Cherry Tree & Associates | February 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.
Thoma Bravo To Buy Ellie Mae

Tech-focused private equity firm Thoma Bravo will be buying mortgage software specialist Ellie Mae for $99 a share in cash, or $3.7 billion.

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Kofax Agrees to Acquire Top Image Systems

Intelligent automation software platform Kofax announced that it has agreed to acquire intelligent content processing solution provider - and fellow Finovate alum - Top Image Systems (TIS) The deal, financed entirely with cash on Kofax's...

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Carbonite to acquire endpoint security company Webroot

Carbonite, the online backup and recovery company based in Boston, announced that it will be acquiring Webroot, an endpoint security vendor, for $618.5 million in cash. The company believes that by combining its cloud backup...

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DiscoverOrg acquires Zoom Information

Vancouver-based market intelligence company DiscoverOrg announced Monday it had acquired one of its chief competitors, Zoom Information Inc. of Waltham, Mass. The acquisition will accelerate the already rapid growth rate for DiscoverOrg, in sales ...

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Cloud HR giant Ultimate Software to go private

Ultimate Software Group Inc., a provider of cloud-based workforce management services that competes with the likes of Oracle Corp., has agreed to be taken private by an investor consortium for approximately $11 billion. The company announced...

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Celero buys Minneapolis company RazorSync

Business software company Celero Commerce has bought a Minneapolis-based developer of applications for companies in the field service industry.

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EBSCO Information Services Acquires Stacks Inc.

EBSCO has announced the acquisition of Stacks Inc., a leading library and research web platform. EBSCO partnered with the company in 2016 to release Stacks, a hosted content management system for libraries.

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Avtex Acquires Automated Voice & Data Solutions

Avtex, an end-to-end Customer Experience (CX) consulting firm, announced today its acquisition of Automated Voice & Data Solutions (AVDS), a Houston-based leader in contact center and customer experience communications solutions....

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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.