Cherry Tree Q4 2016 IT Services Newsletter Feb 2017
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Transcript of Cherry Tree Q4 2016 IT Services Newsletter Feb 2017
©Cherry Tree & Associates LLC 2017 1
Information Technology Services
Q4 2016 Newsletter
QUARTERLY M&A SUMMARY
In 2016, US M&A volume was lower than the record setting 2015. US merger and acquisition
transactions reached a record $2.055 trillion in 2015, but saw a modest retreat in 2016 as
$1.719 trillion in M&A deals took place, according to data from S&P Global Market Intelligence.
The recent results marked the fourth consecutive year that US M&A deal value topped the $1
trillion mark.1
M&A activity in the knowledge-intensive services sector continued to remain strong in Q4, but
deal volumes in the IT services market segments were relatively flat compared to the previous
quarter.2 After a brief lull in November, momentum picked up in December, reflecting
enthusiasm about the election results, as well as representing the traditional year-end push to
wrap up deals.3
As we continue to report, buyers are generally seeking scale and predictability with managed
services and recurring revenues. Integrators with cloud computing services and security
offerings appear to be popular targets with attractive EBITDA multiples.
Staffing buyer trends appear to include moves that improve their operating models through
automation. In Q4 2016, a number of deals were related to staffing firms beefing up their
technology and digital capabilities. Notable transaction examples were Yoh acquiring Dreamjobs
and Advanced acquiring Staffing Robot.
Systems integration services market buyers are seeking scale and efficiencies in the distribution,
installation, and maintenance of increasingly complex technologies, especially those with
recurring revenue in the form of managed services, hosting and cloud services. Notable
1 S&P Global Market Intelligence, January 2017 2 Equiteq, Q4 2016 Market Update, January 2017 3 Mergers & Acquisitions, M&A Conditions Index (MACI), January 2017
©Cherry Tree & Associates LLC 2017 2
examples are Connection’s acquisition of GlobalServe, TekLinks acquisition of Nashville-based
Guidant Partners, and Contegix acquisition of Admo.net Web Services.
The cyber security landscape is becoming increasingly complex, and many companies are
seeking services to help with implementation of the right solutions in the context of a multitude
of technology offerings, varying vendor strategies, and their internal IT challenges and priorities.
Examples of notable security related services transactions for the quarter included Accenture
Federal acquiring Defense Point, Synopsys acquiring Cigital, and Veritas acquiring Coalfire, a
leader in cybersecurity risk management and compliance services. Security segment EBITDA
multiples continue to lead all other IT services segments with 12.1x EBITDA.
Private equity activity in IT Services appears to be increasing. A few notable examples include
KKR acquiring Optiv, Southfield Capital partnering with Ntiva, and Pamplona Capital
Management acquiring Logicworks from Seaport Capital. M/C Partners, a private equity firm
focused exclusively on the communications, media, and information technology sectors,
acquired two companies, Thrive Networks and Corporate IT Solutions. Thrive and Corporate will
be merged to form a managed IT services provider in the Northeast under the Thrive brand.
NOTABLE TRANSACTIONS
October 2016 Soha Systems acquired by Akamai Technologies Security Akamai Technologies (NASDAQ: AKAM) acquired Soha Systems, an innovator in enterprise secure access delivered as a service. Soha was named one of Gartner's Cool Vendors in Cloud and Emerging Technology, Security, 2016. Akamai plans to extend its portfolio of Cloud Networking Solutions. By offering businesses secure, cloud-based application access control, Akamai aims to simplify and improve remote and mobile access to enterprise resources, while at the same time minimize the exposed attack surface. October 2016 Appirio acquired by Wipro Consulting Wipro (NYSE: WIT, NSE: WIPRO), acquired Appirio, a global cloud services company that creates next generation worker and customer experiences for $500 million. Established in 2006, Appirio is headquartered in Indianapolis with offices in San Francisco, Dublin, London, Jaipur, and Tokyo and has 1,250 employees worldwide. Wipro's acquisition of Appirio will create one of the world's largest cloud transformation practices, a game changer in today's as-a-service and digital economy. Appirio also brings to Wipro, Topcoder, a leading crowdsourcing marketplace connecting over a million designers, developers and data