Cherry Tree & Associates | March 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 30 years of experience working with businesses in the TEBS space, originally as an investor and now as a provider of investment banking services. 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.
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MINDBODY to Acquire Booker Software

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Palo Alto Networks to acquire | ZDNet

Palo Alto Networks on Wednesday announced it's acquiring, a cloud security and compliance firm, for $300 million in cash. The deal is expected to close over Palo Alto's fiscal third quarter, and's co-founders, Tim...

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Fidelity National Financial To Buy Stewart Information...

Fidelity National Financial, Inc. ( FNF ) said it has signed a merger agreement to acquire Stewart Information Services Corp. (STC) for $50.00 per share of common stock, subject to potential adjustment, representing an equity...

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S&P Global snares Kensho for $550 million

S&P Global announced today that it will acquire Kensho, a Cambridge, Massachusetts startup that has concentrated on artificial intelligence and analytics for big financial institutions. The total value of the deal is $550 million in a mix of cash ...

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Nutanix to acquire Netsil in bid to solve container...

Nutanix Inc. is continuing to expand beyond its roots in hyperconverged infrastructure, which uses software to combine computing, storage and networking in one unit, with an agreement today to buy Netsil Inc. for an undisclosed amount.

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Experian acquires UK's ClearScore and its financial...

While credit-scoring behemoth Equifax continues to work through the fallout from its massive security breach, one of its big competitors is snapping up a startup in the UK to diversify its business.

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Salesforce Reaches Deal to Buy Cloud-Application Builder ... Inc. is buying MuleSoft Inc. in a deal valuing the firm at $6.5 billion as Salesforce adds technology to help customers tap data from older computer systems as they move to the cloud. MuleSoft's web-based service, Anypoint, lets...

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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.