Cherry Tree & Associates | December 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 Q4 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 – December 2019

TripAdvisor Acquires SinglePlatform TripAdvisor purchased SinglePlatform for $51 million from Constant Contact, a subsidiary of Endurance International Group. SinglePlatform helps restaurants make their menus available on digital platforms, especially Google and Facebook. Read more streetfightmag.com F5 Networks to Acquire Shape Security for $1 Billion F5 Networks will pay approximately $1 billion to acquire Shape Security, a Santa Clara, Calif.-based company that sells a fraud prevention platform to banks, airlines, retailers, government agencies, and more. Read more www.geekwire.com Great Hill to Acquire VersaPay Great Hill Partners, a growth-oriented private equity firm, has announced that it's going to acquire VersaPay, a company that provides cloud-based invoice-to-cash solutions. Read more www.pymnts.com LogMeIn to be Acquired by Private Equity for $4.3B Cloud-based connectivity firm LogMeIn has agreed to be acquired by a group of tech-focused private equity firms in an all-cash transaction valued at $4.3 billion. LogMeIn offers tools like remote access and password management. Read more mytechdecisions.com

S&P Global Acquires 451 Research S&P Global, a major provider of credit ratings, benchmarks, and analytics, has acquired 451 Research, a research and advisory firm providing intelligence, expertise and data to high-growth emerging tech segments, including Internet of Things. Read more www.iotevolutionworld.com DataBank Receives $185M Investment from Colony Capital DataBank, the provider of data centers, connectivity, and managed services, has received a $185 million equity investment from Colony Capital, a global investment management firm. Read more dallasinnovates.com Episerver Acquires Insite Software Episerver, a global provider of web content management, ecommerce and related software, gains a strong base through the acquisition in core B2B ecommerce technology as it seeks to expand its reach in the B2B digital commerce market. Read more www.digitalcommerce360.com PE Firm to Acquire Fiserv's Investment Services Business Motive Partners will acquire up to 60% of the Investment Services business of Fiserv. The Investment Services business is a leading technology provider for key segments of the wealth and asset management industry. Read more financefeeds.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.