INSURTECHS CONTINUE TO ATTRACT RECORD FUNDING AND GAIN TRACTION ACROSS THE INSURANCE VALUE CHAIN - MARLIN & ASSOCIATES
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InsurTechs Continue To Attract Record Funding And Gain Traction Across The
Insurance Value Chain
Dear Clients and Friends,
Marlin & Associates (M&A) is pleased to share our latest market update on the Insurance Technology (InsurTech) sector.
As we noted in our last update, the Covid pandemic accelerated adoption of digital technologies across the board but has really provided strong tailwinds in
the insurance industry. InsurTechs offering solutions that complement existing players are particularly seeing faster adoption compared to solutions that aim
to completely disrupt the status quo. InsurTechs that help improve the underwriting and claims process as well as customer experiences, are getting the
most traction.
InsurTech capital raising continued at a record pace with 1Q’2021 setting a new high with companies raising ~$2.6bn across 146 deals – an increase of
180% from 1Q’2020 and ~22% increase from 4Q’2020. Increasingly, we are starting to witness convergence between non-insurance and insurance players.
Some notable examples include Walmart launching insurance brokerage services and Ford teaming with Metromile to offer UBI insurance options. Similarly,
many insurance companies are venturing outside of traditional insurance with several recent examples of investments in WealthTech, Payments or Energy
efficiency solutions. We’re also excited about increasing use of automation and AI / ML solutions across the insurance value chain.
Marlin & Associates is one of the most active investment banking and strategic advisory firms, providing trusted counsel to middle-market companies
worldwide that offer enterprise and vertical application software, services, data and analytics including firms across FinTech ecosystem (InsurTech,
BankTech, Payments, WealthTech, LegalTech, GRC Capital Markets), Digital Tech, Business Intelligence, and Market Intelligence. Over the course of 19+
years we have advised more than 200 companies in 27 countries.
On June 9th, 2021, Marlin & Associates agreed to combine with the technology investment banking group of D.A. Davidson to form the 5th largest middle-
market investment bank in the United States. We expect the transaction to close in Q3, following regulatory approvals. D.A. Davidson is a fast-growing, full-
service financial services company with 1,400 employees and 99 offices in 28 states, providing wealth management, investment banking, and equity & fixed
income capital market services – including the full range of M&A advisory for clients worldwide looking to buy, sell, or raise capital.
Please feel free to reach out to me (aagarwal@marlinllc.com) with any questions or to discuss this in further detail. We are keen to hear from you and happy
to share what we are witnessing in the markets and how that could relate to your company. We would also like to invite you to register for D.A. Davidson’s
20th Annual Software and Internet Conference which will take place virtually in September 2021.
Anup Agarwal | Senior Managing Director | Marlin & Associates
570 Lexington Ave | 48th Floor | New York, NY 10022
o: +1 (212) 257-6043 | m: + 1 (917) 256-9880
aagarwal@marlinllc.com | Linkedin | www.marlinllc.com
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© Copyright Marlin & Associates Holding LLC 2021Marlin & Associates
InsurTech Industry Update
June 2021
© Copyright Marlin & Associates Holding LLC 2021Several Key Trends Are Reshaping The InsurTech
Landscape
3
© Copyright Marlin & Associates Holding LLC 2021Several Key Trends Are Reshaping The InsurTech Landscape
Record Levels Of
InsurTech
Funding Activity
Growing Interest
From Players In
Tangential Spaces
4
Increased Investment
By Re(insurers)
Outside InsurTech
Growing Use Of AI-
And ML-powered
Solutions
4
© Copyright Marlin & Associates Holding LLC 2021Record Levels Of InsurTech Funding Activity In Q1 2021 Has Set The Stage For A
Strong Year
▪ Global InsurTech funding activity reached a record high in
($mm)
Q1 2021, with companies in the industry raising a total of
$2.6bn across 146 deals, representing a 180% increase in
Annual InsurTech Funding Activity
total funding over Q1 2020 and a 22% increase over Q4
2020. $7,108
▪ The record-setting quarter was driven by a number of $6,348
Record Levels Of $100mm+ mega-rounds, with eight companies accounting
InsurTech for over $1.1bn of funding over the quarter. Notable
Funding Activity transactions included:
$4,167
Next Insurance raised a $250mm Series E led by FinTLV
and Battery Ventures, doubling its valuation to $4bn in
under a year. $2,721 $2,552
$2,274
Coalition raised a $175mm Series D led by Index
$1,742
Ventures, putting the company’s pre-money valuation at
$1.6bn. $868
$348
▪ Growth in the overall number of deals over the quarter was $276
largely the result of a 12% increase in early-stage deals over
Q4 2020, with approximately 60% of Q1 2021 funding deals 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1
2021
going to early-stage InsurTech companies.
