To Win on Wall Street” does a pretty good job of showing what we do that is different than most firms – and why.

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 a FINRA/SIPC member firm (www.finra.org.) 02 © Copyright Marlin & Associates Holding LLC 2020 Our December Report on M&A in the FinTech, Data and Analytics Industry

Contents

▪ M&A Activity And Transaction Multiples Are Back To Pre-Pandemic Levels 4 ▪ YTD Stock Performance Reflects A Wide Divergence Across FinTech, Data & Analytics Sectors 5 ▪ Revenue Multiples Have Largely Recovered, With Some Sectors Outperforming 6 ▪ EBITDA Multiples Have Recovered For Almost All Sectors, With Some Expanding Significantly 7 ▪ We Have Been Here Before 8 ▪ Bank Tech 12 ▪ Capital Markets 13 ▪ Data & Analytics – Financial Services 14 ▪ Digital Tech 15 ▪ Information Services 16 ▪ InsurTech 17 ▪ Payments Tech 18 ▪ Real Estate Tech 19 ▪ Regulatory Tech 20 ▪ Securities Exchanges 21 ▪ Wealth Tech 22 ▪ Clients Choose Us To Advise Them On Their Most Important Strategic Decisions 23 03 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry

M&A Activity And Transaction Multiples Are Back To Pre-Pandemic Levels

Software and Services Transaction Activity (1) Software and Services Transaction Multiples (1)

In $USD Millions 19.9x $40 $38 1,200 20x 17.9x 18x $35 $32 1,000 16x 15.6x $29 14.5x $30 $28 $28 14.3x $27 14x 800 12.8x 12.2x $25 $23 11.6x $22 12x

$20 600 10x

8x $15 400 6x $10 4x 3.1x 3.0x 3.0x 3.1x 200 2.8x 2.3x 2.6x 2.5x $5 2x

$0 0 0x Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2018 2019 2020 2018 2019 2020

Median Transaction Value No. of Transactions Median EV/EBITDA Median EV/Revenue

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. Note: Mid-market M&A defined as transactions with enterprise values below $1bn. 04 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry YTD Stock Performance Reflects A Wide Divergence Across FinTech, Data & Analytics Sectors

100% 97.5%

60%

34.1% 33.9% 30.0% 26.0% 20% 24.9% 15.8% 15.0% 12.5% 9.3% 3.9% (2.9%) (20%)

(60%)

(100%)

Bank Tech Cap. Markets Data & Analytics Digital Tech Info.Services InsurTech

Payments Real Estate Tech RegTech Securities Ex. Wealth Tech S&P 500

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. Each company's stock performance is equally weighted in the corresponding index, except for S&P 500. 05 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry Revenue Multiples Have Largely Recovered, With Some Sectors Outperforming

EV / 2020E Revenue as of Dec 11, 2020 vs Jan 1, 2020

15.9x 16x 15x 14x 13.1x 13x 62.8% 12x 11x 10.3x 10.1x 10x 84.3% 22.1% 9x 9.8x 26.2% 8.4x

8x 8.4x 17.3% 8.0x 6.8x 7x 7.1x 7.2x 5.9x 5.9x 6x 4.2% 69.3% 5.0x 5.7x 29.7% 5x 8.4% 4.3x 0.9% 3.9x 4x 4.6x 4.6x 4.3x (2.2%) 4.0x 3.8x 3x 2x 1x 0x Payments Digital Data Securities Regulatory InsurTech Bank Real Estate Capital Wealth Information Tech Tech & Analytics Exchanges Tech Tech Tech Markets Tech Tech Services Jan 01, 2020 Dec 11, 2020

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. These companies are only a sample of firms in the sector as M&A defines it. Sector Averages represent the Trim Mean, which excludes the highest and lowest multiple of the data set. 06 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry EBITDA Multiples Have Recovered For Almost All Sectors, With Some Expanding Significantly

EV / 2020E EBITDA as of Dec 11, 2020 vs Jan 1, 2020

50x 46.5x

45x

40x

85.1% 35x

30x 26.6x 24.7x 25x 23.8x 25.1x 27.1% 22.3x 25.9% 22.9% 19.9x 20.2x 15.4% 18.6x 20x 21.0x (3.0%) 17.0x 17.2x 19.6x 19.3x 19.3x 18.8% 19.6x 8.5% (0.9%) (3.5%) 15.8x 15x 16.8x 17.1x 16.8x 16.6x 27.6%

10x 12.4x

0x Digital Payments InsurTech Data Regulatory Real Estate Bank Capital Wealth Information Securities Tech Tech & Analytics Tech Tech Tech Markets Tech Tech Services Exchanges Jan 01, 2020 Dec 11, 2020

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. These companies are only a sample of firms in the sector as M&A defines it. Sector Averages represent the Trim Mean, which excludes the highest and lowest multiple of the data set. 07 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry Within A Year After The 1987 “Black Monday” Crash, Markets And M&A Had Begun To Recover

425 1,350

375

1,150

325

950

275

750 225

1987 Crisis 550 175

350 125

75 150 Mar-85 Mar-86 Mar-87 Mar-88 Mar-89 S&P 500 U.S. M&A Deal Volume

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. Note: Mid-market M&A defined as transactions with enterprise values below $1bn. 08 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry The Dot-Com Bubble Burst In 2000, Followed By A Tech Crash And Terrorist Attacks In September 2001. By Mid-2002, The Markets Had Begun to Recover

1,800 5,000

Dot-Com Burst 4,500 1,600

4,000 1,400

3,500

1,200

3,000

1,000

2,500

800 2,000

600 1,500

400 1,000 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03

S&P 500 U.S. M&A Deal Volume

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. Note: Mid-market M&A defined as transactions with enterprise values below $1bn. 09 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry Within A Year After The 2007/8 Financial Crisis, The Markets And M&A Had Begun To Return

