Cherry Tree & Associates | October 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.
Fastbill Acquired by Freshbooks

Frankfurt-based Fastbill is now owned by Freshbooks, a Canadian startup with unicorn status. In the process, Fastbill's employees and offerings will be acquired and integrated into Freshbooks.

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Beginger Capital Acquires Majority Stake in Benzinga

Beringer Capital, a private equity firm that specializes in media companies, has acquired a majority stake in business news site Benzinga for an undisclosed amount. Benzinga was founded in 2010 and has nearly 25 million readers each month.

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HelpSystems Acquires PhishLabs

HelpSystems has acquired PhishLabs, a cyber threat intelligence company that protects organizations from attacks on their brands, employees, and digital assets.

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HSO Acquires Canadian CRM Dynamics Ltd

HSO, a leading global business transformation partner announced its acquisition of CRM Dynamics Ltd, Canada's largest independent Microsoft Dynamics 365 CE Partner. The acquisition expands HSO's footprint and service capability in North America.

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nThrive To Acquire TransUnion's Healthcare Business

nThrive, Inc., a leading healthcare revenue cycle management software-as-a-service platform backed by Clearlake Capital, announced it has signed a definitive agreement to acquire the healthcare data and analytics business of TransUnion (NYSE: TRU).

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KnowBe4 to Acquire SecurityAdvisor for $80M

KnowBe4, Inc. (NASDAQ: KNBE), the provider of the world's largest security awareness training and simulated phishing platform, announced that they have entered into a material definitive to acquire SecurityAdvisor for an estimated $80M.

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Keysight Technologies Acquires SCALABLE Network Technologies

Keysight Technologies, Inc., a technology company that delivers advanced design and validation solutions, announced it has acquired SCALABLE Network Technologies, a leader in communications network simulation and modeling solutions.

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Blackhawk Network Acquires Rybbon

Blackhawk Network announced the acquisition of Rybbon. Rybbon enables users to add rewards into their program. This integrated rewards offering joins Blackhawk's suite of incentive platforms supporting more than $5B in rewards issued annually.

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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.