September 2017

Enterprise Data & Analytics MARKET UPDATE M&AMARLIN & ASSOCIATES INVESTMENT BANKING AND STRATEGIC ADVISORY TO THE TECHNOLOGY, INFORMATION AND HEALTHCARE INDUSTRIES

New York

Washington, D.C.

Toronto

What do North Korean Missiles, AI and Big Data have in common? Our September 2017 Enterprise Data and Analytics Update Dear Clients and Friends,

The report found below covers m&a trends, values and deals in the four segments of the Enterprise Data and Analytics sector that we follow and sometimes lead.

New York is currently hosting the annual opening of the UN General Assembly. Heads of about 140 nations are in our town and security is tight near our office. Last Tuesday, President Trump opened the session by promising to "destroy" North Korea if that country doesn’t abandon its nuclear weapons program - which they have no plan to do. Ugh.

There was another interesting speech in New York last week – by Masayoshi Son, the founder of Softbank, and one of the world’s most prescient investors. According to the New York Times, Son predicted that within 30 years AI will “replace huge swaths of jobs”, as the power of AI outstrips that of the human brain. Another challenge for us all to contemplate.

AI and North Korean nuclear missiles have many things in common: they both need proper fuel; they both need good guidance systems; they both need wise humans to control their use; and they both need considered responses by those potentially affected. Cathy O’Neil, a mathematician and data scientist applied the term “weapons of math destruction” to many algorithms that underlie AI. Informatica had an interesting blog post found here about the fuel for AI - saying that “the era of blind faith in big data must end”. Pundits have been expounding for years on the potential dangers of (and proper response by the West and others to) North Korea’s nuclear capabilities.

As the power and accuracy of these tools grows, all we can do is hope for intelligence and wisdom by those who control them – and by those potentially impacted by them - because miscalculation by either can lead to disaster.

Some of the more interesting m&a transactions, trends and values in the AI, Big Data, and analytics sectors are discussed in our Market Update. Among other transactions, we note: • Verisk (Nasdaq:VRSK) agreed to acquire Sequel for • Druva (India) raised $80mm in a growth equity round led by $323mm, valuing the company at an implied 9.6x LTM Riverwood Capital, revenue and 20.8x LTM EBITDA, • Redis Labs (Santa Clara, CA) raised $44mm in a Series D • Cisco (NASDAQ:CSCO) agreed to acquire Springpath for funding round led by Goldman Sachs Private Capital, $320mm, • PeerIQ raised $12mm in Series A funding co-led by new • Databricks (San Francisco, CA) raised $140mm in a Series D investors TransUnion. funding round led by Andreessen Horowitz, The Benzinga Fintech Summit is in San Francisco is this week and we’ll be there. Please email Zaid Elouad at [email protected] if you are interested in setting up a meeting.

We are also honored to be finalists for three awards by The M&A Advisor: One for The Professional Services (B2B) Deal of the Year; another for The Private Equity Deal of the Year, as well as a third for the M&A Deal of The Year which relates to our role advising BillingTree of Phoenix Arizona on a Significant Growth Investment by Parthenon Capital Partners. For more on that transaction, please click here.

Sincerely,

Kenneth B. Marlin | Managing Partner Marlin & Associates | 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. For more please visit www.marlinLLC.com.

Marlin & Associates is one of the most active firms advising buyers and sellers of U.S. and international middle-market firms that provide software, data, and related services. The firm is based in New York City, with offices in Washington, D.C., and Toronto, Canada. It has been the recipient of numerous awards including “Boutique Investment Bank of the Year,” “Middle-Market Investment Bank of the Year,” "Middle-Market Financing Agent of the Year – Equity," and “TMT Advisory Bank of the Year.” Marlin & Associates' team of professionals has advised over 200 information-technology transactions. 01 SEPTEMBER 2017

MARLIN & ASSOCIATES: MARKET UPDATE Enterprise Data & Analytics Enterprise Data & Analytics is a broad industry containing several sectors that encompass the large and growing data assets used and generated by businesses, along with the related analytics that enhance insight and drive better business decisions.