Relevant Transactions
Date Target Acquirer/Investor Description
• Pie Insurance, a Washington-based workers’ compensation InsurTech, raised $118mm in a Series
03/25/21
C funding round led by Allianz X and Acrew capital
• Zego, a London-based tech-enabled commercial motor insurer, raised $150mm in a Series C
03/10/21
funding round led by DST Global
• Sidecar Health, a California-based health insurance payment innovator, raised $125mm in a Series
01/26/21
C funding round led by Drive Capital
Sources: Willis Towers Watson, PitchBook, and publicly
available sources 5
© Copyright Marlin & Associates Holding LLC 2021Major Players In Tangential Spaces Are Increasingly Taking Aim At The Insurance
Realm
▪ The InsurTech market continues to drive meaningful
changes across the insurance value chain. Illustrative Companies
▪ One interesting trend taking place is the vertical integration Revolut, the London-based digital
wherein titans of both tangential and unrelated fields are bank, partners with Greek insurer
tapping into the lucrative insurance market via both Hellas Direct to offer its home and
acquisitions and partnerships. auto insurance products
Growing Interest In
Insurance From Credit Karma, the personal finance FinTech, recently Starling Bank, another London-
Players In Tangential launched Karma Drive, a usage-based auto insurance based digital bank, offers a
Spaces product, in partnership with Progressive and Zendrive. number of integrations including
Superscript, a business insurer
Karma Drive uses telematics to underwrite policies but
could also tap into Credit Karma’s repository of income,
debt, and spending habits data. Metromile is a provider of pay-per-
mile car insurance powered by
Walmart launched Walmart Insurance Services, a machine learning and customer-
licensed insurance brokerage seeking to simplify the centric design
cumbersome and confusing insurance plan enrolment
process. Zendrive leverages smartphone
sensors to measure and analyze
Lastly, Ford teamed up with Metromile to offer connected driving data to predict risk and
car insurance, offering flexible coverage options based reduce collisions
on users’ auto usage.
Relevant Transactions
Date Target Acquirer/Investor Description
• Clearcover, a provider of auto insurance solutions, raised $200mm in a Series D round of funding
04/13/21
which included participation by Cox Enterprises, a communication and media service provider
• Porch, a home service industry software provider, acquired Homeowners of America, a Managing
01/15/21
General Agent and insurance carrier hybrid, for $100mm
• Getsafe, a German digital InsurTech, raised $30mm in a Series B round of funding which included
12/08/20
participation by CommerzVentures, the venture arm of Commerzbank
Sources: PitchBook and publicly available sources
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© Copyright Marlin & Associates Holding LLC 2021Re(insurers) Are Targeting Investments Outside The Traditional Confines Of
InsurTech
▪ As we witness non-traditional players entering the insurance
market, we are also increasingly seeing (re)insurers
Illustrative Companies
investing heavily into tech-enabled startups that are situated Indico Data automates document-
outside the traditional InsurTech arena: based processes and recently
raised a $22mm Series B from
Both Allianz X and AXA took key roles in Stripe’s Nationwide Ventures, among others
$600mm Series H round of funding in March 2021,
4
Increased Investment demonstrating an interest in the tech-enabled payment Hover offers 3D property modelling
By Re(insurers) space. solutions and recently raised a
Outside InsurTech $60mm Series D from Nationwide
Munich RE led a $20mm Series A funding round for Ventures, among others
Span, a company that has reinvented electrical panels,
simplifying the adoption of clean energy and providing
users a powerful and intuitive virtual interface in the Cazoo offers a used car
marketplace and has previously
home.
