October 2021
Cherry Tree & Associates has been actively monitoring trends and activity in the Information Technology Services space for more than 10 years. Along with monitoring the large, public players in the space through our public company index (IT Services 60), Cherry Tree closely tracks middle-market M&A trends that directly impact middle-market owners, operators, buyers and sellers.
The five sectors within the ITS 60 are:

- IT Solutions (Integration & Transformation)
- IT Consulting
- Outsourced & Managed IT Services
- Staffing
- Value-Added Tech Resellers
Each issue of this newsletter highlights transactions involving Information Technology Services companies, as well as performance metrics for the ITS 60. 
Notable Transactions – October 2021
WillowTree Acquires Maark

WillowTree, a market-leading digital product consultancy serving the world’s most admired brands, announced the acquisition of Maark, a Boston Massachusetts-based end-to-end digital transformation agency specializing in Adobe Experience Cloud.

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IBM Acquires Leading Adobe Workfront Consultancy

IBM announced plans to acquire the Adobe Workfront consulting unit and assets from Rego Consulting Corporation to further its hybrid cloud and AI strategy.

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Perficient acquires software development firm Overactive

Founded in 2008, Overactive has nearshore software development locations across Uruguay, Chile, Argentina, and Colombia. The firm's nearly 700 software developers work with clients in a range of industries.

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Tetra Tech Acquires Enterprise Automation

Tetra Tech, a leading provider of high-end consulting and engineering services, has acquired Enterprise Automation (EA), an industry leader in digital water transformation consulting services, including control systems integration, automation.

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Crowe to Acquire Spark Orange

Crowe LLP has acquired Spark Orange, a technology and services firm specializing in Salesforce cloud solutions. Crowe is a public accounting, consulting and technology firm in the U.S. with offices around the world.

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Sverica Capital Invests in ACC

Sverica, a private equity investment firm, has acquired a majority position in Automated Control Concepts, a systems integrator specializing in process control, manufacturing intelligence and cyber security & industrial networking.

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Coretelligent Acquired by Norwest Equity Partners

Coretelligent, a leading provider of managed and co-managed IT support, cybersecurity, backup and cloud services, has been acquired by Norwest Equity Partners a PE firm based in Minneapolis, Minnesota. VSS Capital will maintain a minority stake.

UPSTACK Acquires IT Channel Advisory Firm GCN

UPSTACK, a platform that transforms the architecture and sourcing experience for businesses seeking cloud and internet infrastructure solutions, has acquired Global Communication Networks, Inc. (GCN), a leading advisory firm in the IT Channel.

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Korn Ferry to Acquire Lucas Group

Together, Korn Ferry and Lucas Group share more than a century of search experience. Founded in 1970 and headquartered in Atlanta, Lucas Group is a leading professional search and contract staffing firm, targeting middle market businesses.

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Periscope Equity Invests in Praecipio Consulting

Periscope Equity, a Chicago-based private equity firm, has invested in Praecipio Consulting, an Austin-based IT and business process consulting firm. Founded in 2006, Praecipio focuses on consulting, integration, and training for Atlassian products.

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IT Services 60 Index
Cherry Tree's "IT Services 60" index is comprised of roughly 60 publicly-traded companies with a collective market capitalization greater than $1.1 Trillion.
IT Services 60 - Index Metrics
Cherry Tree & Associates is a private investment banking firm headquartered in Minneapolis. Our firm specializes in serving middle market companies and their owners, whether private, public, or divisions of larger corporations.

For a confidential conversation about your company's strategic alternatives for exiting, merging, acquiring, or obtaining financing, please contact our team.
Elmer Baldwin
Senior Executive Director
Phone: 952.253.6001
Mik Gusenius
Managing Director
Phone: 952.253.6005
Ben Huss
Vice President
Phone: 952.253.6017
Cherry Tree & Associates
301 Carlson Parkway #103
Minnetonka, MN 55305
Prepared by Ben Huss
Important Disclosures

The information included in this publication has been obtained from public sources, and is not based upon private or confidential Cherry Tree information. Cherry Tree gathers its data from sources it considers reliable. However, it does not guarantee the accuracy or completeness of the information provided within this publication. Any opinions presented reflect the current judgment of the authors and are subject to change. Cherry Tree makes no warranties, expressed or implied, regarding the accuracy of this information or any opinions expressed by the authors. Officers, directors, partners of Cherry Tree and Cherry Tree proprietary investment funds may have positions in the securities of the companies discussed, and certain affiliates of Cherry Tree may recommend to specific clients the purchase and sale of securities discussed in the publication. This publication does not constitute a recommendation with respect to the securities of any company discussed herein, and it should not be construed as such. Cherry Tree or its affiliates may from time to time provide investment banking or related services to these companies. Like all Cherry Tree employees, the authors of this publication receive compensation that is affected by overall firm profitability. We undertake no obligation to update any information in this publication.

The ITS 60 Performance Index is a hypothetical index, and does not reflect an actual investment portfolio. Comparisons between the ITS 60 Index and other indices are for illustrative purposes only. Correlations in performance information for the ITS 60 Performance Index and other indices should not be relied upon as indicative of risks involved in owning or holding a portfolio of securities similar to the ITS 60 Performance Services Index. Past performance should not be relied upon as indicative of future performance.