Cherry Tree's IT Services Newsletter March 2016

March 2016

©Cherry Tree & Associates LLC 2016 1

Cherry Tree & Associates (Cherry Tree) 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, please contact us at 952-893-9012.

2016 is expected to be a healthy year for the IT services industry. The major technology trends are driving demand for services and talent in areas such as digital marketing, cloud computing, data analytics, mobile connectivity, and cybersecurity. Readily available debt financing, cash reserves, and higher confidence in the global economy are some of the major drivers of the record breaking year for M&A in 2015. However, finding, hiring and retaining the talent to deliver on this new digital paradigm is one of the biggest challenges.

Rapid advances in digital technology and data, along with profound shifts in enterprise customer behaviors has challenged many IT services companies’ ability to stay aligned with their clients’ highest priorities. The rush to secure talent has driven unemployment rates for IT jobs below 1% in some cases. While the fixed annual allocation of H-1B work visas remains a constraint on new supply, especially in light of the fact that there were nearly 3x as many petitions filed as visas available this year, the number of computer science (CS) graduates in the US is rising and CS master’s degrees is at an all-time high.1

IT services companies are seeking M&A to help them rapidly install in-demand service offerings, new capabilities, talent and scale. In 2015 and Q1 2016, many traditional management and technology consulting companies have acquired digital agencies specializing in UX, UI, mobile, creative, design and agile. Cloud computing services will continue to drive many middle-market deals. IT services companies with security-oriented practices were a hot commodity in February, with many notable transactions involving companies specializing in either network or cybersecurity. The largest staffing and systems integrators are using M&A to bulk up their businesses. Last, but not least, partner programs, especially SAP, Salesforce, and Microsoft-specific managed services capabilities were in high demand.

Cherry Tree & Associates

IT Services Market and M&A Outlook

Information Technology Services Newsletter Consulting, Outsourcing, Staffing, Systems Integration, Security and more…

March 2016


The first quarter of 2016 produced high M&A volume, continuing the strong performance of the previous year. Therefore, the outlook for M&A activity within the IT services industry appears very good for those companies with strong underlying fundamentals, differentiated business models, in-demand services offerings, or specialized industry focus.

2015 finished strong and higher deal volume continued into the first quarter 2016. It was a banner year for global M&A, as volume surpassed $5.0 trillion for the first time on record. US targeted M&A experienced a record year with $2.47 trillion, accounting for 49% of global volume. It was the biggest year on record for global technology M&A in both volume and activity with $718.2 billion on 9,537 deals; accounting for 14% of annual volume.2

US corporate profits continue to fuel investment in technology and associated services. Large companies, like IBM, HP and Accenture, were active acquirers of cloud based IT service businesses. Channel partner programs drove deals, especially with Microsoft, SAP and Oracle.

For the first two months of 2016, global technology M&A was at $71.4 billion via 1,535 deals, the highest YTD level since 2000 and up 53% on 2015 YTD ($46.6 billion). Volume has been driven by 15 deals over $1 billion announced in the technology sector so far this year, the second highest YTD level on record.3

Q1 2016 ended with some notable announcements in March:

NTT DATA acquires Dell Services for over $3.0 billion forglobal business

Wipro acquires HealthPlan Services for $460 million for UShealthcare expansion

Adecco acquires Penna Consulting for almost $150 million forEuropean expansion

Sapient acquires Vertiba, a Salesforce Gold ConsultingPartner

IBM acquires CRM SaaS firm in UK, Optevia, a MicrosoftDynamics systems integrator

IBM announces plan to acquire Bluewolf, a top Salesforcepartner

Accenture raises its guidance after strong performance inrecent quarter

Q1 2016 in Review


March 2016


The company to watch is Accenture (ACN: NYSE). Accenture raised its guidance for the year after the consulting company beat expectations in its latest quarter (ending Feb. Q2FY2016). The company has been working to shift its business to high-growth areas including digital, cloud and security services. A string of acquisitions has benefited the businesses and helped it claim market share, driving sales growth despite adverse exchange rates that make its services more expensive outside the US.4

Accenture closed 14 acquisitions in 2015, including cloud-computing service Cloud Sherpas, which helps companies implement Google and Salesforce.com products, Formicary, which services trading platforms, and cybersecurity services firm Cimation.

The company expects revenue to increase a currency-adjusted 8% to 10%, up from 6% to 9% previously. Digital-oriented revenue growth rate was north of 25%.5

Cherry Tree monitors the IT services market, including deal rationale, volume and multiples. The IT Services Performance Index is a group of 51 publicly traded companies representing each of the market segments.6

Over the past twelve months, publicly traded IT services firms in Cherry Tree’s IT services index has performed in line with the market. Median Enterprise Values for publicly traded companies in the index are summarize below by segment.

