PowerPoint Presentation...Euromoney Institutional Investor 1,828 1,805 2.9x 2.9x 9.2x 10.5x (0%) (1%) 31% 28% comScore 1,704 1,593 4.8x 4.2x 69.7x 17.3x 15% 14% 7% 25% Forrester Research

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M&AM A R L I N & A S S O C I A T E S

E n t e r p r i s e D a t a & An a l y t i c sM A R K E TU P D A T E

INVESTMENT BANKING AND STRATEGIC ADVISORY TO THE TECHNOLOGY, INFORMATION AND HEALTHCARE INDUSTRIES

www.MarlinLLC.com © Marlin & Associates Holdings LLC, All Right Reserved

November 2015

Toronto

Washington, D.C.

San Francisco

New York

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 therecipient of numerous awards including “Boutique Investment Bank of the Year,” “Middle-Market Investment Bank of the Year,” "Middle-Market FinancingAgent of the Year – Equity," and “TMT Advisory Bank of the Year.” Marlin & Associates' team of professionals has advised over 200 information-technology transactions.

Sincerely,

Kenneth B. Marlinwww.MarlinLLC.com

Not long ago, Harvard Business Review heralded data scientists as the sexiest job of the 21st century – talkabout revenge of the nerds! But is this still the case?

The following pages focus on our sense of m&a values and activities in the Enterprise Data & Analyticssector. It’s our third report focused on this arena. We hope you find it useful. It’s an intriguing world.

With the proliferation of connected devices, widespread adoption of social media, and the ability toaccurately interpret unstructured data, businesses are increasingly turning to these data scientists and theiradvanced analytics to help them understand what happened, why it happened, and – most importantly –what will happen next. These advanced analytics have become a competitive differentiator and driveimproved financial results.

Often firms hire internal data scientists who are experts in analyzing big data, but good scientists are noteasy to find and are expensive. So, for several years now, many firms have turned to outsourced serviceproviders who have teams of data scientists for hire on a project basis (e.g. Accenture, MuSigma, and OperaSolutions). Market research firm Gartner estimates that the advanced analytics services market amounts toover $16 billion in 2015. It’s a big market, it’s growing, and it’s here to stay. At the same time, there is a newmarket developing – advanced analytics software.

Much of the activity on the pages that follow is centered on m&a activity in this analytics software market.Gartner estimates that enterprises will spend $1.2 billion on advanced analytics software in 2015. While onlya fraction of analytics services spending, this market is forecast to grow much faster than the servicesmarket, at an 11% CAGR through 2018. In response, several of the outsourced analytics providers havedeveloped and acquired IP, typically vertically focused. Traditional data scientists are still in high demand,but their programming counterparts may claim the sexiest job award in the coming years as advancedanalytics software gains share.

In the past few weeks, advanced analytics firms such as Alteryx, Datamyx, Lucid, and MarketShare Partners(to name just a few) have attracted investments and acquisitions from leaders in data and businessintelligence. We still think this space is in the early days of massive growth and expect to see many furtherinvestments and acquisitions to come. We follow and sometimes lead m&a in this sector.

If you have questions, please feel free to contact me or Jeff Trongone – our lead in this area.

DEAR CLIENTS AND FRIENDS,Welcome to our November 2015 Enterprise Data & Analytics Market Update

http://www.marlinllc.com/team/jeffrey-trongone

http://www.twitter.com/MarlinLLC

http://www.twitter.com/MarlinLLC

http://www.linkedin.com/company/231029?trk=tyah&trkInfo=tas%3Amarlin%20%26

http://www.linkedin.com/company/231029?trk=tyah&trkInfo=tas%3Amarlin%20%26

http://www.marlinllc.com/blog/

http://www.marlinllc.com/blog/

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 10/30/15. These companies are asample 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 andmedian multiples using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above.

03

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Sector Comparison Snapshot

Sector Analyses

Data Analytics Services (DAS)

Data Analytics Software – Enterprise (DAS-E)

Data Analytics Software – Focused (DAS-F)

Proprietary Financial Data Analytics (PFDA)

02

Merger & Acquisition Activity Trends

Capital Raising Activity Trends

Enterprise Data & AnalyticsEnterprise Data & Analytics is a broad industry containing several sectors that encompass thelarge and growing data assets used and generated by businesses, along with the related analyticsthat enhance insight and drive better business decisions.

