Cherry Tree & Associates | June 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:

Download the Q2 2018 TEBS Quarterly Update

Download 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 – June 2018

Microsoft confirms it will acquire GitHub for $7.5 billion Microsoft is acquiring GitHub. After reports emerged that the software giant was in talks to acquire GitHub, Microsoft is making it official today. This is Microsoft CEO Satya Nadella's second big acquisition, following the $26.2 billion... Read more www.theverge.com Web.com Announces Agreement to Be Acquired by Siris Capital Web.com Group, Inc. (NASDAQ: WEB), a leading global provider of a full range of Internet services ... Read more globenewswire.com S&P Global Buys RateWatch, Beefs Up Market Intelligence S&P Global Inc. yesterday announced that it has reached a deal to acquire RateWatch business from New York-based financial news and information company, TheStreet, Inc. The deal, subject to working capital and certain other customary... Read more www.nasdaq.com CBRE Acquires FacilitySource CBRE Group, Inc. (NYSE:CBRE) today announced a significant strengthening of its ability to deliver integrated solutions for occupier clients with the acquisition of FacilitySource, LLC, a high-growth leader in technology-based procurement and... Read more www.cbre.us

SYNNEX' Concentrix Announces Acquisition of Convergys SYNNEX Corporation (NYSE: SNX) and Convergys, today announced they have reached a definitive agreement in which SYNNEX would acquire Convergys, and integrate it with Concentrix, a wholly-owned... Read more www.prnewswire.com Workday acquires Adaptive Insights Workday, the cloud-based platform that offers HR and other back-office apps for businesses, is making an acquisition to expand its portfolio of services: It's buying Adaptive Insights, a provider of cloud-based business planning and financial... Read more techcrunch.com AT&T to Acquire AppNexus AT&T recently agreed to acquire digital ad exchange AppNexus for what is estimated to be $1.6 billion to $2 billion. The purchase will enable the telco to integrate AppNexus' network, which automatically matches advertisers with online... Read more www.fool.com Serent Capital Invests in KORE Software KORE Software, the leading provider of business management software for the sports and entertainment industries, has entered a partnership with Serent Capital, a San Francisco-based private equity firm focused on investing in high-growth... Read more blog.koresoftware.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.