Accenture

IT Services Performance Index


March 2016


($ in millions)

Market LTM LTM LTM Gross EBITDA LTM LTM LTM

Company Name Cap Value Revenue Gross Profit EBITDA Margin Margin Revenue Gross Profit EBITDA 1-Year 3-Year

SUMMARY STATISTICS - MEDIAN VALUES

STAFFING $626.7 $674.8 $1,752.8 $546.4 $85.2 18.9% 4.8% 0.4x 1.7x 9.1x 3.8% 3.2%

SYSTEMS INTEGRATION $1,653.9 $1,651.3 $1,186.4 $267.0 $156.5 27.8% 11.5% 1.2x 6.2x 11.3x 4.5% 8.6%

CONSULTING $651.8 $914.4 $699.0 $267.8 $108.6 38.7% 11.2% 1.1x 2.9x 9.1x 7.0% 4.1%

OUTSOURCING $4,748.1 $5,594.1 $3,015.1 $967.5 $417.0 33.0% 16.8% 2.4x 6.9x 13.3x 18.1% 17.0%

SECURITY $175.9 $132.9 $180.9 $44.7 $13.4 25.0% 9.5% 1.3x 3.7x 12.7x 21.1% 10.6%

ALL COMPANIES $1,224.7 $1,356.4 $985.5 $329.9 $120.4 31.4% 11.2% 1.2x 4.0x 10.8x 8.4% 7.4%

STAFFING

Adecco $11,404.2 $12,589.7 $23,904.4 $4,538.7 $1,293.5 19.0% 5.4% 0.5x 2.8x 9.7x 10.1% 2.3%

CDI $123.7 $125.6 $985.5 $184.9 $10.4 18.8% 1.1% 0.1x 0.7x 12.0x -12.2% -3.7%

Computer Task Group $97.3 $87.7 $369.5 $69.5 $14.5 18.8% 3.9% 0.2x 1.3x 6.1x -6.0% -4.5%

Kel ly Services $721.9 $735.2 $5,518.2 $920.3 $89.0 16.7% 1.6% 0.1x 0.8x 8.3x -0.8% 0.4%

Kforce $531.4 $614.3 $1,319.2 $414.1 $81.4 31.4% 6.2% 0.5x 1.5x 7.5x 8.4% 9.5%

ManpowerGroup $5,877.6 $6,070.0 $19,329.9 $3,295.8 $784.7 17.1% 4.1% 0.3x 1.8x 7.7x -6.9% -2.2%

Mastech $31.4 $43.1 $123.5 $23.8 $6.3 19.3% 5.1% 0.3x 1.8x 6.9x 8.8% 10.8%

On Ass ignment $1,964.2 $2,695.8 $2,065.0 $678.7 $218.6 32.9% 10.6% 1.3x 4.0x 12.3x 19.7% 22.1%

Randstad $10,103.3 $10,641.2 $20,873.4 $3,903.9 $952.4 18.7% 4.6% 0.5x 2.7x 11.2x 11.4% 4.0%

RCM Technologies $66.2 $86.3 $185.7 $51.9 $9.3 27.9% 5.0% 0.5x 1.7x 9.3x -4.1% 8.4%

Robert Hal f International $6,014.0 $5,790.6 $5,094.9 $2,114.5 $633.9 41.5% 12.4% 1.1x 2.7x 9.1x 8.5% 7.4%

Volt Information Sciences $156.9 $243.4 $1,440.7 $218.6 $4.9 15.2% 0.3% 0.2x 1.1x n/m -13.8% -11.3%

25th Percentile $117.1 $116.2 $831.5 $156.0 $10.2 18.3% 3.3% 0.2x 1.2x 7.6x -6.3% -2.6%

Median $626.7 $674.8 $1,752.8 $546.4 $85.2 18.9% 4.8% 0.4x 1.7x 9.1x 3.8% 3.2%

Mean $3,091.0 $3,310.2 $6,767.5 $1,367.9 $341.6 23.1% 5.0% 0.5x 1.9x 9.1x 1.9% 3.6%

75th Percentile $5,911.7 $5,860.5 $8,971.1 $2,409.8 $671.6 28.8% 5.6% 0.5x 2.7x 10.5x 9.1% 8.7%

Enterprise Value /

Enterprise Revenue Growth


March 2016


($ in millions)

