Cherry Tree & Associates | November 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 – November 2019
Granicus Acquires Rental Compliance Software Company

Host Compliance, a San Francisco-based company whose software helps governments monitor short-term rental properties, is the latest addition to Granicus' growing suite of software tools for interfacing with citizens.

Read more
www.govtech.com
Silver Lake to Acquire First Advantage

Private equity firm Silver Lake is nearing a deal to acquire First Advantage that could value the background checks provider at more than $1.5 billion, including debt.

Read more
www.nasdaq.com
Visa to Acquire Interswitch

One of Africa’s veteran FinTech companies is about to become the sector’s first unicorn. Global payments giant Visa is paying $200 million for 20% stake in Interswitch, Nigeria’s largest electronic payments company.

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qz.com
Aon to Acquire CoverWallet

Global insurance broker Aon has agreed to acquire CoverWallet, a leading digital insurance platform for small and medium-sized businesses. The acquisition provides Aon with additional access to what it sees as a fast-growing market.

Read more
www.insurancejournal.com
Plixer Acquires Great Bay Software

Network security and monitoring solutions company Plixer recently announced their acquisition of Great Bay Software, an endpoint visibility and intelligence vendor.

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solutionsreview.com
Digi Acquires Opengear, Expands Market Reach and Technology

Opengear, which is being acquired by Digi, delivers IT infrastructure, including failover-to-cellular and out-of-band management solutions, to a broad range of Fortune 100 and other customers.

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www.channelpartnersonline.com
Elavon to Acquire Sage Pay

Elavon, the payments company that is a subsidiary of US Bancorp, announced that it will acquire Sage Pay, one of the bigger payment processors in the UK and Ireland serving small and medium businesses, for approximately $300M.

Read more
techcrunch.com
OpenText Acquires Data Security Firm Carbonite for $1.42B

Carbonite has agreed to a $1.42 billion purchase by OpenText, an enterprise information management giant, ending weeks of speculation about the anticipated buyout.

Read more
techcrunch.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.