Cherry Tree & Associates | April 2020
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 with any questions.
Pythian Acquires Agosto in Google Cloud Partner Deal

Pythian Services Inc. has acquired Agosto to deepen the company's Google Cloud Platform skills. The combination offers a broader set of Google Cloud specializations including cloud migration, machine learning and application development.

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Cherry Tree & Associates served as exclusive investment banking advisor to Agosto in the transaction.
St. Paul Startup VidGrid Acquired by Paylocity

VidGrid, a Twin Cities tech startup that makes business software for creating and sharing videos, has been acquired by Paylocity, a Schaumburg, Ill.-based company providing HR and payroll software solutions.

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Foursquare Merges with Factual

Foursquare, the 10-year-old location platform based in New York City, announced its plan to merge with Factual. Factual also launched in 2009 and over time has become increasingly focused on using its location data to improve advertising.

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Verizon Acquires Video Conferencing Company BlueJeans

Verizon Business has agreed to acquire BlueJeans Networks, a enterprise-grade video conferencing and event platform. The deal will combine BlueJeans’ meeting platform with Verizon’s unified communications as-a-service business.

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St. Paul-Based Augeo Acquires Empyr

St. Paul marketing company Augeo has acquired Empyr, a card-linking platform for national brands and digital publishers. The two companies will create a new entity called Figg to combine the two businesses.

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Morningstar Acquires ESG Data Provider Sustainalytics

Research and data provider Morningstar has completed the acquisition of Sustainalytics, an environmental, social and governance (ESG) ratings provider. Sustainalytics offers ESG data on 40,000 companies worldwide and ratings on 20,000 companies.

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Accenture Acquires Revolutionary Security

Accenture is acquiring Revolutionary Security as it works to expand its cybersecurity practice. The Company's portfolio includes services for risk assessment, breach and attack simulation testing, and designing and building security programs.

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Globe Telecom Acquires Cascadeo Corporation

Globe Telecom acquired Seattle-based Cascadeo, an Amazon Web Services premier consulting partner and managed services provider, for $4 million.

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For a confidential conversation about your company's strategic alternatives for exiting, merging, acquiring, or obtaining 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.