03 Sector Comparison Snapshot

04 Sector Analyses

04 Data Analytics - Services (DAS)

05 Enterprise Software & Data Analytics (ESDA)

06 Business Intelligence Software (BIS)

07 Data & Analytics – Financial Services (DAFS)

08 Capital Raising Activity Trends

09 Merger & Acquisition Activity Trends

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 4/30/14. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above 02 SEPTEMBER 2017

ENTERPRISE DATA & ANALYTICS Sector Comparison Snapshot:

Enterprise Value / Revenue

ESDA

DAFS

BIS

DAS

0x 1x 2x 3x 4x 5x 6x 7x

2016A EV/Revenue 2017E EV/Revenue

Enterprise Value / EBITDA

BIS

ESDA

DAFS

DAS

0x 5x 10x 15x 20x 25x 2016A EV/EBITDA 2017E EV/EBITDA

Sources: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 8/31/17. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected 03 above. SEPTEMBER 2017

Data & Analytics - Services

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 5 Year M&A Info & Mkt Research Index vs. S&P 500, base = 100

4. 0x 18x 180

3. 5x 16x 160

3. 0x 14x 140 EV / EBITDA EV / Revenue EV 2. 5x 12x 120

2. 0x 10x 100 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17

EV / LTM Revenue EV / LTM EBITDA M&A Info & Mkt Research Index S&P 500

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin (USD millions) Cap Value CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E

Reed Elsevier (RELX Group) 44,191 50,696 5.8x 5.1x 19.3x 14.6x 6% 13% 30% 35% Nielsen 13,912 22,129 3.5x 3.4x 13.7x 10.9x 2% 4% 26% 31% Wolters Kluw er 12,683 15,391 3.0x 2.9x 11.5x 10.7x 2% 4% 26% 27% Gartner 10,768 13,607 5.6x 4.1x 33.9x 19.5x 13% 36% 16% 21% Informa 7,459 9,508 5.4x 4.2x 17.2x 12.4x 11% 29% 31% 34% Pearson 6,464 7,959 1.3x 1.3x 10.6x 8.6x 2% 1% 13% 15% UBM 3,448 4,199 3.7x 3.2x 13.6x 10.7x 12% 15% 27% 30% Euromoney Institutional Investor 1,731 1,811 3.4x 3.2x 11.9x 12.0x 1% 8% 28% 26% comScore 1,145 1,031 2.0x 1.7x 8.2x 6.4x 41% 18% 24% 26% Forrester Research 736 608 1.9x 1.8x 15.0x 16.5x 4% 1% 12% 11% Trim Mean 7,201 9,454 3.6x 3.1x 14.1x 12.0x 6% 12% 24% 27% Median 6,962 8,733 3.5x 3.2x 13.6x 11.4x 5% 10% 26% 27%

[1] As of February 8th 2017, comScore’s shares were suspended from the NASDAQ since comScore was unable to file financial data regarding the handling of certain cash and non- cash transactions. The stock is quoted on the over-the-counter market.

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced VeriskQ Research Analytics Solutions (NasdaqGS:VRSK)(New York, NYacquired) acquired The Tragon GeoInformation for an undisclosed Group for sum. an Tragonundisclosed provides sum. sensory The GeoInformation valuations solutions. Group offers Tragon large provides-scale sensorymapping valuations services 11/14/168/16/17 solutions.and geospatial Tragon data researches, and analytic tests, solutions and evaluates to a broad sensory set of companiesproducts and and develops more datathan collection,300 public measurement,sector organizations. and reporting The acquisition software bolsters in real-time Verisk’s under presence the brand in namethe United RedJade. Kingdom as a data and analytics provider across multiple markets.

Gartner (NYSE:IT) acquired Machina Research for an undisclosed sum. Machina PWC (United Kingdom) acquired Optimisa Research for an undisclosed sum. Research provides market intelligence and strategic insight on Internet of Things 8/1/1711/9/16 Optimisa offers market research services and strategies, data modeling services, (IoT), Machine-to-Machine (M2M), and big data opportunities. The acquisition is software development and data manipulation services. part of Gartner’s strategy of investing further in IoT capabilities.