2,000 5,000

1,800 4,500

1,600 4,000

1,400 3,500

1,200 3,000

1,000 2,500 Financial Crisis 800 2,000

600 1,500

400 1,000 Mar-07 Mar-08 Mar-09 Mar-10

S&P 500 U.S. M&A Deal Volume

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. Note: Mid-market M&A defined as transactions with enterprise values below $1bn. 10 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry The COVID-19 Crisis Is Already Starting To Show Some Early Signs Of Stabilizing. Once Employment Rises, We Expect M&A Deal Volume To Follow

3,800 1,800

3,600 1,600

3,400 1,400

3,200 1,200

3,000 1,000

2,800 800

2,600 600

2,400 400

2,200 200

2,000 0

S&P 500 U.S. M&A Deal Volume Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. 11 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry

Bank Tech

Acquirer(s) / ▪ Banking as a Service (BaaS) enables embedded finance, creating new Target / Issuer Description growth and revenue opportunities for banks that act fast Investor(s) ▪ BaaS makes it easier for businesses and Fintechs to develop capabilities 11/12/20: Railsbank (London, UK) has raised $37mn in new growth for sending and receiving payments and managing banking data through funding. Leading the round is MiddleGame Ventures (Luxembourg, APIs, cloud-based systems and advanced AI technologies Luxembourg) and Ventura Capital (Dubai, UAE). Also participating is Anthos Capital, Global Brain, Clocktower Technology Ventures, ▪ Finance is becoming embedded, leading Fintechs have oriented their Moneta VC, Mitsui Fudosan and Firestartr. Railsbank provides a business and distribution models around this insight Banking-as-a-Service platform.  For e.g., Stripe has brought in several big name banks to back 11/10/20: Kuda (Yaba, Nigeria) announced that it has raised $10mn its new BaaS API that lets online businesses embed financial led by Target Global (Berlin, Germany), with Entrée Capital and SBI services in their platforms Investment also participating, along with a number of other notable individual fintech founders and angels. Kuda is a startup out of Nigeria ▪ Some recent transactions are Railsbank’s growth funding, Target Global’s that operates a popular mobile-first challenger bank for consumers investment in Kuda, and Oxx’s investment in Lightico. and (soon) small businesses.

11/03/20: Lightico (New York, NY) has raised $13 million in a funding round led by Oxx (London, UK), with participation from Capital One Ventures and Harmony Partners. Lightico is a startup that helps firms collect things like forms, signatures, documents and payments from customers digitally.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E

FIS $91,724 $110,101 8.7x 8.0x 20.8x 17.8x 22% 9% 42% 45% Fiserv 76,980 98,299 7.0x 6.5x 17.9x 15.4x 38% 8% 39% 42% Jack Henry & Associates 11,892 11,697 6.8x 6.4x 20.6x 20.1x 6% 6% 33% 32% Temenos 9,434 10,435 11.6x 10.5x 26.2x 24.0x (8%) 11% 44% 44% Q2 Holdings 6,297 6,382 15.8x 13.1x n.m. n.m. 28% 21% 6% 7% ACI Worldwide 4,586 5,775 4.6x 4.3x 18.5x 16.6x 0% 6% 25% 26% NCR 4,319 7,950 1.3x 1.2x 8.8x 7.5x (10%) 5% 15% 16% Oracle Financial Services 3,644 3,086 4.5x 4.1x n.a. n.a. 2% 9% n.a. n.a. Bottomline Technologies 2,223 2,227 5.0x 4.5x 23.4x 20.8x 3% 10% 21% 22% Virtusa 1,524 1,782 1.4x 1.3x 16.3x 11.2x (3%) 5% 9% 12% Aptitude Software 339 303 4.0x 4.2x 19.4x 20.6x (1%) (4%) 21% 20% Trim Mean 5.9x 5.5x 19.6x 17.5x 5.5% 7.6% 25.4% 26.7% Median 5.0x 4.5x 19.4x 17.8x 1.5% 7.8% 23.0% 23.9%

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 12 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry

Capital Markets Tech

Acquirer(s) / ▪ Cloud-delivered market data was once sacred ground for institutional Target / Issuer Description market data managers, who understandably fretted aloud about Investor(s) performance, security and license compliance issues 11/06/20: Gen II Fund Services raised an undisclosed sum in a new strategic investment led by General Atlantic (GA) (New York, NY) and  But Covid-19 has forced those same data managers to confront Hg (London, UK). IHS Markit will also make a minority investment in the fact that many of their professional market data users are the company, and Gen II's founders and management team will able to work from home (WFH), in turn driving financial firms to continue to hold a significant investment. Gen II is provides a tech- question whether the pandemic could be the catalyst for a enabled platform and service to clients in fund administration, rethink of their expensive-to-maintain market data accounting, reporting and regulatory compliance. infrastructures, with cloud part of the data delivery solution 11/05/20: Eze Castle Integration (Boston, MA) announced to acquire ▪ For many financial firms, today’s cloud delivery and hosting capabilities NorthOut Inc. (Boston, MA) for an undisclosed sum. NorthOut is a offer a viable solution for supporting trading and investment teams and their fast-growing digital transformation firm headquartered in Boston with support staff, accelerating demand for cloud-based market data delivery 165 employees focused on delivering advanced solutions that allow infrastructures. The thinking is that cloud may help firms with their broader leading organizations to accelerate business transformation and aim of reducing their on-premises technology and equipment footprint, a overcome business challenges. trend that was emerging even before the Coronavirus struck 11/05/20: Moody’s Corporation (New York, NY) announced that it has  See our transaction with Xignite as an example acquired a minority stake in MioTech (Shanghai, China) for an undisclosed sum. MioTech is a leading provider of alternative data and insights serving the environmental, social, and governance (ESG) and know your customer (KYC) markets in Greater China.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E