MARLIN & ASSOCIATES: MARKET UPDATE

NOVEMBER 2015

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 10/30/15. These companies are asample 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 andmedian multiples using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above. 03

Enterprise Value / Revenue

Enterprise Value / EBITDA

ENTERPRISE DATA & ANALYTICSSector Comparison Snapshot:

NOVEMBER 2015

0x 2x 4x 6x 8x

PFDA

DAS-F

DAS-E

DAS

2014A EV/Revenue LTM EV/Revenue 2015E EV/Revenue

0x 5x 10x 15x 20x 25x 30x

PFDA

DAS-F

DAS-E

DAS

2014A EV/EBITDA LTM EV/EBITDA 2015E EV/EBITDA


DATA ANALYTICS SERVICESThe Data Analytics Services (DAS) sector consists of information providers thatsell data, analytics, and information services to a broad array of institutions(primarily non-financial).

That DAS price index underperformed the broad market over the past month, primarily due to Pearson missingits Q3 numbers – its stock price fell ~24% in the period. comScore also declined as investors reacted to the$850mm acquisition of Rentrak as it strengthens its competitive position against Nielsen. The DAS sectorconsists of many firms growing less than 10%, but that offer highly scalable data assets, and therefore trade atenterprise value multiples of 3.4x 2015 revenue and 13.0x 2015 EBITDA, on average. For 2015, on average thegroup is expected to grow revenue at 6% and generate EBITDA margins of 26%. Over the last five years, theDAS index returns are roughly in-line with the broad market.

Market Commentary

Public Market Valuation Trends

NOVEMBER 2015

Company Market Enterprise(USD millions) Cap Value CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E

Reed Elsevier (RELX Group) 38,614 44,357 5.0x 4.8x 16.8x 14.0x (4%) 3% 30% 34%Nielsen 17,555 24,737 3.9x 4.0x 16.1x 13.3x 10% (2%) 24% 30%Pearson 10,679 12,733 1.7x 1.7x 12.1x 9.3x (4%) 1% 14% 18%Wolters Kluw er 10,018 12,256 3.1x 2.7x 12.6x 10.8x 3% 13% 25% 25%IHS 8,227 10,048 4.5x 4.3x 19.7x 13.6x 21% 4% 23% 32%Gartner 7,627 7,984 3.9x 3.7x 23.5x 19.2x 13% 8% 17% 19%Informa 5,616 7,008 4.0x 3.8x 13.5x 12.0x 1% 7% 30% 31%UBM 3,479 4,291 3.8x 2.9x 15.9x 11.0x (6%) 31% 24% 26%Euromoney Institutional Investor 1,828 1,805 2.9x 2.9x 9.2x 10.5x (0%) (1%) 31% 28%comScore 1,704 1,593 4.8x 4.2x 69.7x 17.3x 15% 14% 7% 25%Forrester Research 583 472 1.5x 1.5x 15.0x 14.5x 5% 0% 10% 10%

Trim Mean 7,415 9,162 3.6x 3.4x 16.1x 13.0x 4% 6% 22% 26%Median 7,627 7,984 3.9x 3.7x 15.9x 13.3x 3% 4% 24% 26%

EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

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5 Year M&A DAS vs. S&P 500, base = 100

S&P 500 M&A DAS Index


The DAS-E price index increased substantially in October, led by SolarWinds, which entered into a definitiveagreement to be acquired by Silver Lake Partners and Thoma Bravo for $4.5bn, valuing the company at animplied 9.1x LTM revenue and 29.6x LTM EBITDA – this represents a 44.1% premium over the last 30 dayaverage share price. The DAS-E sector consists of several mature technology firms with enterprise valuemultiples of 3.5x 2015 revenue and 10.2x 2015 EBITDA, on average. For 2015, on average this group isexpected to generate flat revenue, but is very profitable and is expected to generate 34% EBITDA margins. Overthe last five years, the returns of the DAS-E index have lagged the broad market, driven by weak performance in2014.

The Data Analytics Software – Enterprise (DAS-E) sector consists of enterprisesoftware vendors that have significant, but not a preponderance of sales relating toanalytics software.