Synthesio20/20 Research (Paris, (Nashville, France) acquired TN) acquired SocialiModerate Karma from for Internet an undisclosed Attitude sum.for an 10/17/167/26/17 undisclosediModerate offers sum. online Social qualitative Karma provides market audience research insightsservices and and engagement fits strategically analyticswith 20/20’s solutions. QualBoard discussion and QualMeeting interview platforms.

Enterprise Software & Data Analytics

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 5 Year M&A Application Software Index[1] vs. S&P 500, base = 100

8. 0x 45x 300

7. 0x 40x 260

6. 0x 35x 220

5. 0x 30x 180 EV / EBITDA EV / Revenue EV 4. 0x 25x 140

3. 0x 20x 100 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17

EV / LTM Revenue EV / LTM EBITDA M&A Appli cation Softwar e Index S&P 500

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin (USD millions) Cap Value CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E

Oracle 213,802 206,019 5.5x 5.3x 14.1x 11.7x (1%) 4% 39% 46% SAP 126,690 128,685 4.9x 4.5x 17.9x 12.8x 6% 8% 27% 35% Salesforce 69,649 68,730 8.2x 6.6x nm 30.6x 26% 24% 6% 22% Intuit 36,918 36,629 7.5x 6.8x 26.0x 17.9x 9% 11% 29% 38% Workday 22,709 21,160 13.5x 10.1x na 66.2x 35% 34% na 15% CA 13,836 13,792 3.4x 3.3x 10.7x 9.0x (0%) 3% 32% 37% Constellation 12,035 11,964 5.6x 4.9x 29.4x 18.8x 16% 14% 19% 26% Amdocs 9,466 8,503 2.3x 2.2x 12.1x 11.0x 3% 4% 19% 20% NICE 4,843 4,926 4.9x 3.7x 22.3x 13.5x 10% 33% 22% 27% Paycom Softw are 4,388 4,355 13.2x 10.1x 64.0x 35.1x 47% 31% 21% 29% Softw are 3,296 3,278 3.1x 3.1x 10.7x 9.9x (0%) 3% 29% 31% Manhattan Associates 2,919 2,833 4.7x 4.8x 13.9x 13.3x 9% (2%) 34% 36% Zendesk 2,726 2,486 8.0x 5.9x na nm 49% 36% na 3% Xero 2,604 2,522 12.8x 9.0x na nm 48% 42% na 2% Paylocity 2,536 2,432 9.2x 7.3x nm 37.8x 41% 26% 3% 19% Callidus 1,676 1,503 7.3x 6.1x na 48.3x 19% 19% na 13% Trim Mean 22,473 22,307 7.0x 5.8x 18.3x 21.7x 19% 18% 24% 25% Median 7,154 6,714 6.5x 5.6x 16.0x 15.7x 13% 17% 25% 27% [1] Cloudera (NYSE:CLDR) added to the index as of IPO 4/27/17

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

Druva (India) raised $80mm in a growth equity round led by Riverwood Capital. Druva 8/22/17 provides data protection and governance solutions for public and private clouds in the enterprise.

Cisco (NASDAQ:CSCO) agreed to acquire Springpath for $320mm. Springpath 8/21/17 provides an enterprise-grade storage and data management software that provides storage services and runs on various standard servers.

Databricks (San Francisco, CA) raised $140mm in a Series D funding round led by 8/3/17 Andreessen Horowitz. Databricks provides a cloud platform that helps traditional and disruptive organizations to turn data into value.

Business Intelligence Software

Public Market Data

5 Year LTM Revenue & EBITDA Multiples[1] 5 Year M&A BI Index[1] vs. S&P 500, base = 100

12.0x 60x 250

10.0x 50x

200 8. 0x 40x

6. 0x 30x 150 EV / EBITDA EV / Revenue EV 4. 0x 20x

2. 0x 10x 100 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17

EV / LTM Revenue EV / LTM EBITDA M&A BI Index S&P 500

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin (USD millions) Cap Value CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E

