Cherry Tree & Associates | July 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.
Sphera Acquired by the Blackstone Group for $1.4 Billion

Integrated risk management software provider, Sphera, has been acquired by The Blackstone Group for $1.4 billion. Founded in 2016, the Chicago-based company offers environmental, social and governance software, data and consulting services.

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Learning Technologies to Acquire GP Strategies for $394M

Learning Technologies Group (LTG) has agreed to acquire GP Strategies, a provider of training, e-learning, management consulting and engineering services. The acquisition makes LTG one of the largest workforce training companies in the world.

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Professional Receives Investment from Tonka Bay

Professional (formerly Professional Credit & Ensource), one of the nation's top providers of first- and third-party accounts receivable management services has received a strategic investment from Tonka Bay Equity Partners.

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HPE Agrees to Acquire Zerto for $374 Million

Hewlett Packard Enterprise (HPE) announced that it has entered a definitive agreement to acquire Zerto, a provider of data protection services. HPE plans to integrate Zerto with GreenLake, an IT-as-a-service subsidiary of HPE.

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Banyan Software Acquires Next Chapter Technology
Banyan Software, Inc., a company focused on acquiring, building and growing great enterprise software businesses, is pleased to announce the acquisition of Next Chapter Technology, a company that provides document and form management software.

Cherry Tree & Associates, LLC acted as exclusive investment banking advisor to Next Chapter Technology in this transaction.
Datasite Acquires Toronto-Based Firmex

Datasite, the Minneapolis-based SaaS technology provider, has announced the acquisition of Firmex, a, "virtual data room and subscription file-sharing provider" based in Toronto, Canada.

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Pluralsight Acquires A Cloud Guru for $2 Billion

US technology workforce development company Pluralsight has closed its acquisition for online learning startup A Cloud Guru. The London-based company is a provider of an online IT training platform.

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ZeroFox Acquires Web Threat Intelligence Company Vigiliante

ZeroFox, a cybersecurity startup that helps companies detect risks found on social media and digital channels, has announced it has acquired dark web threat intelligence company Vigilante. Terms of the deal were not disclosed.

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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.