raised capital from Assurant
▪ Whether these investments are being made solely for the Ventures
purpose of financial gain, or with the vision of a future
application in the investor’s primary insurance business, they Shepper offers on-demand,
signal the growing appetite of re(insurers) to invest outside tailored data collection solutions
the traditional boundaries of insurance, a trend which may and recently raised $8mm from
shape investments throughout the rest of the year. Aviva Ventures, among others
Relevant Transactions
Date Target Acquirer/Investor Description
• Wealthsimple, a Toronto-based provider of WealthTech solutions, raised $600mm in a Series D
05/03/21
round of funding which included participation from Allianz X
• Stripe, a California-based online payments processor, raised $600mm in a Series H funding round
03/15/21
which included participation from both Allianz X and AXA
• Span, a California-based provider of home energy control solutions, raised a $20mm round of
01/26/21
funding led by Munich RE
Sources: PitchBook and publicly available sources
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© Copyright Marlin & Associates Holding LLC 2021We Are Seeing Growing Use Of, And Investment In, AI- And ML-Based InsurTech
Solutions
▪ AI- and ML-based technologies continue to drive the digital Illustrative Companies
transformation of the insurance industry. Cape Analytics’ geospatial imagery
▪ Insurance industry participants and investors alike are leverages AI and ML to identify
becoming increasingly involved with providers of innovative property attributes and help insurers
offer more accurate quotes
solutions that automate key processes across the insurance
value chain.
Zelros’ AI- and ML-powered
Growing Use Of AI- ▪ Areas of interest for insurance industry participants and insurance software help advisors
And ML-powered investors in the space have included, among others, upsell and cross-sell personal
Solutions document processing, chatbots, integrations with IoT and insurance products
smart devices, and affective computing capabilities.
Synthesized’ DataOps platform
Hypatos, which raised $12mm from BlackFin Capital and enables collaboration on sensitive
others, leverages deep learning technology to help data and rapid deployment of
insurance companies automate document processing data-driven products
and speed up the claims process.
Lemonade, which went public in 2020, offers app-based Bdeo’s AI-powered video
intelligence engine processes
chatbots backed by AI that tailor personalized insurance
documentary evidence for the auto
policies and quotes for customers. insurance industry
Relevant Transactions
Date Target Acquirer/Investor Description
• Planck, a New York-based AI data platform for commercial insurance underwriting, raised $20mm in
05/12/21
a growth equity round led by 3L Capital
• Shift Technology, a Paris-based provider of AI-native decision automation and optimization
05/06/21
solutions for insurance, raised $220mm in a Series D funding round led by Advent International
• Zelros, a Paris-based developer of AI-powered insurance software, raised $11mm in a Series A
02/26/21
funding round led by Benhamou Global Ventures
Sources: PitchBook and publicly available sources
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© Copyright Marlin & Associates Holding LLC 2021The InsurTech Landscape Remains Fragmented, With Industry Players Primarily
Competing Across Three Segments Of The Value Chain
Data & Analytics / IoT for Pricing,
Policy, Claims, and Payment
Underwriting, Marketing, Distribution / Marketing Solutions
Automation
Distribution, and Claims Processing
Funding: $162mm NYSE:LMND Funding: $138mm
(Acquired by Majesco Funding: $36mm ASX:FCL Funding: $120mm Funding: $15mm Funding: $48mm
via Thoma Bravo)
Funding: $890mm Funding: $710mm Funding: $43mm
NASDAQ:ROOT Funding: $43mm Funding: $307mm
(Acquired by NYSE:GWRE NASDAQ:EBIX
CVC Capital)
Funding: $7mm Funding: $32mm Funding: $99mm
Funding: $6mm Funding: $315mm NASDAQ:MILE
(Acquired by Funding: Undisclosed Funding: $69mm
Vista Equity)
(Acquired by Info Edge) Funding: $12mm Funding: $315mm
(Acquired by Insurity) Funding: $7mm Funding: $124mm
(Acquired by NYSE:DXC (NASDAQ:DCT) (Acquired by Brown & (Acquired by Funding: $178mm
GI Partners) Brown Insurance) Roper Tech)
Funding: $163mm Funding: $250k Funding: $6mm
NASDAQ:SPNS (Acquired by Thoma (Acquired by (Acquired by American
Bravo) Great Hill Partners) Funding: Undisclosed Funding: Undisclosed Family Insurance
Funding: $18mm Funding: $3mm Funding: $113mm
Group)
Funding: $44mm Funding: $6mm Funding: $255mm
Funding: $77mm Funding: Undisclosed Funding: Undisclosed (Acquired by Bold
Funding: $32mm Funding: $55mm
Penguin)
Funding: $480mm Funding: $23mm Funding: $21mm
Funding: Undisclosed Funding: $1mm
Funding: Undisclosed Funding: $41mm Funding: $44mm Funding: $37mm
Funding: $37mm Unfunded Funding: $6mm Funding: $72mm Funding: $40mm
Funding: $7mm Funding: $77mm Funding: $7mm Funding: $16mm Funding: $63mm
Unfunded Funding: Undisclosed Funding: $25mm
Note: This is only a select list of companies. Some InsurTechs might serve multiple functions across the value chain.