Open Text 8,570 10,670 5.4x 4.2x 18.4x 11.9x 7% 31% 30% 35% Splunk 9,281 8,298 8.7x 6.8x na 59.7x 42% 28% na 11% Tableau Softw are 5,731 4,739 5.7x 5.4x na 69.1x 27% 7% na 8% Verint Systems 2,488 2,891 2.7x 2.5x 29.7x 11.1x (6%) 7% 9% 23% Microstrategy 1,495 863 1.7x 1.7x 7.4x 9.7x (3%) (2%) 23% 18% Alteryx 1,385 1,232 14.4x 9.8x na na 59% 46% na na Talend 1,141 1,045 9.9x 7.1x na na 40% 39% na na Hortonw orks 1,124 1,052 5.7x 4.2x na na 51% 34% na na Trim Mean 3,468 3,209 6.4x 5.0x 18.4x 27.6x 27% 24% 23% 17% Median 1,992 2,061 5.7x 4.8x 18.4x 11.9x 33% 30% 23% 18% [1] Tableau Software (DATA) added to the index as of IPO 5/17/13, Hortonworks (HDP) added to the index as of IPO 12/12/14, Alteryx (AYX) added to the index as of IPO 2/24/17

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

Redis Labs (Santa Clara, CA) raised $44mm in a Series D funding round led by 8/21/17 Goldman Sachs Private Capital. Redis offers an open-source in-memory database platform.

Verisk (Nasdaq:VRSK) agreed to acquire Sequel for $323mm, valuing the company 8/21/17 at an implied 9.6x LTM revenue and 20.8x LTM EBITDA. Sequel provides an insurance database software solution.

ThoughtSpot (Palo Alto, CA) raised $60mm in an equity funding round led by 8/17/17 Lightspeed Venture Partners. ThoughtSpot offers a search-driven analytics platform.

Data & Analytics – Financial Services

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 5 Year M&A Data & Analytics Financials Index vs. S&P 500, base = 100

6. 0x 18x 260

220 5. 0x 15x

180

4. 0x 13x EV / EBITDA EV / Revenue EV 140

3. 0x 10x 100 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17

EV / LTM Revenue EV / LTM EBITDA M&A D&A Financial Index S&P 500

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin (USD millions) Cap Value CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E CY2016A CY2017E

S&P Global 40,110 42,453 7.5x 7.2x 17.2x 15.4x 7% 4% 44% 47% Thomson Reuters 33,904 40,752 3.6x 3.6x 17.1x 11.9x (1%) 2% 21% 30% Moody's 25,975 27,627 7.7x 6.9x 16.8x 14.6x 3% 11% 46% 47% Experian 19,558 22,738 4.9x 5.2x 14.3x 14.9x (0%) (6%) 34% 35% Equifax 17,367 19,856 6.3x 5.8x 17.7x 15.7x 18% 8% 36% 37% Verisk Analytics 13,642 15,893 8.0x 7.6x 17.0x 15.6x 13% 5% 47% 49% MSCI 10,511 11,837 10.3x 9.3x 20.8x 18.0x 7% 10% 49% 52% CoStar Group 9,384 9,124 10.9x 9.5x 42.4x 33.8x 18% 15% 26% 28% TransUnion 9,060 11,329 6.6x 6.0x 20.0x 15.3x 13% 10% 33% 39% FactSet Research Systems 6,202 6,583 5.8x 5.2x 16.4x 15.3x 11% 10% 35% 34% FICO 4,536 5,017 5.6x 5.3x 24.2x 20.8x 6% 5% 23% 26% Dun & Bradstreet 4,134 5,452 3.2x 3.1x 12.1x 11.0x 4% 4% 26% 28% CoreLogic 4,044 5,493 2.8x 3.0x 13.1x 11.8x 28% (5%) 21% 25% Morningstar 3,564 3,455 4.3x n/a 14.9x n/a 1% n/a 29% n/a Trim Mean 13,193 15,142 6.1x 5.9x 17.5x 15.4x 8% 6% 33% 36% Median 9,947 11,583 6.0x 5.8x 17.0x 15.3x 7% 5% 34% 35%

