Cherry Tree & Associates | February 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.
Aon Acquires Canadian Cyber Security Firm Cytelligence

Insurance broker Aon reported it has acquired Cytelligence Inc., a Canadian-based cyber security firm that provides incident response advisory, digital forensic expertise, security consulting services and cyber security training for employees.

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Ally Financial to Acquire CardWorks

Digital financial services company Ally Financial announced that it will acquire non-prime credit card and consumer financing company CardWorks. The deal is valued at $2.65 billion.

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Dell to Sell RSA Security to Investor Group

A consortium led by Symphony Technology Group (STG), the Ontario Teachers' Pension Plan Board, and AlpInvest Partners has announced plans to purchase RSA from Dell for just over $2B.

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Knoema Acquires Adaptive Management

Knoema, the provider of an end-to-end data and knowledge management platform, announced the acquisition of Adaptive Management, an alternative data aggregator and solutions provider.

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Synacor Merges with Enterprise Video Provider Qumu

Synacor, a cloud software provider, is merging with Qumu, which specializes in enterprise video applications. The merger will combine Qumu's Enterprise Video platform with Synacor's Cloud ID Identity and Access Management platform.

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Forge Acquired by WorkJam

WorkJam, a provider of workforce management tools, said it acquired the on-demand staffing platform Forge. It's the company's second acquisition in the last 18 months.

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Arista Networks Acquires Big Switch Networks

Data center and large campus networking specialist Arista Networks announced that it is now the owner of Big Switch Networks. Arista said that the acquisition of Big Switch will strengthen the company's network monitoring capabilities.

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Nasdaq Acquires Fintech Startup OneReport

Nasdaq, a global technology company serving the capital markets and other industries, announced the acquisition of OneReport, a fintech startup and provider of corporate responsibility and environmental, social, and governance (ESG) data.

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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.