Cherry Tree & Associates | November 2020
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.
Zix Acquires CloudAlly for $30M

Zix has expanded its product suite with the purchase of cloud-based data backup and recovery provider CloudAlly, which protects Google Workspace, SharePoint, OneDrive, Salesforce and Dropbox with secure backup and recovery from any point-in-time.

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Terminus Acquires GrowFlare

Terminus, the account-based marketing platform, announced its acquisition of GrowFlare, an account profiling and predictive data company that leverages psychographic intelligence to identify accounts and surfaces the intelligence needed to engage.

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Periscope Invests in MobiChord

Periscope Equity announced its investment in MobiChord, Inc., an innovative Technology Expense Management ("TEM") software platform and ServiceNow Elite Partner.

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J2 Global Acquires Inspired eLearning

J2 Global Inc. has acquired the cybersecurity training company, Inspired eLearning. Inspired eLearning adds security awareness training to J2's suite of endpoint, email, virtual private network and backup solutions.

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Payroc Acquires Bluestone Payments

Global payment processor Payroc announced that it has acquired Bluestone Payments. Bluestone Payments connects merchants in niche markets to payments programs through a referral system.

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Splunk Acquires Flowmill

Data platform Splunk continues to make acquisitions as it works to build out its recently launched observability platform. The company announced that it has acquired Flowmill, a Palo Alto-based network observability startup.

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FireEye Acquires Respond Software for $186M

FireEye has acquired Respond Software, a company that helps customers investigate and understand security incidents, while reducing the need for highly trained (and scarce) security analysts.

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Zoominfo Acquires EverString

ZoomInfo, a go-to-market intelligence solutions provider, announced that it has acquired EverString, a artificial intelligence-powered, business-to-business (B2B) data solutions provider.

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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, 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.