If you would like your company added to this map, please reach-out to the M&A team. 9
© Copyright Marlin & Associates Holding LLC 2021InsurTech Valuations Remain Robust With Strong Recent
M&A And Financing Deal Activity
10
© Copyright Marlin & Associates Holding LLC 2021As Public Valuations Have Come Down From All-Time Highs, Policy, Claims, And Payment
Automation Firms Have Outperformed The Broader InsurTech Market Over The Last Year
80.0%
60.0%
49.4%
40.0% 40.1%
38.8%
22.4%
20.0%
0.0% (0.3%)
(20.0%)
(40.0%)
Policy, Claims and Payment Automation Data & Analytics / IoT Distribution / Marketing Solutions Nasdaq S&P 500
Source: PitchBook as of market close on 06/25/21
11
© Copyright Marlin & Associates Holding LLC 2021Publicly Traded Data & Analytics / IoT Companies Currently Command The
Highest Revenue Multiples, On Average
(USD in Millions)
Capitalization EV/ Revenue EV/ EBITDA Revenue Growth EBITDA Margin
Equity Enterprise
Company 2021E 2022E 2021E 2022E 2021E 2022E 2021E 2022E
Value Value
Policy, Claims, and Payment Automation
Guidewire Software $9,576 $8,958 12.0x 11.1x n.m. n.m. 7.6% 8.0% 2.2% 4.6%
Duck Creek Technologies 5,765 5,424 n.m. 17.6x n.m. n.m. 18.4% 17.3% 1.7% 4.1%
Sapiens International 1,480 1,465 3.2x 2.9x 17.2x 15.0x 20.7% 9.1% 18.5% 19.4%
Ebix 1,109 1,735 1.9x 2.3x 10.9x 8.7x 46.1% (15.7%) 17.5% 25.9%
Fineos 881 856 6.4x 5.8x n.m. n.m. 18.8% 10.7% 8.4% 13.0%
Median 4.8x 5.8x 14.0x 11.9x 18.8% 9.1% 8.4% 13.0%
Data & Analytics / IoT
RELX (London) $52,124 $61,714 6.1x 5.6x 16.5x 14.6x 2.4% 8.1% 36.7% 38.3%
Experian 36,184 40,379 6.9x 6.3x 19.9x 18.0x 10.9% 9.0% 34.6% 35.2%
Equifax 29,086 32,738 7.0x 6.6x 20.6x 17.7x 14.2% 6.0% 34.0% 37.3%
Verisk Analytics 28,317 31,413 10.5x 9.9x 21.7x 20.2x 7.0% 6.4% 48.6% 49.1%
TransUnion 21,255 24,344 8.1x 7.5x 20.5x 18.7x 10.3% 7.8% 39.7% 40.3%
Fair Isaac 14,417 15,243 11.2x 10.2x 28.4x 24.9x 10.4% 9.9% 39.4% 40.9%
Pegasystems 11,407 11,590 9.3x 7.7x n.m. n.m. 20.6% 20.9% 4.0% 10.0%
Root Insurance 2,719 1,792 2.1x 1.4x n.m. n.m. 38.3% 52.2% (53.7%) (33.3%)
Metromile 1,132 1,132 17.6x 9.7x n.m. n.m. n.a 81.1% n.m. (59.8%)
Quartix 326 313 8.6x 8.0x n.m. n.m. 9.5% 7.4% 19.5% 20.0%
Median 8.4x 7.6x 20.5x 18.3x 10.4% 8.6% 34.6% 36.2%
Distribution / Marketing Solutions
Lemonade $6,872 $5,763 n.m. n.m. n.m. n.m. 27.9% 59.9% n.m. n.m.