IHS Markit $36,880 $42,074 9.8x 9.2x 23.0x 19.3x (3%) 7% 43% 48% SS&C Technologies 18,291 25,278 5.5x 5.3x 13.8x 13.2x 0% 3% 40% 40% Broadridge 17,069 18,861 4.1x 3.9x 17.2x 17.1x 7% 3% 24% 23% Computershare 5,892 7,452 3.3x 3.3x 12.4x 12.0x (4%) 0% 27% 28% SimCorp 5,341 5,357 9.8x 8.8x 32.3x 28.3x 8% 11% 30% 31% Envestnet 4,392 4,875 4.9x 4.5x 20.4x 19.6x 10% 10% 24% 23% IRESS 1,484 1,560 3.8x 3.4x 16.4x 14.9x 15% 12% 23% 23% First Derivatives 1,070 1,148 3.6x 3.3x 20.8x 19.1x n.a. 9% 17% 17% Linedata 223 309 1.6x 1.6x n.a. n.a. 0% 2% n.a. n.a. Trim Mean 5.0x 4.7x 18.6x 17.2x 3.8% 6.4% 27.9% 28.0% Median 4.1x 3.9x 18.8x 18.1x 3.6% 6.6% 25.4% 25.4%

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 13 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry

Data & Analytics – Financial Services

Acquirer(s) / ▪ With the impact of COVID-19 driving more and more businesses to rapidly Target / Issuer Description evolve and adoption digital technologies in order to maintain their business Investor(s) operations, the no-brainer prediction is that “Over the next few years, data and analytics programs will become even more mission-critical throughout 12/02/20: TABS Analytics (Shelton, CT) has been acquired by the business and across industries.” – says everyone Strattam Capital-backed Blacksmith Applications (Lawrence, MA) for an undisclosed sum. TABS Analytics is a provider of cloud-based  Our recent transaction involving Tabs Analytics on its sale to marketing analytics solutions to the consumer packaged goods Strattams-backed Blacksmith Applications is a recent and highly companies. relevant example 11/30/20: S&P Global (New York, NY) is merging with IHS Markit  Digital transformation is the global currency leading (London, UK) in a $44bn all-stock deal. The deal brings a number of technological development all over the globe. The amount of technologies under one umbrella, such as software developer Kensho, work already done on it, along with the work left to be done, which S&P Global acquired in 2018, and IHS Markit Data Lake, a constitutes a massive volume of data. As the Big Data Analytics massive industry data set for business insights, to serve a global companies have come to realize, digital transformation is customer base. IHS Markit is a leading provider of data and analytics closely linked with machine learning, artificial intelligence (AI), to corporate and sovereign clients across a wide variety of industries. and the Internet of Things (IoT). As the number of IoT 11/20/20: SourceSage (Singapore) has closed its latest round of connected devices is expected to hit at least 75 million in the funding of S$3mn (US$2.2mn). The new financing is led by iGlobe year 2025, from the current 26.7 billion, it is not hard to see from Partners (Singapore) and supported by Wavemaker Partners where the future trends of big data analytics is coming from (Singapore). SourceSage is a developer of a market information platform designed to transform data into real-time business opportunities.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E

S&P Global $78,151 $82,243 11.2x 10.9x 20.5x 20.3x 9% 3% 55% 54% Moody's 51,577 56,078 10.6x 10.4x 21.1x 20.7x 9% 2% 50% 50% IHS Markit 36,880 42,074 9.8x 9.2x 23.0x 19.3x (3%) 7% 43% 48% MSCI 34,772 36,988 21.8x 19.8x 38.1x 34.2x 9% 10% 57% 58% Experian 33,624 37,849 7.2x 6.7x 20.6x 19.6x n.a. 7% 35% 34% CoStar Group 33,452 30,731 18.6x 16.2x 58.1x 46.9x 18% 15% 32% 34% Verisk Analytics 31,541 34,758 12.5x 11.7x 24.9x 23.7x 7% 7% 50% 49% Equifax 22,886 25,766 6.3x 5.9x 17.7x 17.8x 17% 6% 36% 33% TransUnion 18,176 21,364 7.9x 7.4x 20.5x 18.9x 2% 6% 38% 39% Fair Isaac 14,896 15,646 11.9x 11.6x 32.2x 32.3x 10% 3% 37% 36% FactSet Research Systems 13,353 13,624 9.0x 8.5x 23.7x 24.6x 4% 5% 38% 35% Dun & Bradstreet 10,881 14,006 8.0x 7.7x 19.4x 18.2x 23% 5% 41% 42% Morningstar 8,774 9,061 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. CoreLogic 6,105 7,492 4.8x 4.6x 13.0x 12.8x (11%) 3% 37% 36% Trim Mean 10.3x 9.7x 23.8x 22.7x 8.3% 5.6% 41.8% 41.6% Median 9.8x 9.2x 21.1x 20.3x 9.0% 6.1% 38.5% 39.3%

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 14 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry

Digital Tech

Acquirer(s) / ▪ We remain strong believers in the on-going digital transformation of both Target / Issuer Description external and internal workflows. The pandemic, of course, have further Investor(s) strengthened the tailwinds behind this shift with more and more companies adopting this digitization to enhance efficiency while continuing to serve 12/01/20: Seismic (San Diego, CA) acquired Grapevine6 (Toronto, their customers effectively Canada) for an undisclosed sum. The acquisition will result in a new, ▪ Software companies utilizing digitization technologies including process integrated offering called Seismic LiveSocial. Grapevine6 is a automation, AI and data analytics are thriving and are commanding patented social and digital sales engagement platform. valuations even higher than pre-pandemic levels 11/18/20: Abacus.AI (San Francisco, CA) announced Series B funding ▪ Some interesting recent transactions included DataRobot’s pre-IPO funding of $22mn led by Coatue (New York, NY), bringing its total raised to from Altimeter Capital, Abacus.AI’s Series B raise led by Coatue, as well as over $40mn in less than 2 years since the company's founding. Seismic’s acquisition of Grapevine6 Abacus.AI allows organizations to easily embed state-of-the-art,  We acted as the exclusive strategic and financial advisor to cutting edge deep learning into their existing apps and business Grapevine6 on its sale to Seismic. Visit here for more detail processes. 11/17/20: DataRobot (Boston, MA) raised $270mn in a pre-IPO funding. The round, valued the company at over $2.7bn, was led by Altimeter Capital (Boston, MA) with participation from T. Rowe Price, funds and accounts managed by BlackRock, Tiger Global, Silver Lake Waterman, B Capital Group, Glynn Capital, ClearBridge, NEA, and Sapphire Ventures. DataRobot is a provider of an enterprise AI platform.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E