DATA ANALYTICS SOFTWARE – ENTERPRISE

Market Commentary


NOVEMBER 2015

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5 Year M&A DAS-E Index vs. S&P 500, base = 100

S&P 500 M&A DAS-E Index


Oracle 171,362 157,923 4.1x 4.2x 9.3x 9.1x 3% (3%) 44% 46%IBM 137,133 167,382 1.8x 2.0x 6.9x 7.8x (6%) (12%) 26% 26%SAP 91,840 97,922 5.2x 4.5x 15.3x 12.9x 4% 17% 34% 35%CA Technologies 12,109 11,447 2.6x 2.9x 8.3x 7.2x (0%) (9%) 31% 40%SolarWinds 4,322 4,218 9.8x 8.3x 30.9x 20.9x 28% 18% 32% 40%NICE Systems 3,728 3,296 3.3x 3.6x 17.4x 13.2x 7% (9%) 19% 27%Softw are AG 2,224 2,227 2.4x 2.4x 9.6x 8.0x (12%) 1% 25% 30%

Trim Mean 49,826 54,961 3.5x 3.5x 12.0x 10.2x 2% (1%) 30% 34%Median 12,109 11,447 3.3x 3.6x 9.6x 9.1x 3% (3%) 31% 35%



The DAS-F price index declined in the past month primarily due to Qlik and Microstrategy reporting weaker thanexpected financial results, declining 14% and 13%, respectively. The DAS-F sector is fast-growing and consistsof firms that, on average, trade at 5.0x 2015 revenue and 10.8x 2015 EBITDA, on average. The group’s revenuemultiples are led by Splunk (trading at 10.0x 2015 revenue and growing 40%), Tableau (trading at 8.4x 2015revenue and growing 53%), and Hortonworks (trading at 5.8x 2015 revenue and growing 162%). For 2015, onaverage the group is expected to grow revenue at 22% and generate 19% EBITDA margins. Over the last fiveyears, the DAS-F price index is roughly in-line with the broad market.

[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

DATA ANALYTICS SOFTWARE – FOCUSEDThe Data Analytics Software – Focused (DAS-F) sector consists of companies thatprimarily sell data analytics software.

Market Commentary


NOVEMBER 2015


Splunk 7,208 6,352 14.1x 10.0x na nm 49% 40% na 6%Tableau Softw are 6,027 5,297 12.8x 8.4x nm nm 78% 53% 5% 12%Open Text 5,690 6,568 3.5x 3.6x 11.8x 10.7x 35% (2%) 30% 34%Verint Systems 2,957 3,342 3.0x 2.8x 20.9x 11.0x 24% 7% 14% 25%Qlik Technologies 2,918 2,596 4.7x 4.2x nm 45.1x 18% 11% 1% 9%Microstrategy 1,994 1,537 2.7x 2.9x 38.5x 9.8x 1% (9%) 7% 30%Hortonw orks 810 696 15.1x 5.8x na na 72% 162% na na



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DAS-F EV / LTM Revenue DAS-F EV / LTM EBITDA

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5 Year M&A DAS-F Index[1] vs. S&P 500, base = 100

S&P 500 M&A DAS-F Index


McGraw Hill Financial, the second largest company in the PFDA sector, is exploring a sale of its J.D. Powerbusiness unit that provides insights based on customer satisfaction surveys to businesses worldwide.Companies in the PFDA sector offer highly scalable data assets, and trade at enterprise value multiples of 5.4x2015 revenue and 14.4x 2015 EBITDA, on average. For 2015, on average the group is expected to growrevenue at 7% and generate EBITDA margins of 35%. Over the last five years, the PFDA index returns haveoutpaced the broad market by 62 points, driven by the high stock price gains of CoStar (up 310%+), Moody’s (up260%+), Equifax (up 215%+), and FICO (up 285%+).

PROPRIETARY FINANCIAL DATA ANALYTICSThe Proprietary Financial Data Analytics (PFDA) sector consists of companies thatderive a substantial portion of revenue from selling data and information servicesto financial institutions.