GoHealth 3,757 4,935 4.0x 3.2x 13.6x 10.0x 41.2% 26.9% 29.5% 31.7%
SelectQuote 3,317 3,451 3.2x 2.4x 12.5x 9.1x 49.8% 33.1% 25.1% 26.1%
MediaAlpha 2,611 2,723 3.9x 3.0x n.m. 28.7x 24.7% 29.4% 9.5% 10.5%
MoneySupermarket.com Group 1,954 1,967 4.0x 3.7x 12.9x 11.0x 3.3% 7.3% 30.9% 33.8%
ehealth 1,634 1,553 2.3x 1.8x 13.5x 9.0x 18.5% 23.4% 16.7% 20.3%
EverQuote 975 938 2.1x 1.8x 32.5x 22.5x 28.8% 18.2% 6.5% 8.0%
Median 3.5x 2.7x 13.5x 10.5x 27.9% 26.9% 20.9% 23.2%
Source: PitchBook as of market close on 06/25/21
“n.a.” stands for “Not Available” and “n.m.” stands for “Not Meaningful” 12
© Copyright Marlin & Associates Holding LLC 2021There Has Been Significant InsurTech M&A Activity Since The Start Of 2021
Enterprise
Date Acquirer(s) Target Target Location Comments
Value ($mm)
06/22/21 Bengaluru, India • Candela Labs develops digital automation solutions for insurers and banks n/a
San Francisco, CA • Noblr offers smart car insurance that leverages telematics data, actuarial insight, and
06/10/21 n/a
product innovation to give drivers real-time rates based on their actual driving behavior
Solana Beach, CA • Modgic offers workers' compensation and modification factor analysis software for the
05/13/21 n/a
commercial insurance industry
• Instec offers insurance systems that enable P&C carriers, MGAs, and MGUs to launch
04/21/21 Naperville, IL programs and specialty offerings from project start to first quote in as little as four n/a
weeks
04/16/21 Gurugram, India • Policybazaar is India’s prominent online life insurance and general insurance aggregator n/a
• Loss Run Pro is a simple and easy-to-use subscription software service that simplifies
04/01/21 Missoula, MT n/a
the loss run process by automatically generating and delivering loss run requests
• Ensurem is a leading technology and product distribution company serving carriers and
03/23/21 Largo, FL consumers within the massive U.S. senior market, offering Medicare Advantage, n/a
Medicare Supplement, vision, dental, hospital indemnity, and final expense insurance
• AP Intego is a digital insurance agency providing a suite of small commercial insurance
03/03/21 Waltham, MA n/a
products to some of the largest small business software ecosystems in the U.S.
• PCMI offers a modern suite of software solutions for policy administration, claims
01/19/21 Park Ridge, IL n/a
management, risk management, and the financial management of insurance products
01/15/21 Irving, TX • Homeowners of America is a Managing General Agent and insurance carrier hybrid $100
• ClaimVantage is an InsurTech provider of automated, cloud-based life, health, and
01/07/21 Dublin, Ireland absence claims management solutions Confidential
• Marlin & Associates acted as ClaimVantage’s exclusive strategic and financial advisor
Sources: PitchBook and publicly available sources
Marlin & Associates advised on this transaction 13
© Copyright Marlin & Associates Holding LLC 2021Financings Have Experienced Similar Momentum
Investment
Date Lead Investor(s) Target Target Location Comments
($mm)
• Tractable develops AI-powered solutions that assist insurers with accident and disaster
06/16/21 London, United Kingdom recovery $60
• The funds will be used for solutions in natural disaster recovery and auto assessment
• Boost enables clients to build, embed, and manage digital insurance products
05/20/21 New York, NY • The funds will be used to fuel growth of the Boost platform, new product development, $20
and partner marketing
• Qover designs, builds, and distributes digital insurance solutions
04/26/21 Brussels, Belgium • The funds will be used to accelerate Qover’s worldwide development, particularly in $25
Europe
• Brella offers supplemental health benefits solutions to employers
04/25/21 New York, NY • The funds will be used for nationwide expansion and alliances with leading benefits $15
brokerage firms
• Archipelago develops an AI-powered risk data platform for commercial property owners
04/20/21 San Francisco, CA and insurers $34
• The funds will be used to increase headcount and expand internationally
• Alan provides digital insurance services intended to unlock frictionless, fair, and friendly
04/19/21 Paris, France healthcare for everyone $220
• The funds will be used for recruiting and to reach 1 million members in Europe by 2023
• Clearcover automates traditionally manual car insurance tasks and offers customers a
04/13/21 Chicago, IL fast and affordable alternative to legacy auto insurance $200
• The funds will be used to grow the insurance, product, and engineering teams