ServiceNow $104,839 $104,090 23.2x 18.6x 72.5x 62.3x 30% 25% 32% 30% Slack 24,345 23,697 26.6x 20.8x n.m. n.m. 41% 28% n.m. n.m. HubSpot 17,958 17,561 20.3x 16.5x n.m. n.m. 28% 23% 12% 12% Zendesk 16,227 16,443 16.1x 12.9x n.m. n.m. 25% 24% 12% 12% Nuance 12,350 13,650 9.7x 9.9x 37.8x n.a. (8%) (1%) 26% n.a. Pegasystems 10,106 10,214 9.8x 8.2x n.m. n.m. 14% 19% 0% 3% Alteryx 7,857 7,904 16.4x 14.2x n.m. n.m. 16% 15% 13% 16% Medallia 5,127 4,925 10.4x 8.9x n.m. n.m. 18% 17% 7% 8% New Relic 3,959 3,625 5.6x 5.1x 72.0x n.m. 14% 10% 8% 3% LivePerson 3,879 3,883 10.7x 8.7x n.m. n.m. 25% 23% 8% 10% Cardlytics 3,674 3,571 19.7x 14.0x n.m. n.m. (14%) 42% n.m. 4% Blue Prism 1,985 1,816 8.9x 6.6x n.m. n.m. n.a. 34% n.m. n.m. LiveChat 696 688 16.2x 12.8x n.a. n.a. 31% 27% n.a. n.a. IMImobile 654 653 2.7x 2.5x 18.8x 16.2x n.a. 9% 15% 15% eGain 349 298 4.0x 3.7x 29.9x 82.8x 8% 8% 13% 4% Artificial Solutions 68 86 12.3x 7.7x n.m. n.m. 34% 59% n.m. n.m. Trim Mean 13.1x 10.6x 46.5x 62.3x 19.5% 21.7% 12.7% 9.5% Median 11.5x 9.4x 37.8x 62.3x 21.2% 22.8% 11.7% 9.6%

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 15 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry

Information Services

Acquirer(s) / ▪ As IBM transitions from software and services to a company fully focused Target / Issuer Description on hybrid cloud management, it announced its intention to buy Instana, an Investor(s) applications performance management startup with a cloud native approach that fits firmly within that strategy 11/27/20: Pageant Media (London, UK) acquired Falk Marques Group  This highlights a theme that we have seen many times this year: (Lexington, MA) for $20mn. Falk Marques Group is an independent Companies, like IBM, are buying to build on their internal conference and media company focused on advancing women in management tools, giving it (and their clients) a way to monitor private equity, venture capital and alternatives. containerized environments. This gives customers a way to manage complex hybrid and multi-cloud environments (which is 11/19/20: BuzzFeed Inc. (New York, NY) agreed to acquire Verizon ever more important these days) Media’s HuffPost (New York, NY) in a stock deal. The acquisition is part of a larger deal between BuzzFeed and Verizon Media, a unit of Verizon Communications Inc. Verizon Media will get a minority stake in BuzzFeed as a result of the tie-up. Verizon Media is also making an undisclosed cash investment in BuzzFeed in addition to the stock deal for HuffPost, according to a person familiar with the matter. 11/19/20: Experian (Dublin, Ireland) announced that it has completed the acquisition of Tapad (New York, NY). Subject to customary adjustments for cash, indebtedness and working capital, Experian is acquiring 100% of Tapad from Telenor for a cash consideration of around $280mn. Tapad is a leading provider in digital identity resolution for marketers.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E

RELX Group $47,032 $56,449 5.9x 5.5x 17.5x 15.2x (5%) 7% 34% 36% Thomson Reuters 39,690 41,708 6.9x 6.7x 21.2x 20.0x 2% 4% 33% 33% Wolters Kluwer 21,960 24,485 4.4x 4.4x 14.4x 14.3x 8% 1% 31% 31% Gartner 13,819 16,029 3.9x 3.6x 21.6x 21.7x (4%) 9% 18% 17% Informa 11,290 13,808 6.2x 5.0x 31.4x 15.7x (39%) 24% 20% 32% The Nielsen Company 6,819 15,130 2.4x 2.4x 8.1x 8.0x (4%) 1% 30% 30% Pearson 6,691 8,125 1.8x 1.7x 11.7x 9.5x (10%) 8% 16% 18% Euromoney 1,487 1,541 3.6x 3.4x 17.9x 14.3x n.a. 5% 20% 24% Forrester Research 832 942 2.1x 2.0x 16.0x 14.9x (4%) 5% 13% 14% Comscore 181 396 1.1x 1.1x 12.1x 9.4x (8%) 4% 9% 11% Trim Mean 3.8x 3.5x 16.6x 14.2x (4.8%) 5.4% 22.5% 24.7% Median 3.8x 3.5x 16.8x 14.6x (4.4%) 5.0% 19.8% 27.0%

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 16 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry

InsurTech

Acquirer(s) / ▪ The investment activity in the InsurTech space continues to be robust as Target / Issuer Description industry players aggressively look to build digital capabilities across the Investor(s) entire insurance value chain 11/24/20: Hippo (Palo Alto, CA) has raised $350mn from Japanese ▪ We expect more investment in the digital technology solutions as the insurance giant Mitsui Sumitomo (Tokyo, Japan). The deal comes just pandemic has exposed the technology gaps with different roles within the four months after the online insurance firm raised $150mn, valuing the industry, including insurers, MGAs, and agent / brokers (See more industry company at $1.5bn. The companies did not disclose a new valuation trends in our latest report) but said the fresh capital would fuel Hippo’s growth in the U.S.. Hippo is a digital-first provider of home insurance options. ▪ Recent notable transactions include $350mn capital raise by Hippo – a 11/24/20: Metromile (Tempe, AZ) reached a definitive agreement to digital-first provider of home insurance options, and acquisition of Zywave acquire INSU Acquisition Corp. II (Philadelphia, PA) for $872mn by Clearlake Capital Group through a reverse merger, putting the company's post-money INSU Acquisition ▪ International acquirers continue be active. One recent example being the valuation at $956mn. Metromile allows customers to pay for vehicle acquisition of Tia Technology (Denmark-based) by Sapiens insurance on a per-mile basis, measured by a device plugged into the car. 11/17/20: Clearlake Capital Group, L.P. (Santa Monica, CA) announced that it has completed its acquisition of Zywave, Inc. (Milwaukee, WI) and has also acquired Advisen Ltd. (New York, NY). Aurora Capital Partners (Los Angeles, CA) is investing alongside Clearlake in the transaction. The deal is valued at $800 to $900 million, people familiar with the transaction said. Zywave provides cloud- based insurance distribution software for employee benefits and property and casualty companies. (USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E

