Cherry Tree & Associates | July 2018
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 an annual 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 – July 2018
Salesforce agrees to acquire Datorama

U.S. sales and marketing software company Salesforce said on Monday it signed an agreement to acquire Datorama, an Israeli cloud-based artificial intelligence marketing platform. Terms of the deal were not disclosed but...

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www.reuters.com
State Street to acquire Charles River Development

State Street Corp. plans to acquire a Burlington software business in a $2.6 billion deal that would be the largest for the Boston-based financial giant in the past decade. The pending purchase of Charles River Development reflects State Street...

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www.bostonglobe.com
LevelUp's Winding Path Pays Off With $390M Sale ...

LevelUp is the latest startup story to end in an acquisition. The company has gone through several transformations since it was founded a decade ago, eventually landing on mobile payments processing, customer loyalty programs,...

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www.xconomy.com
Austin-based Student Loan Hero acquired by LendingTree

Financial services company LendingTree said Friday that it has acquired Austin-based Student Loan Hero Inc., a personal finance website for managing student debt. LendingTree, headquartered in Charlotte, connects...

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www.512tech.com
Broadcom to acquire CA Technologies for $18.9B

Broadcom, the massive semiconductor supplier you may remember from its failed attempt to acquire Qualcomm, today announced that it has reached a definitive agreement with CA Technologies, a major IT management software and solutions provider. The ...

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techcrunch.com
Box acquires Butter.ai to make search smarter

Box announced today that it has acquired Butter.ai, a startup that helps customers search for content intelligently in the cloud. The terms of the deal were not disclosed, but the Butter.AI team will be joining Box. Butter.AI was started by two...

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techcrunch.com
Arm acquires Treasure Data, launches Pelion IoT platform

Confirming earlier reports, British semiconductor firm Arm said Thursday that it's buying Treasure Data as it works to bulk up its Internet of things portfolio. Financial terms were not disclosed. Treasure Data is active in the data management space.

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www.zdnet.com
IPG to Acquire Acxiom Division for $2.3 Billion

Interpublic Group of Cos has agreed to acquire Acxiom Corp.'s Marketing Solutions business unit in a cash transaction valued at $2.3 billion, the company announced Monday afternoon. With the acquisition, the Acxiom brand name will become part of...

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www.wsj.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 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.