• The Zebra is a leading, independent insurance comparison site offering dynamic, real-
04/12/21 Austin, TX time quote comparison tools $150
• The funds will be used to grow headcount and increase brand awareness
• Cowbell Cyber develops artificial intelligence solutions to offer cyber coverage for small-
03/11/21 Pleasanton, CA to-medium-sized companies $20
• The funds will be used for product development and to expand sales and marketing
• Zego is a commercial motor insurance company that powers opportunities for
03/10/21 London, United Kingdom businesses, from self-employed drivers and riders to entire fleets of vehicles $150
• The funds will be used to double headcount and accelerate international expansion
• Next Insurance offers simple, digital, and affordable insurance coverage tailored to the
02/22/21 Palo Alto, CA self-employed $250
• The $250mm funding round brings Next’s valuation to $4bn
Sources: PitchBook and publicly available sources
14
© Copyright Marlin & Associates Holding LLC 2021Leading Advisor To FinTech, Digital Tech, And Data &
Analytics Companies And Investors Worldwide
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© Copyright Marlin & Associates Holding LLC 2021Leading Advisor To FinTech, Digital Tech, And Data & Analytics Companies And
Investors Worldwide
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© Copyright Marlin & Associates Holding LLC 2021M&A Is Combining With D.A. Davidson And Together Will Offer A Full-service
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helped ClearStructure achieve goals we didn’t think look forward to joining. We thank the Marlin & you want to sell your business. They have seen and
were possible.“ Associates team and look forward to working with managed more or less every possible situation and
them again in the future.” know the play book on how to deal with them. The
process was meticulously planned and executed.”
-Scott Turley, CEO of ClearStructure -Rob DeDominicis, CEO of GBST -Justin Wheatley, CEO of StatPro
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© Copyright Marlin & Associates Holding LLC 2021Our Team Brings Relevant Transaction And Operating Experience
Michael Maxworthy Ken Marlin
Anup Agarwal
Managing Director Founder & Managing Member
Managing Director
Tom Selby Aalap Merchant
Managing Director Managing Director
Sam Wilcox
Jordan Wittbrot
Woolley
New York City
Capital Partners
Toronto
Al Sisca Neil Chadda
Samuel Martinez Henry Kamp
Max Schroeder
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© Copyright Marlin & Associates Holding LLC 2021Clients Choose Us For Their Most Important Strategic Decisions (1/2)
New York, NY
Hermosa Beach, CA New York, NY Dublin, Ireland Shelton, CT Toronto, Canada
has agreed to combine with
has made significant equity has been acquired by has been acquired by has been acquired by
investments into has received a majority equity
investment from
and Morristown, NJ Lawrence, MA San Diego, CA
St. Louis, MO
A portfolio company of A portfolio company of A portfolio company of
and
New York, NY
London, United Kingdom
New York, NY
Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive
strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to TABS strategic and financial advisor to
Marlin Equity Partners OptionMetrics, LLC Novantas, Inc. ClaimVantage Analytics Grapevine6
Jersey City, NJ Barcelona, Spain Stamford, CT New York, NY Denver, CO Pleasanton, CA
has received a majority equity a division of Greenwich Associates
has been acquired by
has agreed to sell the MuniBrokers investment from was acquired by
has been acquired by has agreed to be acquired by
business to
Livonia, MI
A portfolio company of
New York, NY Chicago, IL New York, NY
Bologna, Italy Mumbai, India
Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive
strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to
Hartfield, Titus & Donnelly Strands, Inc. Greenwich Associates, LLC Hanweck Associates, LLC NinjaTrader Group, LLC Greenwich Associates, LLC
Danbury, CT Orlando, FL Brisbane, Australia London, United Kingdom Chicago, IL Alpharetta, GA
has agreed to be acquired by has received a majority equity has been acquired by
has been acquired by has received growth capital from has agreed to be acquired by investment from
Pittsburgh, PA
A portfolio company of New York, NY
A portfolio company of
Los Angeles, CA
Lake Success, NY Vancouver, BC Edinburgh, United Kingdom
Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as financial Marlin & Associates acted as strategic Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive
