Cherry Tree & Associates | July 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.
NOTABLE TRANSACTIONS – July 2019 to Acquire Hosting Firm Dreamscape for $105M

US-based domain name and hosting provider has agreed to acquire Australian hosting provider Dreamscape Networks for $105 million.

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NCR Acquires D3 Technology

FinTech firm NCR Corporation has acquired D3 Technology Inc., an online and mobile banking specialist for the large financial institution (LFI) market. The acquisition of D3 will serve to expand NCR's digital banking footprint into new segments.

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Urban FT Acquires CFC Technology Group

Urban FT has branched into merchant-based banking by acquiring remote deposit capture (RDC) solutions provider, CFC Technology Group.

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LAC Group Acquires ShiftCentral to Add Depth to Research

LAC Group has agreed to acquire ShiftCentral, a premiere market and competitive intelligence agency specializing in delivering highly-customized, analyst-driven insights and analysis.

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Xact Data Discovery Acquires E-Discovery Provider QDiscovery

Xact Data Discovery announced the acquisition of QDiscovery, looking to expand its discovery services in the U.S. Midwest and east coast. Through the deal, QDiscovery will now operate under the XDD brand.

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Converge Technology Acquires IBM Partner Nordisk

Converge Technology Solutions has acquired Nordisk Systems, an IBM partner in Portland, Oregon, focused on infrastructure, cloud, security, analytics, business continuity and managed services solutions.

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Lendtech nCino Acquires Visible Equity

Cloud-based lendtech vendor nCino is adding the financial analytics and compliance capability of Salt Lake City, Utah-based Visible Equity to its platform.

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Monotype Imaging Sold to HGGC for $825M

Monotype Imaging, the publicly traded type foundry behind some of the world's most iconic fonts, is being sold. Palo Alto, California-based private equity firm HGGC plans to acquire all Monotype's stock for $19.85 a share, or about $825 million.

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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, 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.