Cherry Tree & Associates | June 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  mgusenius@cherrytree.com with any questions.
NOTABLE TRANSACTIONS – June 2019
Visa to Buy Verifi to Boost Chargeback Solution

As of June 28, Visa has announced it has signed a definitive acquisition agreement with Verifi. The payment tech firm offers a suite of data-enriched solutions to help merchants avoid chargebacks on card payments.

Read more
www.pymnts.com
Secure-24 Acquires SAP Managed Services Provider

Managed services provider Secure-24 has purchased Symmetry Holding Inc., a Brookfield, Wis.-based provider of SAP managed services. Secure-24 is a subsidiary of a Tokyo-based telecommunications firm.

Read more
mitechnews.com
Salesforce Acquires Tableau for $15.3 Billion

Technology vendors have been going on for years about the rising value of data. But information that can't be understood is not worth much. That recognition is now driving some costly bets, topped by Salesforce's $15.3B acquisition.

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www.nytimes.com
Medidata Solutions Dips After $5.8 Billion Sale

Medidata Solutions Inc. shares traded lower Wednesday after it agreed a takeover offer from France's Dassault Systemes SE at a discount to its current market value. Dassault said it would pay $92.25 for each Medidata share.

Read more
www.thestreet.com
InComm Acquires Hallmark Business Connections

InComm, a leading provider of payments and technology services, today announced the acquisition of Hallmark Business Connections.

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www.prnewswire.com
Extreme Networks to Acquire Rival Aerohive for $272m

Software-driven networking company Extreme Networks has announced that it will acquire Wi-Fi router maker Aerohive Networks for $272M.

Read more
www.techradar.com
Silicon Valley Investor to Acquire Hartford's Insurity

Hartford insurance-services software vendor Insurity Inc. says it will be acquired by a Silicon Valley-based private equity firm later this year. Insurity, which says it provides policy administration, billing, claims and analytics software.

Read more
www.hartfordbusiness.com
Google Acquires Looker for $2.6 Billion

The all-cash deal will blend Google's in-house data analysis tools such as Big Query with those built by Looker, which is based in Santa Cruz, Calif. It also sets up a new competitive front with Microsoft and its Power Platform/Dynamics 365.

Read more
www.geekwire.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.