strategic and financial advisor to strategic and financial advisor to advisor to GBST Holdings Limited and financial advisor to strategic and financial advisor to strategic and financial advisor to
ClearStructure Financial Technology, LLC Kore.ai StatPro Group plc InRule Technology, Inc. Points2Shop, LLC
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© Copyright Marlin & Associates Holding LLC 2021Clients Choose Us For Their Most Important Strategic Decisions (2/2)
London, United Kingdom New York, NY New York, NY New York, NY
Wilton, CT Shelton, CT has sold Preqin Solutions to has sold a minority equity interest in
has received a majority equity has acquired its subsidiary has received a $61mm
has been acquired by
investment from investment from
Boston, MA
A portfolio company of London, United Kingdom
to
New York, NY Kansas City, MO
Troy, MI Boston, MA
Singapore
Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive
strategic and financial advisor to strategic and financial advisor to TABS strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to
Private Client Resources, LLC Analytics Preqin, Ltd. TradingScreen Inc. SALIDO, Inc. SERMO, Inc.
Charlotte, NC
New York, NY New York, NY Boston, MA New York, NY Toronto, Canada
has received an equity investment has received a $30 million received a has sold Financial Engineering
has acquired has received an equity investment from
from equity investment from series B investment led by Associates, Inc. to
Dallas, TX
A portfolio company of
Jacksonville, FL San Francisco, CA New York, NY Boston, MA Boston, MA & San Francisco, CA
Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive
Marlin & Associates acted as strategic
strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to MSCI strategic and financial advisor to
and financial advisor to Empow
Zenmonics Rapid Ratings Aquiline Holdings LLC Inc. Tier1CRM
Affiliate of
Hamilton, Bermuda
Chicago, IL Darien, CT Addison, TX Toronto, Canada A portfolio company of London, United Kingdom
has received an equity investment
has been acquired by Received a $250mm credit has sold the Atrium wireless and
from received an investment from
facility from affiliate of extranet infrastructure businesses to
has been acquired by
Atlanta, GA
White Plains, NY
New York, NY Boston, MA
Atlanta, GA Geneva, Switzerland
Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as
strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to TMX strategic and financial advisor to exclusive strategic and financial
OptionsCity Software Investment Metrics Think Finance Group QuoVadis and ABRY advisor to OpenGamma
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© Copyright Marlin & Associates Holding LLC 2021Marlin & Associates
For nearly 20 years, Marlin & Associates has been the domain expert – providing independent and
unbiased professional investment banking and strategic counsel to middle-market enterprise and
vertical application software, services, data and analytics companies – including firms across the
FinTech ecosystem (InsurTech, Bank Tech, Payments, Wealth Tech, Capital Markets Tech, Digital
Lending, RegTech, Digital Tech, Legal Tech, GRC, Business Intelligence and Market Intelligence).
Headquartered in New York City, with an office in Toronto, the Marlin & Associates team of
professionals has advised on more than 200 transactions in 27 countries. More than 20 transactions
on which Marlin & Associates has advised have been recognized as “Deal-of-the-Year”. The firm has
won numerous awards including the “Middle-Market Investment Bank of the Year,” “Middle-Market
Financing Agent of the Year – Equity” and “TMT Advisory Bank of the Year.”
On June 9th, 2021, Marlin & Associates agreed to combine with the technology investment banking
group of D.A. Davidson to form the 5th largest middle-market investment bank in the United States. We
expect the transaction to close in Q3, following regulatory approvals. D.A. Davidson is a fast-growing,
full-service financial services company with 1,400 employees and 99 offices in 28 states, providing
wealth management, investment banking, and equity & fixed income capital market services –
including the full range of M&A advisory for clients worldwide looking to buy, sell, or raise capital.
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 is a FINRA/SIPC
member firm (www.finra.org). Investment banking and/or securities are offered through Marlin &
Associates Securities LLC.
New York City | Toronto, Canada
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