Cherry Tree & Associates | March 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.
Progress to Acquire Ipswitch for $225m

Progress (NASDAQ: PRGS), a Bedford, MA-based provider of application development and digital experience technologies, is to acquire Ipswitch, Inc., a Burlington, Massachusetts-based producer of secure data file transfer and network management...

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FIS to Buy Worldpay

Fidelity National Information Services said that it had agreed to buy Worldpay for $34 billion in stock for a record international payments deal.

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Ceridian Acquires Assets of Clearview Logix, Paysa

Ceridian purchased nearly all the assets of the Richmond, Va., analytics firm Clearview Logix, and certain intellectual property from Paysa, an AI-powered personal career advisor. Among those assets are ...

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Lexitas Announces Acquisition of Barrister Reporting Service

Lexitas, a leading national provider of litigation support services and a portfolio company of Trinity Hunt Partners, announces its acquisition of Barrister Reporting Service. Founded in 1968, Barrister is one of the Metro New York region’s...

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Safety Equipment Maker Buys Industrial IoT Firm for $33M

A manufacturer of safety equipment plans to bolster its products by acquiring an industrial technology firm for $33 million. MSA Safety Inc. said the addition of Sierra Monitor Corp. would allow MSA, a suburban Pittsburgh company, to take...

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FLEETCOR to Acquire Nvoicepay

In yet another example of the bevy of activity in the B2B payables space, this announcement is added to the collaboration, partnership, acquisition and

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Certify and Chrome River to Challenge Expense Leader SAP

Expense software providers Certify and Chrome River have merged, continuing a period of consolidation in the expense management space. The two companies...

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Atlassian acquires AgileCraft for $166M

Atlassian announced that it has acquired AgileCraft, a service that aims to help enterprises plan their strategic projects and workstreams. The service provides business leaders with additional insights into the current status of technical...

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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.