Cherry Tree & Associates | May 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.
NOTABLE TRANSACTIONS – May 2021 to Acquire Divvy for $2.5B

Corporate finance software provider has signed a $2.5 billion deal to acquire DivvyPay Inc., whose cloud service enables companies to issue business credit cards to their employees.

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NetSPI Secures $90 Million in Growth Funding

NetSPI, a cyber security penetration testing company based in Minneapolis, has raised $90 million in growth funding. KKR led the investment and Ten Eleven Ventures also participated.

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Mitratech Acquires Global Legal Marketplace AdvanceLaw

Mitratech, a leading provider of legal and compliance software, announced the acquisition of AdvanceLaw. AdvanceLaw is a unique marketplace through which 300 corporate general counsels create and manage more effective law firm panels.

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Sectigo Buys SiteLock, Providing 'Immediate Partner Benefit'

The latest Sectigo acquisition is SiteLock, a provider of website security protection and monitoring. Sectigo is expanding its product capabilities, partner network and reach to more than 16 million websites that SiteLock protects.

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Insight Partners Acquires Majority Stake in CivicPlus

CivicPlus, a software vendor and one of the largest website builders for local government, has secured one of the largest investments in GovTech history - a move that signals it is on the move to acquire more companies in the space.

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REPAY Buys BillingTree for $503M

REPAY, which works in vertically-integrated payment solutions, will be acquiring BillingTree for $503 million. The price tag will include $275 million from REPAY's balance sheet in cash and $228 million in newly issued Class A common stock.

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Cloud-Based Terrafirma Acquired by Dye & Durham for $20M

Terrafirma is a U.K. property tech business that focuses on location intelligence. The acquisition expands Dye & Durham's capabilities in the U.K., adding products which are already utilized by Dye & Durham's customer base.

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Jamf to Acquire Security Firm Wandera for $400M

Apple device management software maker Jamf announced that it's reached an agreement to acquire cloud and mobile security firm Wandera, in a move to enhance Jamf's security solutions for enterprise customers.

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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.