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced London Stock Exchange Group (LSE:LSE) acquired Mergent for an undisclosed sum. Verisk Analytics (NASDAQ:VRSK) agreed to acquire LCI for $151mm. LCI provides Mergent is a leading provider of business and financial information on public and bankruptcy risk insight, prediction and management solutions for banks and creditors. 11/21/168/24/17 private companies and adds to LSEG’s data and analytics capabilities. The Mergent Verisk plans to bring together Verisk’s proprietary data assets from its Argus business business will form part of LSEG’s Information Services Division which includes FTSE and LCI’s proprietary bankruptcy and debtor settlement data. Russell, among other real time and reference data products. PeerIQeVestment raisedAlliance $12mm (New in Series York, NY)A funding acquiredco- ledPublic by newPlan investorsIQ for an TransUnion,undisclosed sum.Hearst VenturesPublic Plan and IQ Macquarie is a SaaS- Groupbased platformand included that providesparticipation access from to existing public pensioninvestors. plan 8/2/1711/10/16 PeerIQreporting tracks and boardloans documentsoriginated through and houses marketplace more than lenders. 10,000 The documents. funding is The expected toacquisition enable PeerIQ builds toupon analyze eVestment’s more thanintelligence $13 trillion offering worth toof institutionalloans rather investors, than tens of billionsconsultants by helping and managers. PeerIQ “reboot” an “archaic” securitization market. MorningstarStrategic Insight(NASDAQ:MORN) (New York, NY) acquired acquired a BrightScope40% stake infor Sustainalytics an undisclosed for ansum. undisclosedBrightScope sum.is a financial Sustainalytics information is a provider company of thatenvironmental, provides a suitesocial, of andproprietary 7/24/1711/1/16 governancedatasets, data (“ESG”) management and Corporate capabilities Governance and analytics research to asset and ratings.managers, The record - investmentkeepers, financial aims to advisors, support Sustainalytics’and other market ability participants. to deliver Theinnovative transaction ESG followsproducts andStrategic services Insight’s to the recent global acquisitions investment ofcommunity. Market Metrics and Matrix Solutions.

RECENT CAPITAL RAISES Below is a selection of recent capital raises in the Enterprise Data & Analytics Industry.

Date Investor Issuer Description Announced

Druva (India) raised $80mm in a growth equity round led by Riverwood Capital. 8/22/17 Druva provides data protection and governance solutions for public and private clouds in the enterprise.

Redis Labs (Santa Clara, CA) raised $44mm in a Series D funding round led by 8/21/17 Goldman Sachs Private Capital. Redis offers an open-source in-memory database platform.

ThoughtSpot (Palo Alto, CA) raised $60mm in an equity funding round led by 8/17/17 Lightspeed Venture Partners. ThoughtSpot offers a search-driven analytics platform.

Databricks (San Francisco, CA) raised $140mm in a Series D funding round led 8/3/17 by Andreessen Horowitz. Databricks provides a cloud platform that helps traditional and disruptive organizations to turn data into value.

PeerIQ raised $12mm in Series A funding co-led by new investors TransUnion, Hearst Ventures and Macquarie Group and included participation from existing investors. PeerIQ tracks loans originated through marketplace lenders. The 8/2/17 funding is expected to enable PeerIQ to analyze more than $13 trillion worth of loans rather than tens of billions by helping PeerIQ “reboot” an “archaic” securitization market.

WalkMe (San Francisco, CA) raised $75mm in a Series E funding round led by 7/27/17 Insight Venture Partners. WalkMe develops and distributes a cloud-based guidance and engagement platform.

SimilarGroup (Tel Aviv, Israel) raised $47mm in an equity funding round led by Viola Growth. SimilarGroup provides analytics software including a business 7/25/17 intelligence tool that tracks technology adoption and usage analytics across the internet

Node (San Francisco, CA) raised $16.3mm in funding. The funding includes a $10.8mm Series A funding round led by Avalon Ventures. Node leverages 7/25/17 artificial intelligence technology to automatically deliver relevant and timely information about people and companies for sales and marketers.

Alation (Redwood City, CA) raised $23mm in a Series B funding round led by 7/18/17 Icon Ventures. Alation provides an enterprise collaboration data platform that allows users to analyze enterprise information for business decisions.

