Cherry Tree & Associates | August 2018
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 an annual 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.
Deluxe Corporation acquires business from First Data

Deluxe Corporation (NYSE: DLX) announced that its WAUSAU Financial Systems, Inc. subsidiary has acquired the remittance processing business of First Data Corporation (NYSE: FDC).

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Cherry Tree & Associates served as exclusive investment banking advisor to Deluxe in the transaction.
Cisco buys Duo Security

Last week, Cisco jumped head first into the identity and access management (IAM) market with its acquisition of Duo Security for over $2.3 billion. Now, I've been chatting with Cisco about identity management for many years. Cisco always...

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Dun & Bradstreet going private

Dun & Bradstreet has agreed to be acquired by an investor group led by CC Capital, Cannae Holdings and Thomas H. Lee Partners. Under terms of the agreement, Dun & Bradstreet shareholders will receive $145 in cash for each common share. The...

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Accel-KKR makes significant investment in SugarCRM

This is an interesting industry play, a long time in the making. I am able to take a unique view on this news, whether I am accurate in my commentary, only time will tell.

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Moody's buying commercial real estate data provider Reis

Moody's Corp. is set to grow its commercial real estate data business, as the company announced Thursday that it is acquiring Reis, a commercial real estate data provider, for approximately $278 million in cash. Reis currently provides analysis...

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ComplySci announces strategic investment by Vista Equity

ComplySci, the leading provider of regulatory technology for financial and professional services companies, today announced that it has received a strategic investment from Vista Equity Partners ("Vista"),...

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Blackstone acquires majority stake in BPO firm TaskUs

Global private equity firm Blackstone will invest $275 million to acquire a majority stake in TaskUs, a US based customer service and business process outsourcing services provider for technology companies. The investment, before funding, values...

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Amadeus confirms acquisition of TravelClick for $1.52B

As speculated last week, Amadeus is buying hotel technology provider TravelClick in a $1.52 billion deal. The travel technology giant's acquisition of TravelClick from private equity owner Thoma Bravo is expected to close in the fourth quarter of ...

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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.