Guidewire Software $10,321 $9,641 12.8x 12.8x n.m. n.m. 7% 0% 13% 3% Oneconnect 8,069 7,738 15.7x 10.2x n.m. n.m. 46% 54% n.m. n.m. ZhongAn 6,741 7,207 2.8x 2.2x n.m. n.m. 17% 28% 3% 4% Lemonade 5,642 5,119 55.2x 46.5x n.m. n.m. 38% 19% n.m. n.m. Duck Creek Technologies 5,127 4,763 21.6x 18.5x n.m. n.m. n.a. 17% 4% 1% GoHealth 4,268 5,300 6.1x 4.5x 18.9x 13.3x n.a. 36% 32% 34% SelectQuote 3,786 3,836 5.5x 3.8x 19.9x 14.0x 73% 45% 28% 27% Root Insurance 3,516 4,035 6.5x 4.3x n.m. n.m. 113% 51% n.m. n.m. MediaAlpha 2,217 2,469 4.4x 3.5x 44.8x 39.8x 37% 28% 10% 9% ehealth 1,838 1,689 2.6x 2.0x 11.3x 8.4x 30% 29% 23% 24% MoneySupermarket.com Group 1,780 1,771 3.9x 3.6x 12.6x 11.0x (8%) 8% 31% 33% Sapiens International 1,494 1,535 4.0x 3.7x 20.9x 18.5x 17% 10% 19% 20% Ebix 1,123 1,789 3.2x 2.6x 11.4x 8.7x (3%) 24% 28% 29% EverQuote 937 891 2.6x 2.1x 50.6x 34.3x 37% 21% 5% 6% Fineos 819 781 6.7x 5.4x 58.7x 48.5x n.a. 24% 11% 11% GoCo Group 719 811 3.7x 3.3x 18.6x 15.2x 14% 11% 20% 22% Huize.com 372 325 1.8x 1.4x n.a. n.a. 24% 30% n.a. n.a. Trim Mean 6.8x 5.5x 24.7x 19.4x 28.1% 25.4% 17.4% 17.1% Median 4.4x 3.7x 19.4x 14.6x 26.9% 24.5% 19.2% 19.8% Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 17 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry

Payments Tech

Acquirer(s) / ▪ We recently published a report focused on trends underlying the Cross Target / Issuer Description Border payments sector. In there, we discuss: Investor(s)

 significant shifts to online spending during a never-ending 11/24/20: Cashfree (Bengaluru, India) has raised $35.5mm in a Series pandemic that has accelerated trends across the B2B, B2C and B funding round led by Apis Growth Fund II (London, UK), with P2P spaces that were already in place well before the participation from existing investor Y Combinator. Cashfree is a coronavirus upended daily life provider of a payment gateway intended to simplify online transactions.  customer demand for ever more speed and transparency for these transactions 11/17/20: Mogo Inc. (Vancouver, Canada) announced it has reached a definitive agreement to Carta Worldwide (Toronto, Canada) in an all-  regulations that are driving more banks to partner with payment stock transaction by way of a plan of arrangement. Mogo will acquire tech companies to facilitate transactions 100% of the outstanding shares of Carta in exchange for the issuance  SMEs increasingly seeking cross border opportunities due to of 10 million common shares which is equal to a purchase price of access to more efficient (and less expensive) cross border $24.2 million based on the closing price of the Mogo Shares on the payment solutions TSX on November 16, 2020. Carta Worldwide is a leader in providing next-gen digital payments solutions. ▪ Our own client pipeline largely mimics these trends ▪ Some recent transactions are Cashfree’s Series B funding round, Mogo’s 11/02/20: Nuvei Corporation (Montreal, Canada) announced it has acquisition of Carta Worldwide, and Nuvei’s acquisition of Smart2Pay completed the previously announced acquisition of Smart2Pay Global Services B.V. (Laren, Netherlands). Nuvei Corporation is the global payment technology partner of thriving brands.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E

Visa $454,610 $463,725 21.8x 19.3x 31.1x 28.0x (9%) 13% 70% 69% MasterCard 326,413 328,447 21.6x 18.3x 38.1x 30.3x (10%) 18% 57% 60% PayPal Holdings 250,812 245,635 11.5x 9.7x 40.0x 33.8x 21% 18% 29% 29% Shopify 129,241 124,023 42.7x 32.6x n.m. n.m. 84% 31% 15% 12% Square 97,668 95,604 10.2x 7.3x n.m. n.m. 100% 38% 5% 5% Adyen 67,178 64,973 58.8x 56.9x n.a. 97.6x (63%) 3% n.a. 58% Global Payments 57,491 65,196 9.6x 8.6x 21.3x 18.0x 38% 12% 45% 48% Worldline 26,236 26,997 8.1x 4.2x 38.8x 33.3x 25% 92% 21% 13% FleetCor Technologies 22,825 26,529 11.1x 10.0x 19.8x 17.4x (10%) 12% 56% 57% EVO 19,442 19,143 30.4x 23.3x 48.9x 38.3x 54% 30% 62% 61% Western Union 9,098 8,355 1.7x 1.7x 6.8x 6.4x (9%) 4% 26% 26% WEX 8,285 9,890 6.4x 5.8x 17.1x 13.9x (10%) 11% 37% 41% Wirecard 72 72 0.0x 0.0x 0.1x 0.0x n.a. 30% 29% 28% Trim Mean 15.9x 12.8x 26.6x 24.4x 17.3% 19.9% 37.7% 39.3% Median 11.1x 9.7x 26.2x 28.0x 5.9% 18.4% 33.3% 41.4%

