Cherry Tree & Associates | August 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 with any questions.
Bazaarvoice Acquires Influenster

Bazaarvoice, Inc., the provider of product reviews and user-generated content (UGC) solutions, announced it has acquired Influenster, a product discovery and reviews platform with nearly six million community members across six continents.

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MarketAxess to Acquire LiquidityEdge in $150 Million Deal

The operator of electronic trading platform for fixed-income securities, MarketAxess Holdings Inc. announced that it has entered into an agreement to acquire LiquidityEdge, a provider of an electronic US Treasuries marketplace.

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VMware Increases Cloud Exposure with Intrinsic Acquisition

Enterprise software company, VMware, Inc., confirmed it acquired a security startup company called Intrinsic to better position itself to the cloud. San-Francisco-based Intrinsic operates a platform that secures important data.

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Payment Alliance International Expands ATM Footprint

Payment Alliance International has acquired Eclipse Cash Systems. The acquisition adds more than 15,000 ATM terminals and brings an additional four financial institution partnerships to it's existing nationwide network of over 75,000 ATMs.

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Entelo Acquires ConveyIQ

Entelo, one of the leading companies in recruiting automation, acquired candidate engagement solutions provider ConveyIQ in a move to offer source-to-hire management of talent acquisition interactions.

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Rizing LLC Acquires Transcend Spatial

Rizing LLC, a multinational company providing SAP (systems, applications and products) functional and technical consulting services, has acquired Transcend Spatial Solutions, a geographic information system (GIS) services and solutions company.

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Cloudpipes Acquired by Quick Base

Cloudpipes, developer of cloud-based integration and automation platform, is getting acquired by the US-based Quick Base. The acquisition will bring the US company a step closer to the plan of launching a low-code development program.

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Accenture Acquires Fairway Technologies

Accenture has acquired Fairway Technologies, a strategy and technology consultancy headquartered in San Diego. The move bolsters Accenture's product and platform engineering services practice.

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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.