Cherry Tree & Associates | September 2018

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 an annual research report which are available for download:

View the Q3 2018 TEBS Quarterly Update

View the 2018 Annual 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 2018

SS&C to Acquire Intralinks SS&C Technologies announced it has entered into a definitive agreement to acquire Intralinks Holdings, Inc. from affiliates of Siris Capital Group for total consideration of $1.5 billion. Read more investor.ssctech.com Cimpress acquires online-only retailer BuildASign Cimpress NV, which operates custom printing e-commerce site Vistaprint.com, announced it will acquire web-only retailer BuildASign. Cimpress is No. 23 in the 2018 edition of Internet Retailer's Top 1000 ranking and BuildASign is No. 319.... Read more www.digitalcommerce360.com Drillinginfo Acquires Oildex Drillinginfo, the leading energy SaaS and data analytics company, has acquired Oildex, the largest oil & gas financial automation software firm in North America. This combination will transform the... Read more www.prnewswire.com Adobe to Acquire Marketo Adobe has fired a shot across several bows with its $4.75 billion deal to buy Marketo, which will help it compete in marketing services against Microsoft, Oracle, SAP and even the great powers of digital advertising, Google and Facebook. Read more adage.com

Digital Realty Buying Brazilian Data Center Firm Ascenty Digital Realty Trust has agreed to acquire Brazilian data center operator Ascenty for $1.8 billion - most of Ascenty's customer base consists of global hyperscale cloud platforms. The deal is yet another move by Digital to dominate the... Read more www.datacenterknowledge.com Global Payments to Buy SICOM Systems Global Payments Inc. recently announced that it will acquire SICOM Systems, Inc., a leading provider of Enterprise Technology Solutions from LLR Partners. SICOM offers enterprise, cloud-based software as a service (SaaS) solutions and other... Read more www.nasdaq.com Nasdaq to Acquire Cinnober Nasdaq announced that it has made a $190 million all cash recommended public offer to the shareholders and warrant holders of Cinnober, a major Swedish financial technology provider to brokers, exchanges and clearinghouses worldwide. Read more www.nasdaq.com Abry Partners to Acquire Majority Stake in Donuts Inc. Donuts Inc., the global leader in high-quality, new top-level Internet domains, today announced that it has entered into an agreement to be acquired by Abry Partners, a leading private equity firm. Terms... Read more www.prnewswire.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 venture 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.