Cherry Tree & Associates | January 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 – January 2020
Comcast Acquires Blueface

Comcast has acquired Ireland-based unified communications solutions provider Blueface. Comcast, which exited 2019 with $5.6 billion in cash reserve, didn't disclose the deal's financial terms.

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marketrealist.com
Moody's Acquires Regulatory Data Corp

Moody's Corporation announced that it has agreed to acquire Regulatory DataCorp (RDC), a provider of anti-money laundering (AML) and know-your-customer (KYC) data and due diligence services, for $700 million.

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hrnxt.com
NetBase and Quid to Merge

NetBase, the industry leader in social media analytics, announced it will merge with Quid, a leader in AI driven text analytics. The platform will deliver insights that reveal business trends from across all forms of structured and unstructured data.

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martechseries.com
Accenture to Acquire Symantec Cyber Security Business

Accenture, the IT services provider from Ireland has announced that it is all set to acquire Symantec's Cyber Security Business from Broadcom Inc soon. Accenture’s objective with the deal is to strengthen its managed security services portfolio.

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www.cybersecurity-insiders.com
Insight Partners Acquires Enterprise Security Firm Armis

Insight Partners has acquired Armis Security in a deal worth $1.1 billion to gather more cybersecurity firms under the umbrella of its $20 billion asset portfolio.

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www.zdnet.com
ICF Announces Definitive Agreement to Acquire ITG

ICF, a global consulting and technology services provider, announced that it has entered into a definitive agreement to acquire Incentive Technology Group, LLC , a provider of cloud-based services to the U.S. federal government, for $255 million.

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www.aithority.com
Teladoc to Acquire InTouch Health for $600M

Publicly-traded telehealth company, Teladoc, will acquire competitor InTouch Health for $600 million. The deal is expected to boost Teladoc's top line and extend its presence across hospitals and health systems.

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medcitynews.com
CoreLogic Acquires Geospatial Platform, Location Inc.

Real estate software and property data provider, CoreLogic, acquired geospatial platform, Location, Inc. Location owns millions of geographic data points related to weather, crime, real estate, demographics, and more.

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www.inman.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.