Cherry Tree & Associates | April 2019
Cherry Tree has been tracking trends and activity in the Technology Enabled Business Services (TEBS) space for more than 15 years, including the TEBS 100, which is a broad index of 100 publicly-traded TEBS companies.
The four segments of the TEBS 100 are:

  • Software
  • Business Process Services
  • Information Services
  • Infrastructure Services
Each issue of this newsletter highlights transactions involving TEBS companies, as well as performance metrics for the TEBS 100. Cherry Tree also produces quarterly TEBS updates and a research report which are available for download:
Cherry Tree has more than 15 years of experience working with businesses in the TEBS space. Our clients include companies seeking to sell their businesses or divest non-core assets, as well as strategic and financial buyers looking to make acquisitions. 

Contact Mik Gusenius at  mgusenius@cherrytree.com with any questions.
NOTABLE TRANSACTIONS – April 2019
Geotab to Acquire Public Fleet-Focused BSM Technologies

The joining of two telematics firms will add thousands of government vehicles to Geotab's customer base and BSM products to its ecosystem. In return, BSM customers get access to Geotab's tools, marketplace and expertise.

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www.govtech.com
Alteryx Acquires ClearStory Data

With the goal of driving more data science innovation through its flagship analytics platform, Alteryx has acquired big data and analytics competitor ClearStory Data. Alteryx, which made CRN's 2018 Big Data 100 list and was named a Leader in...

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www.crn.com
A $603 million deal sheds light on cybersecurity space

In a deal that puts a spotlight on the shadowy world of cyberwarfare, Jacobs Engineering Group Inc. agreed to acquire KeyW Holding Corp. for about $603 million, increasing its number of employees with top-secret government access by 50%. While...

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www.crainsnewyork.com
Publicis buys Alliance Data's Epsilon for $4.4bn

Publicis Groupe will pay $4.4 billion in cash to acquire digital marketing firm Epsilon from Alliance Data Systems, as the French advertising group seeks to deepen its digital expertise and expand in the US. Publicis announced the takeover in a...

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www.exchange4media.com
Equifax Buys PayNet for Commercial Lending Data

Credit reporting agency and financial health company Equifax closed its 19th acquisition this week with the purchase of commercial lending solutions company PayNet. Terms of the deal were not disclosed. PayNet was founded in 1999 to help...

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finovate.com
Allied Universal Acquires Securadyne Systems

Santa Ana, California-based security firm Allied Universal is buying Securadyne Systems, a security systems integration firm based in Dallas, Texas. Allied Universal is a $7.1 billion company with with more than 210,000 employees. The M&A deal...

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www.channele2e.com
Perforce Software Receives Investment From Francisco

Perforce Software, a Minneapolis, MN-based provider of enterprise-grade development operations software solutions, received a new equity investment from Francisco Partners. With the deal, expected to close in the second quarter of 2019,...

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www.finsmes.com
Platinum Equity and The Gores Group Sell Data Blue

Platinum Equity and The Gores Group announced today the sale of Data Blue to Court Square Capital Partners. Financial terms of the transaction were not disclosed. Founded in 2011, Data Blue is a provider of...

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www.platinumequity.com
TEBS 100 INDEX PERFORMANCE
TEBS 100 INDEX METRICS

For a confidential conversation about your company's strategic alternatives for exiting, merging, acquiring, or obtaining venture financing, please contact Mik Gusenius.

Prepared by:
Mik Gusenius, Director

Phone: 952.253.6005


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.
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 TEBS Performance Index is a hypothetical index, and does not reflect an actual investment portfolio. Comparisons between the TEBS Index and other indices are for illustrative purposes only. Correlations in performance information for the TEBS 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 TEBS Performance Services Index. Past performance should not be relied upon as indicative of future performance.