Cherry Tree & Associates | September 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:

View the Q3 2019 TEBS Quarterly Update

View the TEBS Research Report

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 – September 2019

CoreLogic Continues Growth, Acquires National Tax Search CoreLogic announced that it has acquired National Tax Search, which provides property tax management services to lenders, real estate investment trusts and property management companies. Read more www.housingwire.com Opendoor Acquires Title Insurance Company OS National Real estate technology startup Opendoor announced that it's acquiring title and escrow company OS National as a wholly owned subsidiary, a week after launching a mortgage division called Opendoor Home Loans in Arizona and Texas. Read more www.curbed.com Robotics Startup 6 River Systems Acquired by Shopify Ecommerce software company Shopify will purchase warehouse robotics startup 6 River Systems, in a $450 million deal aimed at improving logistics in its new system of fulfillment centers. Read more multichannelmerchant.com Like Minded Entertainment Announces Acquisition of Vantrix LME has acquired Vantrix, a leading global supplier of media distribution technology to customers such as AT&T, Sprint, Bell Canada, O2 and Vodafone. Read more martechseries.com

HP Acquires Bromium for Endpoint Device Security Bromium, a startup recognized for its virtualized-based security, was scooped up by HP Inc. as a compliment and enhancement to its existing security platform. Read more www.channelfutures.com New Law Leader Axiom Acquired by Permira New Law pioneer Axiom has ditched long-trailed plans for an initial public offering (IPO) after securing a 'significant investment' from private equity house Permira. The undisclosed investment makes Permira the company's majority owner. Read more www.legalbusiness.co.uk HostPapa Acquires Several Add2Net Brands HostPapa, Inc., a Canadian internet company specializing in web hosting solutions and services for small to medium businesses, has announced the acquisition of web host Lunarpages, previously owned by Add2Net, Inc, alongside other supporting brands. Read more hostingjournalist.com Patriot One Technologies Acquires XTRACT Patriot One Technologies Inc. announced it wholly acquired XTRACT Technologies. XTRACT develops and commercializes artificial intelligence, machine learning, deep neural network and predictive solutions. Read more www.streetwisereports.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 mgusenius@cherrytree.com Phone: 952.253.6005 www.cherrytree.com 

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.

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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.