scientists around the world with customers. November 2016 Collaborative Consulting acquired by CGI Group Consulting CGI Group (NYSE: GIB), a leading provider of information technology and business processing services, acquired Collaborative Consulting. With a head office in Boston, MA and nearly 400 professionals, Collaborative generates annualized revenue of approximately $76 million and brings skills, experience and deep relationships in high-growth, in-demand IT services that improve usability, functionality and performance of digital technology and information management systems for its clients. This deal complements CGI's proximity model, further augmenting its relationships and supplementing CGI's footprint in the Boston metro area as well as the surrounding New England region. Collaborative will
©Cherry Tree & Associates LLC 2017 3
enhance and accelerate CGI's position as a leading provider of digital transformation services to meet growing demand, particularly benefitting the commercial sector. December 2016 Alsbridge acquired by ISG Outsourcing and Consulting Information Services Group (ISG) (NASDAQ: III) acquired Alsbridge, a U.S.-based sourcing, automation and transformation advisory firm, to create a new industry powerhouse in technology research, advisory and digital transformation services. The "new" ISG will serve more than 700 blue-chip clients – including 75 of the 100 largest enterprises in the world – up 35 percent from ISG alone, and its global team will grow by approximately 20 percent, to 1,300 research and advisory professionals. December 2016 Optiv Security acquired by KKR Security Optiv Security, a market-leading provider of end-to-end cyber security solutions, was acquired by KKR (NYSE: KKR), a leading global investment firm. KKR announced the signing of a definitive agreement under which KKR will acquire a majority stake in Optiv. The company is being acquired from a group of private investors, including a private equity fund managed by Blackstone (NYSE: BX), which will maintain a minority interest in Optiv along with Optiv management. Other selling shareholders include Investcorp and Sverica.
IT SERVICES PERFORMANCE INDEX
Cherry Tree monitors the IT services market, including deal rationale, volume and multiples. The IT
Services Performance Index is a group of 57 publicly traded companies representing each of the market
segments. In Q4 2016, the IT Services index modestly outperformed the S&P 500 fueled mostly by post-
election share price increases.
Contact Cherry Tree for a complete listing of the most current IT Services Index.
©Cherry Tree & Associates LLC 2017 4
PUBLIC COMPS - Median Statistics
Median enterprise value (EV) multiples for publicly traded IT services companies improved slightly in the
quarter compared to the prior quarter. 1-Year revenue growth slowed from 8.3% last quarter to 7.1%
this quarter In the Staffing segment, LTM EBITDA increased from 7.8x to 9.2x. In the Consulting segment,
median LTM EBITDA multiples rose from 10.9x to 11.8x.4
Median EVs for publicly traded companies in the index are summarized below by segment.
SELECT TRANSACTIONS
Date Target Acquirer Segment Target Description Link
10/03/2016 Frontica Business Solutions Cognizant (Nasdaq: CTSH)
Outsourcing Frontica Business Solutions provides staffing, consulting, technology, and other outsourcing services.
Link
10/03/2016 MSI International CorTech Staffing MSI International operates as a recruiting company globally.
Link
10/03/2016 Cutting Edge Staffing Decton Staffing Cutting Edge Staffing is a staffing company that specializes in recruiting candidates for various business types.
Link
10/03/2016 TeraMach Pivot Technology Solutions (TSX: PTG)
Integration TeraMach operates as an IT services company.
Link
10/03/2016 Wondersauce Project Digital Wondersauce operates as a digitally led integrated advertising agency in New York.
Link
4 Cherry Tree Research and (hypothetical) IT Services Performance Index, December 2016
($ in millions)
Number of Gross EBITDA LTM LTM LTM
Company Name Companies Margin Margin Revenue Gross Profit EBITDA 1-Year 3-Year
SUMMARY
STAFFING 12 18.8% 4.5% 0.4x 1.8x 9.2x 0.8% 4.3%
SYSTEMS INTEGRATION 12 24.5% 10.2% 1.2x 5.4x 11.9x 10.2% 1.9%
CONSULTING 10 38.0% 11.1% 1.4x 4.0x 11.8x 4.3% 4.1%
OUTSOURCING 18 32.4% 15.8% 1.8x 5.7x 10.8x 10.6% 12.0%
SECURITY 5 26.2% 9.4% 1.9x 3.0x 12.1x 12.0% 10.6%
ALL COMPANIES 57 30.3% 11.3% 1.3x 4.5x 10.8x 7.1% 6.6%
As of
Enterprise Value / Revenue
Growth
12/31/2016
©Cherry Tree & Associates LLC 2017 5
10/03/2016 SCS Sikich Integration SCS specializes in Microsoft Dynamics for the manufacturing, distribution, agriculture and retail industries.