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 18 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry

Real Estate Tech

Acquirer(s) / ▪ Do see our recently published report for insights into how certain trends are Target / Issuer Description accelerating m&a and capital raising. In there, we discuss: Investor(s) 11/10/20: Prestige Estates Projects Ltd. (Bangalore, India) executed a  development of smart solutions that utilize AI/ML capabilities to term sheet with The Blackstone Group Inc. (New York, NY) for the enhance end-to-end process automation sale of some of its assets, including interests in various properties.  solutions that optimize and enhance remote access capabilities The agreement involves a sale of commercial offices, retail and hotel properties, as well as mall management and identified maintenance  blockchain solutions that afford a more secure and faster business. The consideration for the transaction will be based on a transaction process 91.60 billion Indian rupee (~$1.2bn) enterprise value that may still be adjusted. Prestige Estates Projects is a real estate development group  increased digitization across all functions of the value chain operating in South India. ▪ Mortgage applications to purchase a home jumped 28% higher from a year ago, according to the MBA’s seasonally and holiday adjusted index. 11/09/20: Better.com (New York, NY) has closed a Series D round that values the company at roughly $4bn. The $200mn round was led ▪ Meanwhile, mortgage rates remain low and RE tech companies are by L Catterton (Greenwich, CT). Ally Financial , American Express leveraging this opportunity by helping consumers and lenders to reduce Ventures, Activant Capital, 9Yards Capital and Ping An also friction, minimize inefficiencies, and lower costs. This has led to a plethora participated. Better.com is an online lending startup. of industry leading m&a and capital raising activity. 11/03/20: SitusAMC Holdings Corp. (New York, NY) has acquired ▪ Some recent transactions are Blackstone’s acquisition of Prestige Estates rSquared CRE, LLC (Chicago, IL). The acquisition adds rSquared's Projects’ assets, Better.com’s Series D funding round, and SitusAMC’s valuation, underwriting and asset management software, rDCF, and acquisition of rSquared CRE budgeting and reforecasting software, rBudget, to SitusAMC's suite of commercial and residential technology offerings. rSquared CRE is a developer of commercial real estate (CRE) technology.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E

FIS $91,724 $110,101 8.7x 8.0x 20.8x 17.8x 22% 9% 42% 45% Fiserv 76,980 98,299 7.0x 6.5x 17.9x 15.4x 38% 8% 39% 42% Zillow Group 29,597 28,128 8.6x 5.9x 94.3x 75.8x 20% 44% 9% 8% REA Group 14,184 14,256 23.1x 20.0x 26.8x 33.1x (3%) 15% 86% 60% Fair Isaac 14,896 15,646 11.9x 11.6x 32.2x 32.3x 10% 3% 37% 36% Black Knight 13,792 16,642 13.5x 11.7x 27.4x 23.4x 5% 16% 49% 50% Fidelity National Financial 10,995 13,291 1.4x 1.3x 8.2x 6.3x 15% 4% 17% 21% CoreLogic 6,105 7,492 4.8x 4.6x 13.0x 12.8x (11%) 3% 37% 36% First American 5,749 9,019 1.3x 1.4x 9.0x 8.8x 9% (5%) 15% 16% Radian Group 3,806 5,589 4.0x 4.0x n.a. n.a. (9%) 0% n.a. n.a. Stewart Information Services 1,290 1,139 0.5x 0.5x 5.4x 5.1x 11% 3% 10% 10% Real Matters 1,266 1,148 2.9x 5.1x 14.6x n.a. 8% (43%) 20% n.a. Altisource Portfolio Solutions 215 430 1.2x 1.6x 29.1x 10.8x (44%) (25%) 4% 15% Trim Mean 5.9x 5.6x 19.9x 17.9x 7.1% 2.8% 27.4% 30.0% Median 4.8x 5.1x 19.4x 15.4x 9.1% 3.4% 28.2% 35.8%

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 19 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry

Regulatory Tech

Acquirer(s) / ▪ Not news and not shocking at all: Covid-19 spurs fintech regulation Target / Issuer Description innovation: Investor(s)  Covid-19 has led to a strong increase in the use of fintech 11/17/20: Venminder (Elizabethtown, KY) announced that it has products and services, prompting central banks and other raised a $33mn Series C funding round led by new investor financial authorities to step up their own regulatory innovation Silversmith Capital Partners (Boston, MA), with participation from efforts, according to a report from the World Bank and the existing major institutional investors, Bain Capital Ventures and Cambridge Centre For Alternative Finance (CCAF). MissionOG. Venminder offers a world-class SaaS platform that guides and streamlines third-party risk management.  Regulators are responding in kind: 72% have either accelerated or introduced initiatives on digital infrastructure, 58% have either 11/04/20: Nordic Capital (Channel Islands, UK) has signed an accelerated or introduced initiatives regarding RegTech or agreement with management and technology consulting firm supervisory tech, and 56% did so in regard to innovation offices BearingPoint (Amsterdam, Netherlands) to acquire BearingPoint RegTech. BearingPoint RegTech is a leading European provider of • More than a third of those surveyed have taken at unique software solutions across the regulatory value chain. least one regulatory measure specifically targeting the fintech sector. These include waiving transaction 11/02/20: Refinitiv (New York, NY) agreed to acquire Giact (Allen, TX) fees and raising transaction thresholds for digital via its financial sponsors Canada Pension Plan Investment Board, payments Government of Singapore Investment Corporation (GIC) and The Blackstone Group through an LBO for an undisclosed sum. Giact is a • Among the big risks to the fintech sector that US-industry leader in digital identity, payments verification and fraud regulators are taking action to deal with during the prevention. pandemic are cybersecurity, consumer protection and dealing with fraud and scams