Market Commentary

NOVEMBER 2015


Thomson Reuters 31,868 40,158 3.2x 3.3x 14.8x 11.7x (1%) (3%) 22% 28%McGraw Hill Financial 25,420 28,324 5.6x 5.3x 14.5x 12.8x 7% 5% 39% 42%Moody's 19,472 20,860 6.3x 6.0x 13.5x 13.0x 12% 5% 46% 46%Experian 16,688 19,961 4.1x 4.3x 10.9x 11.1x 1% (5%) 37% 38%Equifax 12,852 14,116 5.8x 5.3x 16.6x 15.3x 6% 9% 35% 35%Verisk Analytics 12,329 15,355 8.8x 7.4x 19.4x 15.5x 9% 19% 45% 48%FactSet Research Systems 7,354 7,207 7.7x 7.0x 21.1x 19.0x 8% 10% 36% 37%MSCI 7,332 7,918 7.9x 7.4x 19.2x 16.6x 9% 8% 41% 44%CoStar Group 6,494 6,489 11.3x 9.1x 42.0x 53.1x 31% 23% 27% 17%Dun & Bradstreet 4,145 5,621 3.3x 3.4x 12.0x 11.6x 2% (1%) 28% 29%Morningstar 3,637 3,375 4.4x 4.3x 15.3x 13.2x 9% 4% 29% 32%CoreLogic 3,514 4,658 3.3x 3.1x 16.1x 11.1x 0% 7% 21% 28%FICO 2,989 3,553 4.5x 4.2x 19.2x 17.6x 8% 8% 23% 24%Veda Group 1,589 1,707 7.5x 6.6x 22.4x 15.5x 11% 13% 33% 43%



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PFDA EV / LTM Revenue PFDA EV / LTM EBITDA

80100120140160180200220240260280300


5 Year M&A PFDA Index vs. S&P 500, base = 100

S&P 500 M&A PFDA Index


RECENT CAPITAL RAISESBelow is a selection of recent capital raises in the Enterprise Data & AnalyticsIndustry.

DateAnnounced

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

10/29/15

Runtime Collective (Brighton, England) raises $33mm in a Series C funding round led by Partech Ventures. Highland Europe and Nauta Capital also participated. The company intends to use the funds to accelerate development of its core technologies and products and invest in strategic partnerships.

10/27/15

Uptake (Chicago, IL) raises $45mm in a Series B funding round led by GreatPoint Ventures at a pre-money valuation of ~$1.0bn. The company will use the funds to expand its coverage into various industries such as energy and rail.

10/22/15

Alteryx (Irvine, CA) raises $85mm in its third funding round co-led by ICONIQ Capital and existing investor Insight Venture Partners. The valuation for the round approached $1bn. Alteryx plans to use the capital to expand internationally, invest in research & development, and increase its sales & marketing efforts in Western Europe. Alteryx intends to increase its employee base by two-thirds next year.

10/20/15

Numerify (Cupertino, CA) raises $38mm in a Series C funding round led by Tenaya Capital at a pre-money valuation of $160mm. Sequoia Capital, Lightspeed Venture Partners, Silicon Valley Bank, and Four Rivers Group also participated. The company will use the funds to expand its product capabilities and to grow its operations in North America and Europe.

10/20/15

Pyramid Analytics (Amsterdam, Netherlands) raises $30mm in a Series B round led by Viola Private Equity, and which included Sequoia Capital. The new financing will allow the company to expand operations in every department, particularly by adding 30 staff to its R&D center in Israel.

10/19/15

ensighten (San Jose, CA) raises $53mm of debt and equity in a venture funding round led by Insight Venture Partners, Lead Edge Capital, Mack Capital, and Volition Capital at a pre-money valuation of $148mm. The company will use the money to accelerate R&D and build out sales capabilities for its consumer data platform.

10/16/15

Userzoom (San Jose, CA) raises $34mm in a venture funding round led by TC Growth Partners. Stepstone, Trident Capital, and Active Venture Partners also participated in the round. The company plans to use the money to support its rapid growth.

10/14/15

Lyra Health (Cupertino, CA) raises $35mm in a Series C funding round co-led by Greylock Partners and Venrock. The new funding will be used to deliver the company’s offering to its initial healthplan and enterprise customers.

10/13/15

SteelBrick (Palo Alto, CA) raises $48mm in a Series C funding round led by Institutional Venture Partners at a pre-money valuation of $212mm. The company will use the funds to prepare for accelerated growth going into 2016 by building out its next generation Quote-to-Cash software and scaling its operations in London.

9/29/15

more2 (London, United Kingdom) raises GBP 17mm (~$23mm) in a venture funding round led by Eight Roads Ventures. The company will use the funds to accelerate growth by entering new markets and industry segments .

