The Q3 2017 TEBS Quarterly Update is now available - the Quarterly Update includes transactions,  valuations and operating metrics for TEBS companies, the TEBS 100 index,  and the the four segments of the TEBS 100:
  • Software
  • Business Process Services
  • Information Services
  • Infrastructure Services
Cherry Tree has more than 30 years of experience working with businesses in the TEBS space, originally as an investor and now as a provider of investment banking services. 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 - September 2017

Dassault Systems to Acquire Exa Corporation
Software
Exa Corporation (NasdaqGM:EXA), a provider of simulation software that helps designers and engineers produce better vehicles and equipment, has entered into a definitive merger agreement  to be acquired by Dassault Systems for $24.25 per share, or a $381.9 million enterprise value (5.3x EV/Revenue, 258.0x EV/EBITDA).  Article

Envestnet to Acquire FolioDynamix
Software
Envestnet (NYSE:ENV), a provider of intelligent systems for wealth management and financial wellness, has agreed to acquire FolioDynamix, a provider of integrated wealth management technology solutions, for approximately $195 million (4.9x EV/Revenue).  Article

Hellman & Friedman Bid to Acquired Nets A/S
Business Process Services
Hellman & Friedman has submitted a takeover bid to acquire Denmark's Nets A/S (CPSE:NETS), a digital payment services provider, of $5.3 billion, at an implied enterprise value of $6.4 billion (5.3x EV/Revenue, 19.0x EV/EBITDA). Hellman & Friedman's board has recommended the acquisition, although the shareholders still need to approve it. Article

IHS Markit Acquires automotiveMastermind
Business Process Services
IHS Markit (Nasdaq:INFO), a global provider of information, analytics, and solutions, has acquired automotiveMastermind, a provider of predictive analytics and marketing automation software, for approximately $392 million plus contingent consideration (16.9x EV/Revenue).  Article

DataBank Holdings Acquires Edge Hosting
Infrastructure Services
DataBank Holdings, a data center provider owned by investor Digital Bridge, has acquired Edge Hosting, a managed cloud hosting provider, for $44 million (2.5x EV/Revenue).  Article

Rackspace Acquires Datapipe
Infrastructure Services
Rackspace, a provider of managed cloud services in the business IT market worldwide, has acquired Datapipe, who is also a global provider of managed services across public and private clouds. Financial terms of the deal were not disclosed.  Article

Genstar to Acquire Institutional Shareholder Services
Information Services
Genstar Capital has agreed to acquire Institutional Shareholder Services (ISS), a provider of corporate governance and responsible investment solutions for $720 million (4.9x EV/Revenue).  Article

Nasdaq to Acquire eVestment Alliance
Information Services
Nasdaq has agreed to acquire eVestment Alliance, an analytics investment provider for $705 million (8.9x EV/Revenue), financed by a mixture of cash and debt.  Article
TEBS 100 Index Performance


Contact Cherry Tree for a complete listing of the most current TEBS 100 Index.



TEBS 100 Index Metrics


 
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.
 
Prepared by:
Mik Gusenius,  Director
952.253.6005
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.