Founded nearly 20 years ago, Marlin & Associates is an advisor of choice providing counsel to worldwide buyers and sellers of middle-market firms that offer enterprise and vertical application software, services, data and analytics — including firms that offer fintech, wealthtech, insurtech, banktech, legaltech, GRC, business Intelligence and market intelligence. Since its inception, the Marlin & Associates team of professionals have advised on more than 200 transactions spanning 27 countries.

“We are excited to welcome our Marlin & Associates colleagues to the team. We have long admired their established track record as a trusted advisor and sector specialist within the fast-growing financial technology and data & analytics industries,” said Rory McKinney, head of investment banking at D.A. Davidson. “In addition to our full-service equity capital markets capabilities and expanding research platform, we will now have 40 professionals dedicated to advising companies in the technology space, significantly enhancing our ability to provide world-class service to our clients.”

“Our entire team at Marlin & Associates is thrilled to join with D.A. Davidson,” said Marlin & Associates founder and managing member, Ken Marlin. “We have found a partner who will help us to build on a 20-year history of dedication to client success that we at Marlin & Associates are all quite proud of. D.A. Davidson is a firm that shares our passion for building long-term client relationships through focused expertise, teamwork, hard work and excellence. We will leverage our combined abilities to help clients develop and execute their strategic goals at an entirely new level — bringing expanded capabilities to fintech and data & analytics firms worldwide.”

With the acquisition of Marlin & Associates, D.A. Davidson’s technology equity capital markets group will grow to 60 professionals covering eight sectors, and will include:

The 5th most active technology group in the United States on M&A deals under $250 million according to MergerMarket* with more than 40 completed advisory transactions since 2019
Over 35 public offerings completed since 2019, with an aggregate value of more than $20 billion
More than 40 bankers in offices across the United States and Europe**
13 research professionals covering more than 130 technology stocks, and a dedicated equity sales and trading team
Deep sector coverage of application software, financial technology, infrastructure software, vertical software, technology-enabled services, digital infrastructure, internet and digital media, and data and analytics
An annual Software & Internet conference, attended by over 500 public and private companies and institutional investors. 20th Annual to be held virtually on September 9, 2021
Bison Select series of research reports highlighting private software companies
The annual Herd report featuring the top 100 privately held technology companies based in the U.S.

“This combination significantly elevates our technology practice and brings us the required scale and domain expertise to serve any client in any situation across the fintech landscape,” said Joe Morgan, head of technology investment banking at D.A. Davidson. “Fintech is one of the fastest growing sub-sectors within technology - represented by over $60 billion in financing activity and over 3,200 completed M&A deals in the last twelve months alone. We see tremendous opportunity to leverage the Marlin & Associates’ team’s domain expertise across a full-service equities platform, and I am excited to be co-leading this team of professionals.”

“D.A. Davidson is the perfect partner for us,” said Michael “Max” Maxworthy, Marlin’s co-founder. “I’m excited to be co-leading the expanded technology investment banking practice at D.A. Davidson, helping to grow our combined business into an even bigger force in our industry. Our new scale and shared vision puts us in an enviable position to serve clients.”

Following the acquisition, Marlin will serve as vice chairman of D.A. Davidson’s technology platform, while Morgan and Maxworthy will serve as co-heads of technology investment banking. The transaction is expected to close in Q3 2021 and is subject to regulatory approvals and other customary closing conditions.