NOVEMBER 2015


DateAnnounced

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

10/26/15PricewaterhouseCoopers (New York, NY) agrees to acquire Kusirifor an undisclosed amount. Kusiri's forensic data search platform will bolster PWC’s fraud and compliance screening capabilities.

10/26/15

International Business Machines (NYSE:IBM) agrees to acquire certain assets of The Weather Company for $2bn+. The acquired data assets will strengthen IBM's Watson Internet of Things unit and cloud platform.

10/26/15

Intercontinental Exchange (NYSE:ICE) agrees to acquire Interactive Data for $5.2bn, valuing the company at an implied 5.5x LTM revenue and 13.8x LTM EBITDA. The deal should help ICE broaden the depth of its market data business and bring a new customer base. See our blog.

10/21/15

Silver Lake (Menlo Park, CA) and Thoma Bravo (Chicago, IL) agree to acquire SolarWinds (NYSE:SWI) for $4.5bn, valuing the company at an implied 9.1x LTM revenue and 29.6x LTM EBITDA. As a private company, SolarWinds plans to have optimal operating flexibility to execute on its long-term strategy of providing superiorproducts for IT and Dev Ops professionals globally.

10/16/15

Deluxe Corporation (NYSE:DLX) acquires Datamyx for $160mm. Datamyx’s ability to transform data into actionable marketing information, as well as its analytics and modeling capabilities, enable Deluxe to provide a robust marketing offering through its Financial Services segment.

10/15/15

Publicis.Sapient (ENXTPA:PUB) agrees to acquires a minority stake in Lucid AI for an undisclosed amount. Lucid AI allows Publicis.Sapient to launch a new AI practice to aggregate data and analyze trends to benefit their clients.

10/13/15Zendesk (NYSE:ZEN) agrees to acquire BIME Analytics for $45mm. The combination of Zendesk and BIME will allow Zendeskto deliver enhanced data analytics and visualization tools.

10/12/15

Dell (Round Rock, TX) agrees to acquire EMC (NYSE:EMC) for $67bn, valuing the company at an implied 2.8x LTM revenue and 14.0x LTM EBITDA. Management expects the acquisition to position Dell to better capitalize on future technology trends, including digital transformation, software-defined data center, converged infrastructure, hybrid cloud, mobile, and security.

10/6/15Ernst & Young (New York, NY) agrees to acquire Bluestone Consulting. This is the third acquisition that E&Y has made in France in the last two years.

9/29/15

comScore (NASDAQ:SCOR) agrees to acquire Rentrak for $850mm, valuing the company at an implied 7.1x LTM revenue. The combination of comScore and Rentrak creates a stronger competitor to industry leader Nielsen.

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

NOVEMBER 2015

http://www.marlinllc.com/blog/?p=1414

Note: Not a complete list 10

CLIENTS CHOOSE MARLIN & ASSOCIATES TO ADVISETHEM ON THEIR MOST IMPORTANT STRATEGIC MOVES

has invested in

Marlin & Associates acted as strategic and financial advisor to Aquiline Capital

Partners.

Dublin, Ireland

New York, NY

has been acquired by

Marlin & Associates acted as exclusive strategic and financial advisor to Varden Technologies Inc.

Windsor, CT

Boston, MA

has been acquired by

Marlin & Associates acted as exclusive strategic and financial advisor

to Alacra, Inc.

Pa lo A lto, CA

New York, NY

rece ived an investment from

Marlin & Associates acted as exclusive strategic and financial advisor

to Trunomi.

Campbell, CA

NOVEMBER 2015


Two transactions on which Marlin & Associates advised were named as part of The M&A Advisor’s “Deals-of-the Decade Celebration

Acquisition International recognized Marlin & Associates for the M&A Award USA TMT Advisory Firm of the Year (2012)

The Global M&A Network 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)• Entertainment & Media Deal of the Year (2011)• Corporate M&A Deal of the Year (2010)• Technologies Deal of the Year (2010)

* Firm-wide Awards

The M&A Advisor and The M&A Forum have recognized Marlin & Associates for excellence in multiple deal categories including:

• Boutique Investment Banking Firm of the Year (2014)*• Healthcare and Life Science Deal of the Year (Over $100M to $500M) (2013)

• Middle Market International Professional Services (B-to-B) Deal of the Year (2013)

• Financial Services Deal of the Year (2013, 2012 and 2011• Nominated for Middle Market Healthcare Services Deal of the Year (2012)