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E

FIS $91,724 $110,101 8.7x 8.0x 20.8x 17.8x 22% 9% 42% 45% Fiserv 76,980 98,299 7.0x 6.5x 17.9x 15.4x 38% 8% 39% 42% RELX Group 47,032 56,449 5.9x 5.5x 17.5x 15.2x (5%) 7% 34% 36% Thomson Reuters 39,690 41,708 6.9x 6.7x 21.2x 20.0x 2% 4% 33% 33% MSCI 34,772 36,988 21.8x 19.8x 38.1x 34.2x 9% 10% 57% 58% Experian 33,624 37,849 7.2x 6.7x 20.6x 19.6x n.a. 7% 35% 34% Verisk Analytics 31,541 34,758 12.5x 11.7x 24.9x 23.7x 7% 7% 50% 49% Equifax 22,886 25,766 6.3x 5.9x 17.7x 17.8x 17% 6% 36% 33% Wolters Kluwer 21,960 24,485 4.4x 4.4x 14.4x 14.3x 8% 1% 31% 31% NICE Systems 14,952 14,445 8.5x 7.8x 25.5x 23.4x 8% 9% 33% 33% Fair Isaac 14,896 15,646 11.9x 11.6x 32.2x 32.3x 10% 3% 37% 36% Temenos 9,434 10,435 11.6x 10.5x 26.2x 24.0x (8%) 11% 44% 44% Workiva 3,833 3,635 10.4x 9.0x n.m. n.m. 17% 15% 2% n.m. First Derivatives 1,070 1,148 3.6x 3.3x 20.8x 19.1x n.a. 9% 17% 17% Trim Mean 8.4x 7.9x 22.3x 20.8x 9.4% 7.4% 35.9% 37.9% Median 7.9x 7.3x 20.8x 19.6x 8.4% 7.5% 35.3% 35.8%

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 20 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry

Securities Exchanges

Acquirer(s) / ▪ Over the past few years, some global exchanges have embarked on digital Target / Issuer Description transformation journeys to reshape their business models, redefine and Investor(s) refresh the customer experience, support new product and service offerings, and strengthen regulatory compliance. Among key focus areas 11/19/20: Nasdaq, Inc. (New York, NY) and Verafin (Saint John's, for technology enablement: Canada) announced that they have entered into a definitive agreement for Nasdaq to acquire Verafin for US$2.75bn in cash,  Reduce manual operations. Automate processes through digital subject to customary adjustments. Verafin is an industry pioneer in interventions across member onboarding, payments, and anti-financial crime management solutions listings 11/17/20: Deutsche Boerse (Eschborn, Germany) said it would  Provide data on demand. Develop models that provide data and acquire an 80% stake in Institutional Shareholder Services (ISS) information to help clients make efficient trading decisions and (Rockville, MD) for about $1.8bn. Current owner Genstar Capital better manage capital. (As an example, see our recent bought ISS for $720mn in 2017 from Vestar Capital Partners. Vestar transaction involving HTD/MarketAxess here had bought the company for $364mn in 2014 from MSCI. ISS is a  Reduce latency for various services. Minimize turnaround time leading corporate governance, ESG, data and analytics provider. for high-volume activities, including risk and regulatory reporting 11/11/20: Marex Spectron (London, UK) announced that it has signed an agreement to acquire X-Change Financial Access (XFA) (Chicago,  Launch digital products and services. Reduce time to market for IL) for an undisclosed sum. The transaction broadens the Marex blockchain, chatbots, and other offerings Spectron product range, further strengthens its North American presence and builds on its global clearing infrastructure. XFA is a fast- growing exchange-traded derivatives (ETD) execution broker.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E

CME Group $64,715 $66,764 13.6x 13.8x 20.4x 20.5x 1% (2%) 67% 68% HKEx 63,131 30,120 12.4x 11.0x 16.0x 13.8x 40% 13% 78% 80% Intercontinental Exchange 61,079 78,241 13.2x 11.7x 20.2x 18.8x (9%) 13% 65% 62% London Stock Exchange 40,771 n.m. n.a. n.a. n.a. n.a. 10% 1% 55% 155% Deutsche Börse Group 30,350 89,337 23.2x 22.2x 37.6x 36.2x 4% 4% 62% 61% B3(Brazil) 22,922 21,797 14.0x 13.3x 18.2x 16.4x 4% 5% 77% 81% NASDAQ 20,615 23,825 8.4x 8.2x 15.4x 15.4x (33%) 3% 55% 53% Japan Exchange Group 12,827 11,485 9.2x 9.0x n.a. n.a. 16% 2% n.a. n.a. ASX 10,501 1,035 1.6x 1.5x 2.1x 2.0x 6% 7% 74% 74% Cboe Global Markets 9,288 10,128 8.2x 8.2x 11.6x 12.7x (50%) (0%) 70% 64% Euronext 7,371 8,199 7.9x 7.6x 13.5x 13.7x 37% 3% 58% 56% Singapore Exchange 7,345 6,945 8.6x 9.1x n.a. n.a. 16% (5%) n.a. n.a. TMX Group 5,506 6,032 9.2x 8.4x 15.8x 14.6x 8% 9% 58% 58% Trim Mean 10.1x 9.6x 15.8x 15.1x 5.9% 4.6% 64.9% 67.0% Median 9.2x 9.0x 15.8x 14.6x 7.1% 3.7% 63.4% 63.2%

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 21 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry

Wealth Tech

Acquirer(s) / ▪ Investments in Wealth Tech recovered in Q3 2020 to the highest level for a Target / Issuer Description year. Whilst economists and politicians hope for a V-shaped recovery in the Investor(s) overall economy after COVID-19, the WealthTech industry already appears to be bouncing back as wealth management firms and private and retail 11/19/20: CAIS (New York, NY) announced an agreement for a $50M banks look to get back on track with their digital transformation imperatives Series B equity investment from Eldridge (Greenwich, CT). With this investment, Todd Boehly, Co-founder and CEO of Eldridge, joins the  The most capital raised by a single company during the quarter CAIS Board of Directors. CAIS is a leading alternative investment totaled almost $1bn, which was raised by Robinhood, the platform. commission-free retail trading app, in three tranches, one in each month of the quarter 11/18/20: Addepar (Mountain View, CA) announced it has closed a  The largest non-US deal was located in Brazil, as Neon, a $117 million Series E funding round led by WestCap Group (New digital bank, raised $300mn in a Series C round led by General York, NY). Other investors in the round include 8VC, the venture fund Atlantic founded by Joe Lonsdale, who is also the founder of Addepar and co- founder of Palantir. Sway Ventures also participated in the round, which brings Addepar's total funding to date to approximately $325mn. Addepar is a technology platform for wealth management.