Link
10/04/2016 Soha Systems Akamai Technologies (Nasdaq: AKAM)
Security Soha Systems provides cloud-based enterprise-grade application security services to developers, IT/security teams, and CIOs.
Link
10/04/2016 ACF Solutions Attain Consulting ACF Solutions provides salesforce-based cloud solutions for higher education institutions and nonprofit organizations.
Link
10/04/2016 Falcon Consulting Group Avaap Consulting Falcon Consulting Group offers healthcare consulting services, specializing in Epic Systems implementations.
Link
10/04/2016 CD Group Denovo Ventures Consulting CD Group specializes in JD Edwards consulting and managed services.
Link
10/04/2016 Avastone Technologies Heartland Business Systems
Integration Avastone Technologies is an app development company specializing in Microsoft Dynamics, CRM, collaboration, cloud and implementation services.
Link
10/05/2016 Defense Point Security Accenture Security Defense Point Security offers cyber security services to commercial and federal government clients in the United States.
Link
10/05/2016 Advanced Technologies Group
Jones Lang LaSalle (NYSE: JLL)
Consulting Advanced Technologies Group provides information consulting services to the healthcare and higher education industries in the United States.
Link
10/05/2016 Database Specialists TriCore Solutions Consulting Database Specialists provides Oracle consulting, database administration (DBA), and remote DBA managed services for companies with mission-critical Oracle database systems.
Link
10/06/2016 CustomerContactChannels (C3)
Everstone Group; Sunrise BPO
Outsourcing C3 provides contact center and outsourced customer management solutions.
Link
10/06/2016 24 Seven Morgan Stanley Private Equity
Staffing 24 Seven provides talent recruitment services worldwide.
Link
10/06/2016 Convey Health Solutions New Mountain Capital
Outsourcing Convey Health Solutions provides healthcare technology and business process outsourcing solutions.
Link
©Cherry Tree & Associates LLC 2017 6
10/10/2016 Jobhuk Compunnel Software Group
Staffing Jobhuk owns and operates a marketplace that provides recruitment services for recruiters and employers worldwide.
Link
10/11/2016 Stroz Friedberg Aon Security Stroz Friedberg provides cyber-security consultancy worldwide.
Link
10/11/2016 Synaptic Solutions Preferred Systems Solutions
Consulting Synaptic Solutions provides software development consulting services and solutions to the intelligence community.
Link
10/12/2016 Copier Business Solutions Loffler Companies Integration Copier Business Solutions sells and services hardware products.
Link
10/12/2016 GlobalServe PC Connection (Nasdaq: CNXN)
Integration GlobalServe provides international IT equipment supply chain services for procurement, deployment, and service solutions.
Link
10/13/2016 Vaco Technology Services Advanced Network Solutions
Outsourcing Vaco Technology Services provides help desk support and IT management services.
Link
10/13/2016 Bluetube Perficient (Nasdaq: PRFT)
Consulting Bluetube provides digital transformation consulting services with expertise in enterprise mobile apps.
Link
10/13/2016 Triad Retail Media WPP (LSE: WPP) Digital Triad Retail Media creates, manages, and operates digital retail media programs for retailers, brand advertisers, and shoppers on Websites, mobile devices, and in-store TVs.
Link
10/17/2016 ProKarma The Carlyle Group (Nasdaq: CG)
Integration ProKarma provides IT solutions in the United States and internationally.
Link
10/17/2016 Starpoint Solutions Yoh Services Consulting Starpoint Solutions provides project, staffing, and career solutions and services.
Link
10/19/2016 Triton Datacom ADDvantage Technologies Group (Nasdaq: AEY)
Integration Triton Datacom distributes new and refurbished Cisco networking products and equipment.
Link
10/19/2016 GreyCastle Security Assured Information Security
Security GreyCastle Security provides cybersecurity services.
Link
10/20/2016 Appirio Wipro (BSE: 507685) Consulting Appirio provides a cloud services platform that offers enterprise crowdsourcing services.
Link
10/21/2016 nfrastructure Technologies Zones Integration nfrastructure Technologies helps enterprises design, build, and operate mission-critical technology infrastructure.
Link
©Cherry Tree & Associates LLC 2017 7
10/24/2016 Masergy Communications Berkshire Partners Integration Masergy Communications owns and operates a cloud networking platform that delivers hybrid network, managed security, and cloud unified communication solutions to enterprises worldwide.