• Information Technology Deal of the Year (2011)• Middle Market Deal of the Year <$25M (2011)• Corporate and Strategic Acquisition of the Year (2011)• Middle Market Financial Services Deal of the Year (2011 and 2010)

• Middle Market Information Technology Deal of the Year (2011 and 2010)

• Middle Market International Financial Services Deal of the Year (2013 and 2010)

• Middle Market International Information Technology Deal of the Year (2010

• Middle Market Professional Services 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)*

• Middle Market Computer and Information Technology Deal of the Year (2007, Below $100M)

• Middle Market Financing Deal of the Year - Equity (2007)• Middle Market Financing - Financial Services Deal of the Year

(2007)• Middle Market Financing - Computer, Technology and Telecommunications Deal of the Year (2007)

The 451 Group, a noted independent technology industry analyst company, identified Marlin & Associates as a leader in cross-Atlantic technology merger and acquisition transaction advisory

SNL Financial, a market research company, identified Marlin & Associates as leading the most financial technology transactions in 2009, in a tie with Citigroup and Credit Suisse, and one of the top 10 advisors in 2010

“Boutique Investment Banking Firm of the Year (2014)”

PEERS AND INDUSTRY GROUPS RECOGNIZE MARLIN &ASSOCIATESSelect Marlin & Associates Awards

NOVEMBER 2015

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 thesector. 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 12

Ken Marlin

Founder and Managing Partner of M&A• Twice named to II’s tech 50• Member Market Data Hall of Fame• MD Veronis Suhler Stevenson• CEO of Telesphere Corporation • CEO of Telekurs (NA)• EVP Bridge Information systems• SVP at Dun & Bradstreet• BA from the University of California

(Irvine)• MBA from UCLA, post-MBA from New

York University

Jason Panzer

Chief Operating Officer of M&A• 20+ years of M&A experience advising

technology and PE firms, globally• VP Business Development at FactSet• M&A attorney of Skadden, Arps, Slate,Meagher and Flom

• CFO of JCF Group• MBA from Columbia Business School• J.D. from Fordham Law School• CFA Charterholder Michael Maxworthy

• 18+ years of investment banking andprivate equity experience

• Named twice to Dealer’s Digest and recently M&A Advisor’s “40-Under-40”

• Founded Marlin & Associates with Ken Marlin

• Formerly at Veronis Suhler Stevenson, Morgan Stanley, and American International Group

• BS from Binghamton University

Paul Friday

• 20+ years of investment banking experience

• Focused on entrepreneurial technology-based companies

• Formerly at Robertson Stephens and PaineWebber (UBS)

• BS, Finance from Pennsylvania State University

Afsaneh Naimollah

• 20+ years of M&A experience• Founder of Chela Capital• Global Head of Barclays’ Capital

Technology Group• BA in Economics from Milton College• MBA in International Finance from• University of Wisconsin-Madison• Post-MBA from Northwestern University

Tom Selby

• 12+ 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

TorontoJonathan Kaufman

• 15+ years of corporate finance experience

• Thought leader in payments technology• 8+ years in investment banking at UBS and Deutsche Bank

• BS from Union College• MBA from University of Virginia’s

Darden School of Business• Named to Deal’s Digest “40-Under-40”

George Beckerman

• 25+ years of investment banking/ strategic consulting

• Co-founder of MarketResearch.com• Advisor at Dun & Bradstreet, R.R. • Donnelly & Sons, and BDM• Executive positions in Washington • Post’s Legislate subsidiary and

Thomson Finacials’ legal research business

• National Defense Education Fellow at New York University’s GraduateSchool of Public Administration

Jeffrey Trongone

• 10+ years on Wall Street• Previously at Scotia Capital's Equity

Research• Previously at Bear Stearns and

J.P. Morgan• BSBA from Villanova University • CFA Charterholder

MARLIN & ASSOCIATES’ SENIOR TEAM BRINGS EXTENSIVE DEPTH, BREADTH AND INDUSTRY EXPERTISE TO OUR CLIENTS


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PowerPoint Presentation...Euromoney Institutional Investor 1,828 1,805 2.9x 2.9x 9.2x 10.5x (0%) (1%) 31% 28% comScore 1,704 1,593 4.8x 4.2x 69.7x 17.3x 15% 14% 7% 25% Forrester Research