11/12/20: Truebill (Silver Spring, MD) raised $17mn in a Series C funding round led by led by Bessemer Venture Partners (Redwood City, CA), with participation from Day One Ventures, Eldridge, Cota Capital and Firebolt Ventures. Truebill is a bill management platform that tracks and monitors paid subscriptions.

(USD millions) Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company Cap Value CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E

*Charles Schwab & Co. $92,883 $92,883 8.0x 5.9x n.a. n.a. 8% 35% n.a. n.a. *BNY Mellon 35,658 35,658 2.3x 2.3x n.a. n.a. 2% (2%) n.a. n.a. MSCI 34,772 36,988 21.8x 19.8x 38.1x 34.2x 9% 10% 57% 58% *State Street 25,684 25,684 2.2x 2.2x n.a. n.a. 9% (2%) n.a. n.a. *Northern Trust 18,752 18,752 3.1x 3.1x n.a. n.a. 15% (0%) n.a. n.a. SS&C Technologies 18,291 25,278 5.5x 5.3x 13.8x 13.2x 0% 3% 40% 40% Broadridge Financial Solutions 17,069 18,861 4.1x 3.9x 17.2x 17.1x 7% 3% 24% 23% SEI Investments 8,142 7,382 4.4x 4.2x 11.6x 10.7x 1% 6% 38% 39% SimCorp 5,341 5,357 9.8x 8.8x 32.3x 28.3x 8% 11% 30% 31% Envestnet 4,392 4,875 4.9x 4.5x 20.4x 19.6x 10% 10% 24% 23% AssetMark 1,776 1,812 6.1x 5.5x 15.9x 14.1x (29%) 11% 38% 39% IRESS 1,484 1,560 3.8x 3.4x 16.4x 14.9x 15% 12% 23% 23% First Derivatives 1,070 1,148 3.6x 3.3x 20.8x 19.1x n.a. 9% 17% 17% Blucora 634 1,076 1.4x 1.3x 11.9x 8.9x 4% 8% 12% 15% Donnelley Financial Solutions 620 927 1.1x 1.3x 5.6x 6.8x (1%) (15%) 19% 19% Equiniti Group 529 972 1.5x 1.4x 7.7x 6.8x (4%) 4% 20% 21% Trim Mean 4.3x 3.9x 16.8x 15.3x 5.2% 5.9% 27.3% 27.5% Median 3.9x 3.7x 16.2x 14.5x 6.9% 6.9% 23.9% 23.1% *Assumming Equity Value equals Enterprise Value for financial institutions providing custodial services

Source: Marlin & Associates, PitchBook, and public sources. All market and operating data are as of 12/11/2020. These companies are only a sample of firms in the sector as M&A defines it. M&A calculates Trim Mean and Median multiples for the sector over time using data from a set of companies that M&A believes to be reasonable and may not be identical to the set reflected above. Trim Mean excludes the highest and lowest multiple of the data set. 22 © Copyright Marlin & Associates Holding LLC 2020 Contents Our December Report on M&A in the FinTech, Data and Analytics Industry

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Shelton, CT Toronto, Canada Jersey City, NJ New York, NY has been acquired by has been acquired by Barcelona, Spain Stamford, CT has agreed to sell the MuniBrokers has been acquired by has agreed to be acquired by has been acquired by business to Lawrence, MA San Diego, CA A portfolio company of A portfolio company of

New York, NY Bologna, Italy Mumbai, India Chicago, IL Marlin & Associates acted as Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as exclusive strategic and financial advisor strategic and financial advisor to strategic and financial advisor to exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial to TABS Analytics Grapevine6 Inc. Hartfield, Titus & Donnelly advisor to Strands, Inc. advisor to Greenwich Associates, LLC advisor to Hanweck Associates, LLC

Pleasanton, CA Brisbane, Australia London, UK Denver, CO a division of Greenwich Associates was Danbury, CT acquired by Orlando, FL has agreed to be acquired by has agreed to be acquired by has received a majority equity has been acquired by investment from has received growth capital from

Livonia, MI Pittsburgh, PA A portfolio company of A portfolio company of Lake Success, NY Vancouver, BC Edinburgh, UK New York, NY Marlin & Associates acted as exclusive strategic and financial Marlin & Associates acted as exclusive Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as advisor to ClearStructure Financial strategic and financial advisor to exclusive strategic and financial exclusive strategic and financial financial advisor to strategic and financial advisor to Technology, LLC. Kore.ai advisor to NinjaTrader Group, LLC advisor to Greenwich Associates, LLC GBST Holdings Limited StatPro Group plc

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London, UK Charlotte, NC has sold a minority equity interest in New York, NY New York, NY has received an equity investment its subsidiary New York, NY has received a $61mm from New York, NY has been acquired by investment from has received a $30 million has acquired equity investment from London, UK to

Jacksonville, FL Troy, MI Boston, MA San Francisco, CA Singapore New York, NY Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial advisor to TradingScreen Inc. advisor to SALIDO, Inc. advisor to SERMO, Inc. advisor to Zenmonics advisor to Rapid Ratings advisor to Aquiline Holdings LLC

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

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New York, NY New York, NY Brentwood, TN has been acquired by New York City, NY Phoenix, AZ Singapore has been acquired by

has been acquired by has been acquired by has completed a majority recapitalization with a portfolio company of has secured an early stage Palo Alto, CA funding round a portfolio company of a portfolio company of

New York, NY Lake Success, NY Boston, MA and San Francisco, CA Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as strategic and financial advisor to exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial Agilum Healthcare Intelligence. advisor to Advise Technologies, LLC advisor to M&O Systems, Inc. advisor to BillingTree advisor to Crayon Data. advisor to Alacra.

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