Cherry Tree & Associates | October 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.
Ascensus to Acquire Goldleaf Partners

Ascensus, which provides technology and expertise to help millions of people save for retirement, education and healthcare, entered into an agreement to acquire Goldleaf Partners, a third-party administrator of human resource services.

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Trimble Acquires Utility-Serving GovTech Company Cityworks

Cityworks, which serves utilities and local governments, has been doing business independently since the late 1990s, but it is now joining the publicly traded multinational software company Trimble.

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Digital Realty Acquires Interxion

Digital Realty Trust (DRT), one of the largest data center operators in the U.S., has agreed to acquire European data center provider Interxion for $8.4 billion. The deal will put DRT ahead of Equinix in terms of size.

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Mastercard Acquires Loyalty Platform SessionM

Mastercard announced it will acquire customer engagement and loyalty platform, SessionM. Mastercard aims to improve its ability to help brands around the world deliver personalized, real-time offers and comprehensive campaign measurement.

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InterVision Snaps up Fotis Networks

Strategic service provider, InterVision, will be able to expand its engineering bench for security, infrastructure, cloud services and digital transformation professional services as the result of acquiring Fotis Networks.

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Publisher Adtech Startups Taboola and Outbrain Merge

Taboola and Outbrain, rivals that both operate advertising-based content recommendation engines for publishers, which typically appear in the form of boxes at the bottom of articles online, merge in a $850M deal.

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Australia's AMP Acquires US Data Center Provider Expedient

Expedient is the latest company to be acquired in a wave of M&A activity surging through the data center services industry. Australian investment manager AMP Capital has agreed to acquire the provider of cloud, colocation and managed services.

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PTC Finalizes the Acquisition of Onshape

PTC, which enables companies to differentiate their products and services, improve operational excellence and also increase workforce productivity, has acquired Onshape, a Software as a Service (SaaS) product development platform.

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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.