Cherry Tree & Associates | August 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 mgusenius@cherrytree.com with any questions.
NOTABLE TRANSACTIONS – August 2020
Fastly to Acquire Signal Sciences

Content delivery network specialist Fastly has agreed to acquire cybersecurity provider Signal Sciences in a cash and stock transaction, paying $775M for the acquisition.

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www.fool.com
Cable One Invests in Two Fixed Wireless Providers

Cable One announced investments into two fixed-wireless internet service providers. Most notably, the Phoenix, Ariz.-based tier 2 cable operator said it had entered into an agreement to purchase 40% of Wisper ISP.

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www.nexttv.com
J.D. Power Acquires ALG from TrueCar

J.D. Power announced it has entered into an agreement to purchase ALG Inc., from TrueCar, Inc., for $135M. ALG is an industry authority on automotive residual value projections in both the United States and Canada.

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usedcarnews.com
Indeed Acquires ZapInfo

Indeed has signed an agreement to acquire ZapInfo, a recruiting process automation platform. ZapInfo was primarily a paid subscription service, and after the acquisition the technology is expected to be free.

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www.recruitmenttech.com
Emerson Acquires OSI

Emerson has agreed to acquire Open Systems International Inc. for $1.6B in an all-cash transaction. OSI Inc. is an operations technology software provider that broadens and complements Emerson's software portfolio.

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solarindustrymag.com
HaystackID and NightOwl Global Merge

HaystackID, an eDiscovery services firm, and NightOwl Global, a corporate law department enterprise data services provider, announced they were merging in order to deliver a comprehensive and complete set of data and legal discovery services.

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complexdiscovery.com
Palo Alto Networks to Acquire Crypsis Group

Palo Alto Networks announced its plans to acquire The Crypsis Group, an incident response, risk management and digital forensics consulting firm. Palo Alto plans to pay $265M in cash for the Crypsis Group.

Read more
www.zdnet.com
ConvergeOne Announces Strategic Acquisition of Altivon

ConvergeOne, a leading global IT services provider of collaboration and digital infrastructure solutions, announced that it has acquired Altivon, a premier contact center solutions provider.

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aithority.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 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.