Link
10/24/2016 Integrity Consulting Solutions
WeiserMazars Consulting Integrity Consulting Solutions provides management consulting and technology services to higher education, financial services, life sciences, federal, state, and local markets.
Link
10/25/2016 FortyCloud FireMon Security FortyCloud provides information security services to organizations, securing IT infrastructure located on top of the cloud.
Link
10/26/2016 Amadeus Consulting Group Exadel SDO Amadeus Consulting Group provides custom software development services.
Link
10/26/2016 Accunet Solutions Red River Computer Company
Integration Accunet Solutions provides systems integration and IT consulting services.
Link
10/27/2016 The BITS Group Cognosante Consulting The BITS Group provides IT services and solutions to the US Department of Veterans Affairs and the US Department of Defense.
Link
10/27/2016 Xtium Evolve IP Integration Xtium provides disaster recovery, desktop as a service, managed cloud hosting, and managed online backup services.
Link
10/31/2016 ComfortHost Cloud Equity Group Outsourcing ComfortHost provides shared hosting services, SSD private virtual servers, and SSD dedicated servers in the United States and Europe.
Link
11/01/2016 APG Technologies Altamira Technologies
Consulting APG Technologies provides software solutions, systems, and security engineering services to the US Government.
Link
11/01/2016 Boulder Technology Centerline Solutions SDO Boulder Technology provides Web, mobile, and desktop app development services, as well as software design services for startups and early-stage businesses.
Link
11/02/2016 TeamSoft Peoplelink Staffing TeamSoft provides IT staffing services in the United States.
Link
11/02/2016 Contegix Strattam Capital Integration Contegix provides cloud computing, colocation, and managed hosting solutions.
Link
©Cherry Tree & Associates LLC 2017 8
11/03/2016 Axis41 Merkle Digital Axis41, a digital marketing agency, provides services ranging from branding and campaigns to Web development and marketing automation.
Link
11/04/2016 CenturyLink, Data Centers and Colocation Business
BC Partners; Medina Capital Advisors
Outsourcing CenturyLink, Data Centers and Colocation Business comprises data centers.
Link
11/04/2016 Easy Solutions BC Partners; Medina Capital
Security Easy Solutions is a security provider that focuses on the detection and prevention of electronic fraud across various devices, channels, and clouds.
Link
11/04/2016 Collaborative Consulting CGI Group (NYSE: GIB)
Consulting Collaborative Consulting provides IT services through the use of strategy and technology.
Link
11/07/2016 NodeServ Cloud Equity Group Outsourcing NodeServ provides hosting services.
Link
11/07/2016 Eagle Point Software Corporation, Autodesk Business
IMAGINiT Technologies
Integration The Autodesk Business of Eagle Point Software comprises of Autodesk implementation, consulting and training services.
Link
11/07/2016 Datalink (Nasdaq: DTLK) Insight Enterprises (Nasdaq: NSIT)
Integration Datalink provides data center services and solutions in the United States.
Link
11/07/2016 Collabramind NWN Integration Collabramind, a Cisco contact center specialist, is engaged in the planning, design, architecture, and implementation of routing, switching, security, and collaboration solutions.
Link
11/07/2016 Cigital and Codiscope Synopsys (Nasdaq: SNPS)
Security Cigital and Codiscope provide software security managed and professional services, and complementary security tools.
Link
11/08/2016 Staffing Robot Advanced Medical Personnel Services
Staffing Staffing Robot provides Website design, development, and marketing services for staffing and recruiting companies.
Link
11/08/2016 Gridstone Motorola Solutions (NYSE: MSI)
SDO Gridstone specializes in developing cloud-based mobile applications.
Link
11/09/2016 Machina Research Gartner (NYSE: IT) Consulting Machina Research provides market intelligence and strategic insight on Internet of Things (IoT), Machine-to-Machine (M2M), and big data opportunities.
Link
©Cherry Tree & Associates LLC 2017 9
11/09/2016 Nashco Consulting Accenture (NYSE: ACN)
Integration Nashco Consulting, a Canada-based company, provides consulting, design, and implementation services for ServiceNow.
Link
11/10/2016 Test Direct QualiTest Consulting Test Direct provides IT testing and quality assurance services for private and public sectors in the United Kingdom.
Link
11/10/2016 ServPartners STONE Resource Group
Staffing ServPartners provides network based staffing services.