Squirro (Zurich, Switzerland) raised $10mm in a Series B funding round led by 7/7/17 Orange Growth Capital. Squirro provides intelligence software that allows users to analyze large data sets to gain insight into customer preferences.

RECENT MERGERS & ACQUISITIONS Below is a selection of recent mergers & acquisitions in the Enterprise Data & Analytics Industry.

Date Acquirer Target Description Announced

Verisk Analytics (NASDAQ:VRSK) agreed to acquire LCI for $151mm. LCI provides bankruptcy risk insight, prediction and management solutions for 8/24/17 banks and creditors. Verisk plans to bring together Verisk’s proprietary data assets from its Argus business and LCI’s proprietary bankruptcy and debtor settlement data.

Cisco (NASDAQ:CSCO) agreed to acquire Springpath for $320mm. 8/21/17 Springpath provides an enterprise-grade storage and data management software that provides storage services and runs on various standard servers.

Verisk (Nasdaq:VRSK) agreed to acquire Sequel for $323mm, valuing the 8/21/17 company at an implied 9.6x LTM revenue and 20.8x LTM EBITDA. Sequel provides an insurance database software solution.

Q Research Solutions (New York, NY) acquired Tragon for an undisclosed sum. Tragon provides sensory valuations solutions. Tragon provides sensory 8/16/17 valuations solutions. Tragon researches, tests, and evaluates sensory products and develops data collection, measurement, and reporting software in real-time under the brand name RedJade.

PWC (United Kingdom) acquired Optimisa Research for an undisclosed sum. 8/1/17 Optimisa offers market research services and strategies, data modeling services, software development and data manipulation services.

Vista Equity Partners (Austin, TX) acquired Xactly for an undisclosed sum. 7/31/17 Xactly provides cloud-based incentive compensation solutions for employee and sales performance management.

Sumeru Equity Partners (Foster City, CA) acquired MDSL for an undisclosed sum. MDSL provides a unified expense management platform encompassing 7/31/17 categories such as telecoms, cloud services, the Internet of Things and Financial Market Data.

Synthesio (Paris, France) acquired Social Karma from Internet Attitude for an 7/26/17 undisclosed sum. Social Karma provides audience insights and engagement analytics solutions.

Morningstar (NASDAQ:MORN) acquired a 40% stake in Sustainalytics for an undisclosed sum. Sustainalytics is a provider of environmental, social, and 7/24/17 governance (“ESG”) and Corporate Governance research and ratings. The investment aims to support Sustainalytics’ ability to deliver innovative ESG products and services to the global investment community.

GIC (Singapore) agreed to acquire 30% of Mergermarket from BC Partners for an undisclosed sum. Mergermarket provides mergers and acquisitions transactions information, news, business intelligence, and related research 7/5/17 solutions. In May 2017, Mergermarket acquired YouDevise (dba TIM Group).

CLIENTS CHOOSE M&A TO ADVISE THEM ON THEIR IMPORTANT STRATEGIC MOVES

“Throughout this process, the team at Marlin & Associates provided great financial and strategic advice. They served as a true strategic partner and integral part of the team as they guided the complex cross-border carve- out project. Marlin & Associates unique industry expertise played a critical role in bringing this project to a successful conclusion for all stakeholders." Eric Sinclair President, TMX Datalinx

Hamilton, Bermuda Toronto, Canada has received an equity a portfolio company of London, UK New York City, NY investment from has sold the Atrium wireless and extranet infrastructure businesses to received an investment from has been acquired by has been acquired by

has been acquired by a portfolio company of

Atlanta, GA 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 exclusive strategic and financial exclusive strategic and financial strategic and financial advisor to exclusive strategic and financial exclusive strategic and financial exclusive strategic and financial advisor to QuoVadis and ABRY advisor to Advise Technologies, LLC Investment Metrics advisor to OptionsCity Software advisor to TMX Group advisor to OpenGamma

Brentwood, TN New York City, NY Phoenix, AZ Salt Lake City, UT San Mateo, CA Port Talbot, United Kingdom has completed a majority has been acquired by has been acquired by recapitalization with has been acquired by received a strategic received an investment from investment from

a portfolio company of Lake Success, NY Boston, MA and San Francisco, CA Chicago, IL London, United Kingdom Tokyo, Japan 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 exclusive strategic and financial exclusive strategic and strategic and financial advisor to exclusive strategic and financial advisor to M&O Systems, Inc. financial advisor to BillingTree advisor to iTransact Group, LLC financial advisor to Xignite. Agilum Healthcare Intelligence. advisor to Vizolution.

