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Archive for Author: Marlin & Associates

Nov 17, 2015

Are PE Buyers gaining on Strategics? Recent data says, yes.

In the News 0 Comments

For close to 20 years in M&A, I’ve heard the conventional wisdom that strategic buyers pay more than financial buyers. The logic of the synergies mantra has always seemed to make sense. In theory, strategic buyers can find concrete cost synergies (and also some revenue synergies) to justify paying a higher price. As an advisor on sell-side M&A transactions, I often hear clients, colleagues and prospects repeat this mantra in our go-to-market strategy sessions. Here’s the thing, over the last couple of years I’ve seen more than a few instances where PE players have done transactions in which the conventional…

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Nov 16, 2015

Will The Big B2B incumbents adapt & disrupt – or be Uberized?

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David Craig, who leads the FinTech business for Thomson Reuters has an interesting post out. You can read it here: Craig is a smart guy and he makes several quite valid points about the opportunity for someone to use technology to disrupt the B2B FinTech industry in ways similar to that of Uber and Airbnb. But, so far I haven’t seen any of the big vendors who are doing so. I’m not sure that any of them yet “get it.” Firms such as Uber and Lyft in the taxi industry, and Airbnb and others in the hotel industry are using technology not only to…

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Nov 13, 2015

Yet Another FinTech Incubator Emerges

International, Uncategorized 0 Comments

This morning Rakuten announced they established a $100 million fintech fund: We’re genuinely excited for the Japanese e-commerce giant, but we’ve heard this story before. We’ve now lost track of how many FinTech incubators are out there. Lots of governments and cities seem to have one (Dublin, London, NYC and Hong Kong being the biggest). Large and small banks — JPM, Santander and Citi to name a few — around the world have made announcements in recent years that they have created their own, with the intent to get closer to the innovators, invest in the future of their own core…

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Oct 28, 2015

ICE Preempts IDC IPO Paying More than 5x Revenue to Acquire Interactive Data

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On the morning of October 26, Intercontinental Exchange, Inc. (NYSE: ICE) announced that it has entered into an agreement to acquire Bedford, Massachusetts-based Interactive Data Holdings Corporation (“IDC”). According to the company, the transaction was valued at an enterprise value of $5.2bn or about 5.5x LTM revenue and 13.8x LTM EBITDA. Wow! We like IDC. They have a strong franchise in the data business for portfolio managers as well as several other market leading businesses. And there’s no question that this transaction is strategic for ICE. ICE will be able to tap into IDC’s wide array of fixed income data…

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Sep 11, 2015

What Summer Slowdown? M&A September Market Update

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It is September. The common wisdom is that after a long, lazy, slow summer at the beach, people are now back at work. The problem with the common wisdom is that often it is only partly true. Yes, the streets are more crowded and it is easier to get meetings. But, it certainly was not a slow summer. In August alone, we saw more than a dozen deals of scale announced in the sectors that we care about, including those below and a raft of others. In spite of concerns about Greece, China, the Middle East and the volatile stock…

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