Cherry Tree & Associates | April 2021
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:

  • SaaS/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.
Proofpoint To Be Acquired By Thoma Bravo For $12.3B

Private equity giant Thoma Bravo has agreed to purchase email security powerhouse Proofpoint for $12.3 billion in the biggest cybersecurity acquisition of all time.

Read more
Deluxe Acquires First American Payments For $960M

Deluxe is acquiring First American Payments Systems in a $960 million all-cash deal in a move intended to help the company accelerate its digital growth in the payments space.

Read more
CoStar To Buy Residential Listing Platform

CoStar Group is edging further into the world of residential real estate with its latest acquisition. The data giant announced Wednesday it had reached an agreement to buy residential listing platform for $156 million in cash.

Read more
Bright Health Acquires Zipnosis, Enters Telehealth Market

Insurance technology startup Bright Health has purchased Zipnosis, which provides telehealth services. Though details of the transaction are sparse, the acquisition aims to lower healthcare costs and expand access to quality care.

Read more
Calabrio Acquired By Private Equity Company Thoma Bravo

Thoma Bravo is acquiring Calabrio, a provider of products and services to help companies streamline and enhance customer service operations and workforce management through cloud-first software solutions.

Read more
Israeli Cybersecurity Startup Cyberfish Acquired By Cofense

Israeli cybersecurity company Cyberfish, a provider of phishing protection services powered by advanced Machine Learning (ML) technology, is being acquired by Virginia-based phishing detection and response (PDR) solutions company Cofense.

Read more
CarMax to Acquire Full Ownership of Edmunds

After purchasing a minority stake in the company in early 2020, CarMax said it will acquire the remaining shares of Edmunds. The retailer invested $50 million in the online car shopping guide in January 2020.

Read more
WANRack to be Acquired by CBRE Caledon

CBRE Caledon Capital Management Inc., has entered into a definitive agreement to acquire WANRack LLC, a fiber operator and developer providing broadband connectivity services, primarily to K-12 school districts across the United States.

Read more

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, Managing 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.