Paris, France New York, NY Boston, MA New York, NY has acquired the Business Process Campbell, CA Management business from has invested in has been acquired by received an investment from has been acquired by

Palo Alto, CA Dublin, Ireland Palo Alto, CA Windsor, CT Marlin & Associates acted as exclusive strategic and financial Marlin & Associates acted as exclusive Marlin & Associates acted as strategic and Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive advisor to Everteam. strategic and financial advisor financial advisor to Aquiline Capital strategic and financial advisor strategic and financial advisor to Trunomi. Partners. to Alacra, Inc. to Varden Technologies Inc.

Dublin, Ireland

has been acquired by

London, United Kingdom Marlin & Associates acted as exclusive strategic and financial advisor to Information Mosaic.

Lucca, Italy Hong Kong, China Washington, D.C. secured a $36 million Wixom, MI has raised capital from investment from has been acquired by has acquired

Hong Kong, China

Milan, Italy Hamilton, NJ London, United Kingdom Marlin & Associates acted as Marlin & Associates acted as strategic and financial advisor to Marlin & Associates acted as Marlin & Associates acted as exclusive strategic and financial exclusive strategic and financial Wisers Information Limited. advisor to Tagetik Software srl. exclusive strategic and financial advisor to RevSpring Inc. advisor to Current Analysis, Inc.

Note: Not a complete list 10 SEPTEMBER 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 (2016)* • Cross-Border Boutique Investment Banking Firm of the Year (2016)* TMT Advisory Firm of the Year (2017) • 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 the Year (2013, 2012 and 2011) Year • Information Technology Deal of the Year (2011) (2017) • Middle Market Deal of the Year <$25M (2011) • Corporate and Strategic Acquisition of the Year (2011) – ACQ5 • Middle Market Financial Services Deal of the Year (2011 and 2010) (Acquisition Finance • Middle Market Information Technology Deal of the Year (2011 and 2010) Magazine) • Middle Market International Financial Services Deal of the Year (2013 and 2010) • Middle Market International Information Technology Deal of the Year (2010) • Middle Market Financial Services Turnaround Deal of the Year (2009) • Middle Market Information Technology Turnaround Deal of the Year (2009) • Middle Market International Deal of the Year(2008) • Middle Market Financial Services Deal of the Year (2008) • Middle Market Technology Deal of the Year (2008) • Middle Market Investment Banking Firm of the Year (2008 and 2007)* • Middle Market International/Cross Border Deal of the Year (2007, Below $100M) • Middle Market Financial Services Deal of the Year (2007, Below $100M) • Middle Market Financing Agent of the Year – Equity (2007)*

The Global M&A Network has recognized Marlin & Associates for excellence in multiple deal categories through its M&A Atlas Awards:

• Financial Technology Deal of the Year (2012, 2011) • North America Small Mid Markets Corporate Deal of the Year (2013) • Corporate M&A Deal of the Year (2010) • Technologies Deal of the Year (2010) * Firm-wide Awards

Note: Not a complete list. 11 SEPTEMBER 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 • VP of Business Development at SunGard • Founder of software company sold to SunGard • Started career designing trading software for TD Bank • BaSC, Engineering from University of Toronto

Tom Selby

"The Marlin & Associates team was a highly valued player in completing our transaction. Their professional expertise and commitment to the process, preparation, positioning, presentation, and leadership got us to the finish line. They’re smart, available whenever needed, and bring the work ethic to get the deal done.”

Roman Brunner CEO, QuoVadis

Note: Not a complete list 12 INVESTMENT BANKING AND STRATEGIC ADVISORY TO THE TECHNOLOGY, INFORMATION AND HEALTHCARE INDUSTRIES

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