Cherry Tree & Associates | February 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.
Tyler Technologies to Buy NIC in $2.3B Deal

In what's most likely the largest gov tech deal ever - one which would bring together a giant of local government software with a giant of state government software - Tyler Technologies is moving to acquire NIC.

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NCR Acquires Digital Onboarding Start-Up Terafina

NCR, an Atlanta-based ATM and point-of-sale (PoS) terminal maker, has acquired Terafina, a Californian software-as-a-service sales (SaaS) platform.

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Moody's to Acquire Cortera, a Leader in Credit Data

Moody's Corporation announced today that it has entered into a definitive agreement to acquire Cortera, a leading provider of North American credit data and workflow solutions.

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NHN Global Announces Acquisition of Cloudnexa

NHN Global, Inc. announced today the completion of its acquisition of Cloudnexa, Inc., an Amazon Web Services (AWS) Premier Consulting Partner and certified AWS Managed Services provider.

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Zillow Group to Acquire ShowingTime

Zillow Group has entered into a definitive agreement to acquire, Inc., an online scheduling platform for home showings, for $500 million.

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CNO Financial Group Acquires DirectPath

CNO Financial Group announced today that it has acquired DirectPath, LLC, a leading national provider of year-round, technology-driven employee benefits management services to employers and employees.

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CDK Global Acquires Square Root

CDK Global, Inc., a leading retail automotive technology company, today completed the acquisition of Austin-based Square Root. Founded in 2006, Square Root is the creator of CoEFFICIENT®.

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Herjavec Group Acquired By Private Equity Firm Apax Partners

Private equity firm Apax Partners is acquiring Herjavec Group, the Top 250 MSSP founded and led by Shark Tank angel investor Robert Herjavec. Under terms of the deal, Herjavec remains a "significant stakeholder" and CEO of the MSSP.

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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, 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.