Cherry Tree & Associates | September 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.
Project44 Acquires Convey for $255M

Real-time supply chain visibility company project44 has acquired last-mile tech platform Convey for $255 million. Together, the two companies will combine forces to provide end-to-end supply chain visibility, from the raw materials to the front door.

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TransUnion Agrees to Buy Neustar for $3.1B

Credit rating giant TransUnion announced a deal to acquire Neustar, an identity resolution company which tracks and aggregates consumers' digital activity for marketing and anti-fraud applications for $3.1 billion in cash.

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Booz Allen Acquires Tracepoint

Booz Allen Hamilton (NYSE:BAH) announced that it has completed the acquisition of Tracepoint, an industry-leading digital forensics and incident response (DFIR) company serving public and private sector clients. Financial terms were not disclosed.

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Kape Technologies Agrees to Acquire ExpressVPN for $936M

Kape Technologies and ExpressVPN have agreed to join forces in a $936 million acquisition, expanding Kape Technologies cybersecurity capabilities. ExpressVPN will continue to operate as an independent service with its existing team and leadership.

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Procore Agrees to Acquire Payment Startup Levelset for $500M

Construction management giant Procore Technologies Inc. announced that it has agreed to acquire Levelset, a software company that facilitates lien payments for construction projects, for $500 million, the largest acquisition in Procore's history.

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Fluent Acquires Winopoly

Fluent, Inc. (NASDAQ: FLNT), a leading performance marketing company, announced that it has fully acquired Winopoly, LLC, a complementary marketplace matching consumers to brands through engaging content and live agent solutions.

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Mphasis Acquires Blink UX for $94M

Mphasis, an Information Technology solutions provider specializing in cloud and cognitive services, announced it acquired Blink UX, a User Experience research, strategy, and design firm.

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Progress Agrees to Acquire Kemp Technologies for $258M

Progress, a global software company, has announced a definitive agreement to acquire privately-held Kemp Technologies, a provider of always-on application experience for its customers in a $258 million deal.

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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.