Cherry Tree & Associates | April 2022
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:

  • SaaS/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:
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 – April 2022
HelpSystems Acquires Terranova Security

HelpSystems announced the acquisition of Terranova Security, a leader in global phishing simulation and security awareness training.

Read more
tech.mn
Brookfield to Acquire CDK Global

CDK Global Inc. will be acquired by investment firm Brookfield Business Partners in a deal valued at $8.3 billion that would take the publicly traded dealership software giant private.

Read more
www.autonews.com
Kaseya to Acquire Datto

Kaseya Ltd., a provider of software tools for managing information technology infrastructure, will acquire fellow software maker Datto Inc. in a $6.2 billion deal.

Read more
siliconangle.com
HackerOne Acquires PullRequest

HackerOne acquired PullRequest, the pioneer of code-review-as-a-service.PullRequest's technology and code reviewers will enable developer-first security testing solutions.

Read more
thecyberthrone.in
Clearlake Capital and TA Associates to Acquire Kofax

Kofax, a provider of intelligent automation software to facilitate digital workflow transformations, has entered into a definitive agreement to be acquired by Clearlake Capital Group.

Read more
www.businesswire.com
AMD to Acquire Pensando

AMD intends to acquire data center optimization startup Pensando for approximately $1.9 billion.

Read more
techcrunch.com
Thoma Bravo to Acquire SailPoint

Thoma Bravo will acquire Sailpoint, a provider of identity management and governance for enterprieses, for $6.9 billion.

Read more
techcrunch.com
Checkr Acquires GoodHire

Checkr, a private equity backed HR technology company, has entered into an agreement to acquire Inflection, whose flagship brand GoodHire is a provider in background checks for small businesses.

Read more
huntscanlon.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, Managing Director

Phone: 952.253.6005


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.
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.