Link
11/10/2016 DayNine Accenture (NYSE: ACN)
Integration DayNine is a leading global Workday consulting and deployment services provider.
Link
11/11/2016 Virtual Security Research NCC Group (LSE: NCC)
Security Virtual Security Research, provides information, network, and application security consulting services to clients mainly in the technology and financial services sectors.
Link
11/11/2016 NSC Technologies White Wolf Capital Staffing NSC Technologies provides staffing and workforce management solutions for marine, energy, commercial, logistics, and industrial marketplaces.
Link
11/14/2016 Apptix Fusion Telecommunications (Nasdaq: FSNN)
Integration Apptix, a cloud services provider, offers hosted business communication, collaboration, and IT solutions to SOHO and Fortune 500 businesses.
Link
11/14/2016 L4 Globant (NYSE: GLOB)
Digital L4 provides digital products consulting, design, development, and quality assurance services.
Link
11/14/2016 Integrio Technologies Sysorex (Nasdaq: SYRX)
Integration Integrio Technologies provides IT network integration and engineering solutions and services.
Link
11/15/2016 Siege Technologies Nehemiah Security Security Siege Technologies provides defensive cyber security solutions for private and government sectors in the United States.
Link
11/15/2016 Ardent Support Technologies Park Place Technologies
Integration Ardent Support Technologies is a third-party support provider for data center hardware.
Link
11/16/2016 Procopy Office Solutions FlexPrint Integration Procopy Office Solutions offers document imaging products and solutions in Arizona.
Link
©Cherry Tree & Associates LLC 2017 10
11/16/2016 Two Shea Consulting Revel Consulting Staffing Two Shea Consulting operates as a technology consulting, recruiting, and staffing company that serves business-to-business clients in the Bay Area.
Link
11/17/2016 Nuspire Networks ABRY Partners Security Nuspire Networks provides managed network security services to companies worldwide.
Link
11/17/2016 BuzzShift Ivie & Associates Digital BuzzShift operates as a digital strategy agency.
Link
11/29/2016 Mirabeau Cognizant (Nasdaq: CTSH)
Digital Mirabeau operates as a digital marketing and customer experience agency that specializes in travel and hospitality, financial services, retail, and B2B sectors in the Netherlands and internationally.
Link
11/29/2016 Distributed Systems Services Contegix Integration Distributed Systems Services provides managed technology services.
Link
11/29/2016 Praxis Information Science Weidenhammer Systems
Consulting Praxis Information Science develops e-commerce solutions.
Link
11/29/2016 Karmarama Accenture (NYSE: ACN)
Digital Karmarama, an integrated advertising agency in the United Kingdom, provides CRM services; digital services, such as designing, building, and improving Websites; and content services, including TV production and content creation.
Link
11/30/2016 Paramore Osborn Barr Digital Paramore, a digital agency, develops Websites and digital media campaigns.
Link
11/30/2016 Ntiva Southfield Capital Partners
Outsourcing Ntiva provides managed IT services for SMBs.
Link
12/01/2016 Alsbridge Information Services Group
Outsourcing Alsbridge operates as a benchmarking, sourcing, and transformation advisory company for Fortune 500 companies.
Link
12/01/2016 Marathon Consulting Netsurit Consulting Marathon Consulting offers IT consultancy services including strategy, systems design, and ongoing support.
Link
12/01/2016 LShift Oliver Wyman SDO LShift provides software development and IT consulting services.
Link
12/01/2016 ThinkASG Sirius Computer Solutions
Consulting ThinkASG provides IT services, specializing in IBM-based infrastructure.
Link
12/02/2016 Delex Fairfax Integrated Security Systems
AllCom Global Services
Security Delex Fairfax Integrated Security Services provides IT security and electronic security integration services.
Link
©Cherry Tree & Associates LLC 2017 11
12/02/2016 Continuum LSC Communications (NYSE: LKSD)
Integration Continuum provides print management solutions.
Link
12/05/2016 The Stamford Group Allegis Group Staffing The Stamford Group, a recruitment agency, provides sourcing solutions.
Link
12/05/2016 WP Curve GoDaddy (NYSE: GDDY)
Integration WP Curve provides WordPress support services to customers in the United States and internationally.
Link
12/06/2016 Optiv Security KKR Security Optiv Security provides cyber security solutions to plan, build, and run security programs.
