Cherry Tree & Associates | June 2024 | |
Cherry Tree has been tracking trends and activity in the Technology Enabled Business Services (TEBS) space for nearly 20 years, including the TEBS 100, which is a broad index of 100 publicly-traded TEBS companies. | |
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The four segments of the TEBS 100 are:
- SaaS/Software
- Business Process Services
- Information/Data
- Infrastructure Services
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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: | |
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Cherry Tree has nearly 20 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 or Scott Brown at sbrown@cherrytree.com with any questions.
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NOTABLE TRANSACTIONS – MAY 2024 | |
AuditBoard, a connected risk platform for audit, risk, compliance and ESG management, will be acquired by Hg, an investor in compliance, risk and accounting software. The transaction is valued at over $3 billion. | | |
Permira to Take Squarespace Private | Squarespace is being taken private in an all-cash deal that gives the company an enterprise valuation of $6.9 billion. | | |
LogRhythm, Exabeam to Merge | LogRhythm and Exabeam will merge in a significant consolidation deal for the cybersecurity industry. LogRhythm and Exabeam are two major providers in the market for SIEM (security information and event management) platforms. | | |
Ness Digital Engineering (Ness), a global full-lifecycle digital services transformation company, has acquired Intricity, a provider of data strategy, governance, modernization, and monetization solutions. | | | |
SurePoint Technologies Acquires Leopard Solutions | SurePoint Technologies, a provider of legal software solutions for mid-sized law firms, has acquired Leopard Solutions, a legal business intelligence and analytics solution. Leopard Solutions has been a partner to the legal industry for more than 20 years, offering legal intelligence data. | | |
New York-based IT infrastructure services firm Kyndryl has acquired Skytap, a Seattle-based company that sells cloud migration software. Skytap helps companies run traditional on-premise systems such as IBM Power in Microsoft Azure or IBM Cloud. | | |
Corpay to Acquire Paymerang | Payment and invoice automation company Paymerang will be acquired by Atlanta-based corporate payments processor Corpay for $475 million. Paymerang offers advanced solutions that integrate AI, data capture technologies, and electronic document workflows to address complex AP challenges. | | |
KKR will acquire a majority stake in Agiloft, a trusted global leader in data-first contract lifecycle management. Agiloft provides data-first software enabling legal, procurement, sales and other departments to streamline and leverage their contracting efforts. | | | |
TEBS 100 INDEX PERFORMANCE AND METRICS | |
For a confidential conversation about your company's strategic alternatives for exiting, merging, acquiring, or obtaining financing, please contact Mik Gusenius or Scott Brown. | |
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.
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