D.A. Davidson Buys Marlin, Creates Top 5 Middle Market Investment Bank

Investment bank D.A. Davidson has agreed to acquire Marlin & Associates, a technology-focused investment bank.

Marlin & Associates is a provider of strategic and financial advice to buyers and sellers of financial technology, data, analytics companies. Sectors of specific focus include financial, insurance, banking and legal technology as well as governance, risk management, and compliance technology. New York City-headquartered Marlin was founded in 2002 by Ken Marlin and Michael Maxworthy and has advised on more than 200 transactions in 27 countries.

“Our entire team at Marlin & Associates is thrilled to join with D.A. Davidson,” said Mr. 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.

The merger with D. A. Davidson – expected to close in the third quarter – will create the 5th largest middle-market investment banking group in the US with 60 professionals covering eight technology sectors including application software, financial technology, infrastructure software, vertical software, technology-enabled services, digital infrastructure, internet and digital media, and data and analytics.

“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, the 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.”

At the close of this transaction, Mr. Marlin will serve as the vice-chairman of D.A. Davidson’s technology platform, while Mr. Morgan and Mr. Maxworthy will serve as co-heads of technology investment banking.

“We are excited to welcome our Marlin & Associates colleagues to the team,” said Rory McKinney, the head of investment banking at D.A. Davidson. “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. 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.”

D.A. Davidson’s investment banking division offers both financial advisory and capital markets expertise. The group has transaction experience serving middle market clients worldwide across four industry verticals: consumer, diversified industrials, financial institutions, and technology.

D.A. Davidson is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in Montana in 1935, with regional headquarters in Great Falls, Denver, Los Angeles, Portland and Seattle, the company has approximately 1,400 employees and offices in 28 states coast to coast.

© 2021 Private Equity Professional | June 15, 2021