Link
12/06/2016 DreamJobs Yoh Services Staffing DreamJobs designs and implements sourcing strategies, recruiting systems, processes, and methodologies to help customers recruit and hire talent.
Link
12/07/2016 Thrive Networks M/C Partners Outsourcing Thrive Networks provides outsourced IT services for small and midsize businesses in the greater Boston area.
Link
12/07/2016 Atidan Razor Technology Consulting Atidan provides collaborative, portal, information management, search and retrieval, business intelligence, security, and cloud services.
Link
12/07/2016 Guidant Partners TekLinks Integration Guidant Partners provides managed IT infrastructure services to mid-market clients in the United States.
Link
12/07/2016 Pivot Point Consulting and Greythorn
Vaco Healthcare Consulting Pivot Point Consulting and Greythorn provide electronic health record implementation, training, optimization, project management and strategic advisory services.
Link
12/08/2016 All In Media DTS Digital All In Media develops and supplies smartphone apps and broadcast systems for the broadcasting industry worldwide.
Link
12/08/2016 Corporate IT Solutions M/C Partners Integration Corporate IT Solutions provides planning, designing, integrating, operating, and optimizing networking and system solutions.
Link
12/08/2016 Sentient Interactive W2O Group Digital Sentient Interactive provides digital marketing services.
Link
12/12/2016 Keystroke Creative MapAnything Consulting Keystroke Creative provides technology and software consulting to the small and medium sized business market.
Link
©Cherry Tree & Associates LLC 2017 12
12/12/2016 Dattatec.com Web.com (Nasdaq: WEB)
Outsourcing Dattatec.com provides web hosting, cloud servers, dedicated servers, email marketing, and domains services in Latin America.
Link
12/13/2016 Admo.net Contegix Integration Admo.net provides cloud and managed services.
Link
12/14/2016 Prolific Interactive Omnicom Group (NYSE: OMC)
Digital Prolific Interactive provides mobile strategy, design, and engineering services.
Link
12/14/2016 Mokriya Nagarro Digital Mokriya develops enterprise mobile applications and software solutions for mobile and IoT.
Link
12/14/2016 e2x OLR Consulting e2x engages in the deployment, modification, and platform optimization of Oracle eCommerce solutions.
Link
12/14/2016 Logicworks Pamplona Capital Management
Integration Logicworks provides managed hosting and cloud computing services leveraging Amazon Web Services.
Link
12/15/2016 Annik LiquidHub Consulting Annik, a data and analytics solutions company, helps businesses to leverage their data assets.
Link
12/15/2016 Code Computer Love WPP (LSE: WPP) Digital Code Computer Love operates as a digital marketing and communications agency in the United Kingdom.
Link
12/16/2016 Adaptra Cognizant (Nasdaq: CTSH)
Consulting Adaptra provides consulting, business transformation and IT services in Australia.
Link
12/16/2016 BMC Group Randstad (ENXTAM: RAND)
Staffing BMC Group provides consultancy and management solutions.
Link
12/19/2016 Edaptive Systems ManTech (Nasdaq: MANT)
Consulting Edaptive Systems provides IT solutions primarily to federal health agencies.
Link
12/19/2016 Arismore Accenture (NYSE: ACN)
Security Arismore provides enterprise architecture and information systems security solutions to companies and governments in France.
Link
12/20/2016 Sonoma Consulting Halo Group Consulting Sonoma Consulting operates as an IT consulting and executive search company.
Link
12/20/2016 Digital Operative transcosmos Digital Digital Operative operates as digital marketing agency.
Link
12/21/2016 Veris Group Coalfire Systems Security Veris Group provides cybersecurity services for large public and private organizations in the United States.
Link
12/23/2016 WDEV Ebix (Nasdaq: EBIX) Integration WDEV provides IT consulting services for the insurance market in Brazil.
Link
©Cherry Tree & Associates LLC 2017 13
Contact Information
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.
Led by IT industry veterans, our team will work with you to evaluate your company's strategic
alternatives and determine how trends in IT services affect your prospects.
Elmer Baldwin, Managing Director Investment Banking Cherry Tree & Associates, LLC [email protected] (952) 253-6001 direct www.cherrytree.com
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 IT Services Performance Index is a hypothetical index, and does not reflect an actual investment portfolio.
Comparisons between the IT Services Index and other indices are for illustrative purposes only. Correlations in
performance information for the IT Services 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 IT Performance Services Index.
Past performance should not be relied upon as indicative of future performance.