Cherry Tree & Associates | January 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.
Deluxe Acquires MyCorporation

Deluxe Corporation acquired MyCorporation, a leading provider of incorporation, compliance, and other services for small businesses.

Cherry Tree & Associates served as exclusive investment banking advisor to Deluxe in the transaction.
Hostway merging with

Hostway, an Austin-based website hosting company, said that it will merge with Denver-based, another cloud-based service.Financial terms of the deal were not released.Privately held Hostway said the companies will combine...

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Fargo-based Discovery Benefits sold to WEX for $425 million

State Bankshares, the parent company of Fargo-based Bell Bank, announced Thursday, Jan. 17, that it has signed an agreement to sell its wholly-owned subsidiary, Fargo-based Discovery Benefits Inc., to WEX, a global provider of payment...

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Doctor Ratings Giant Healthgrades Acquires Influence Health

Healthgrades, a large healthcare data and ratings firm, has expanded its southern presence with an acquisition of healthcare-focused digital marketing platform Influence Health. The Birmingham-based company also has a large Atlanta presence...

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DXC to Acquire Luxoft

DXC Technology announced its acquisition of Luxoft, a global-scale digital innovator with world-class digital talent...

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Fiserv and First Data Megadeal Could Drive More Fintech M&A

The mega-deal between Fiserv ( FISV) and First Data ( FDC) has many investors wondering what's next. The deal will merge the two financial technology players into one combined payments giant worth $22 billion.

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Perforce Acquires Rogue Wave

As we're constantly being told, software changes all the time . Major social media and other online web services or cloud platforms roll out new 'builds' which are deployed to the apps on your smartphone and tablet as many as 20 or 30 (some claim ...

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National HouseCheck buys Housefax

Housefax, a popular industry resource for home data and property reports founded in 2012, has been acquired by National HouseCheck, a property inspection and home reporting service, according to a press release sent to Inman. Financial details of ...

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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.