Cherry Tree & Associates | January 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.
Workday Buys Peakon for $700 million

Cloud HCM vendor Workday today announced its acquisition of employee engagement app Peakon for $700 million in cash. Listening to employees is on trend, especially since the enforced abandonment of traditional offices during the pandemic.

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Private-Equity Backed Ivanti to Acquire Cherwell

Ivanti has signed a definitive agreement to acquire enterprise service management solutions software firm Cherwell Software.

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Sangoma Enters Into Agreement to Acquire Star2Star

Sangoma Technologies Corporation (TSXV: STC), a trusted leader in delivering cloud-based Communications-as-a-Service ("CaaS") solutions, today announced it has entered into a purchase agreement to acquire StarBlue (dba Star2Star Communications).

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V12 Acquired by Porch Group

V12, a leading provider of purchase intent insight and marketing services, including mover data, announced that it has been acquired by Porch Group, Inc. (NASDAQ:PRCH), a leading vertical software company for the home services industry.

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Augeo Acquires Deluxe Rewards

Augeo, a leader in consumer, member, and employee loyalty and engagement solutions, announced today that it has acquired Deluxe Rewards, formerly a business entity of Deluxe (NYSE: DLX).

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Cherry Tree served as investment banking advisor to Deluxe in the sale of Deluxe Rewards to Augeo.

Moody's Acquires Catylist

Moody's Corporation has acquired commercial real estate (CRE) technology company Catylist to expand its range of data and analytical products. Catylist offers a platform that provides CRE brokers with a comprehensive suite of solutions.

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Cognizant Acquires Magenic

Global IT consultant Cognizant has acquired Magenic Technologies in an apparent bid to bolster its agile software development business. The Minneapolis, Minnesota-based firm will come into Cognizant's fold with 475 software engineers in the US.

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F5 Networks Acquires Volterra

A battle for control over emerging edge computing applications is heating up.The latest salvo in that contest is F5 Networks' approximately $500 million acquisition of Volterra.

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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.