Market LTM LTM LTM Gross EBITDA LTM LTM LTM

Company Name Cap Value Revenue Gross Profit EBITDA Margin Margin Revenue Gross Profit EBITDA 1-Year 3-Year

SYSTEMS INTEGRATION

Cap Gemini $16,207.5 $14,658.6 $12,940.5 $1,370.6 $1,419.5 10.6% 11.0% 1.1x 10.7x 10.3x 12.7% 5.1%

CGI Group $14,670.6 $15,924.1 $7,516.9 $2,285.0 $1,292.0 30.4% 17.2% 2.1x 7.0x 12.3x 0.3% 18.5%

Ciber $169.3 $182.1 $787.0 $204.1 $21.2 25.9% 2.7% 0.2x 0.9x 8.6x -8.9% -3.1%

Edgewater Technology $92.7 $85.7 $109.7 $39.6 $5.0 36.1% 4.6% 0.8x 2.2x 17.1x 4.7% 5.5%

Perficient $781.2 $828.3 $458.1 $155.2 $55.2 33.9% 12.1% 1.8x 5.3x 15.0x 4.2% 13.7%

Reply S.p.A. $1,386.7 $1,356.4 $766.3 $110.1 $105.3 14.4% 13.7% 1.8x 12.3x 12.9x 8.7% 11.7%

Sopra Steria Group $2,342.8 $2,947.3 $3,892.9 $329.9 $284.7 8.5% 7.3% 0.8x 8.9x 10.4x 57.2% 43.4%

Tieto Oyj $1,921.2 $1,946.1 $1,585.8 $469.3 $207.8 29.6% 13.1% 1.2x 4.1x 9.4x -4.1% -7.2%

25th Percentile $628.2 $666.8 $689.3 $143.9 $46.7 13.4% 6.6% 0.8x 3.7x 10.1x -0.8% 3.0%

Median $1,653.9 $1,651.3 $1,186.4 $267.0 $156.5 27.8% 11.5% 1.2x 6.2x 11.3x 4.5% 8.6%

Mean $4,696.5 $4,741.1 $3,507.1 $620.5 $423.8 23.7% 10.2% 1.2x 6.4x 12.0x 9.4% 10.9%

75th Percentile $5,424.8 $5,875.2 $4,798.9 $694.6 $536.5 31.3% 13.3% 1.8x 9.4x 13.4x 9.7% 14.9%

CONSULTING

Forrester Research $597.7 $496.6 $313.7 $187.5 $32.3 59.8% 10.3% 1.6x 2.6x 15.4x 0.5% 2.3%

FTI Consulting $1,436.3 $1,781.3 $1,779.1 $607.7 $199.9 34.2% 11.2% 1.0x 2.9x 8.9x 1.3% 4.1%

Gartner $7,357.1 $7,814.2 $2,163.1 $1,324.0 $353.1 61.2% 16.3% 3.6x 5.9x 22.1x 7.0% 10.2%

Huron Consulting $1,160.0 $1,413.8 $699.0 $297.1 $155.6 42.5% 22.3% 2.0x 4.8x 9.1x 11.4% 3.7%

ICF International $651.8 $955.5 $1,132.2 $437.8 $108.6 38.7% 9.6% 0.8x 2.2x 8.8x 7.8% 6.5%

Information Services Group $147.0 $180.8 $209.2 $84.5 $16.8 40.4% 8.0% 0.9x 2.1x 10.8x -0.2% 2.8%

Navigant Consulting $749.6 $914.4 $833.8 $267.8 $120.4 32.1% 14.4% 1.1x 3.4x 7.6x 8.8% 4.9%

Resources Connection $577.8 $467.7 $594.9 $229.0 $56.9 38.5% 9.6% 0.8x 2.0x 8.2x 1.8% 1.6%

The Hackett Group $456.0 $432.5 $234.6 $88.5 $27.6 37.7% 11.8% 1.8x 4.9x 15.6x 9.9% 5.5%

25th Percentile $577.8 $467.7 $313.7 $187.5 $32.3 37.7% 9.6% 0.9x 2.2x 8.8x 1.3% 2.8%

Median $651.8 $914.4 $699.0 $267.8 $108.6 38.7% 11.2% 1.1x 2.9x 9.1x 7.0% 4.1%

Mean $1,459.2 $1,606.3 $884.4 $391.5 $119.0 42.8% 12.6% 1.5x 3.4x 11.8x 5.4% 4.6%

75th Percentile $1,160.0 $1,413.8 $1,132.2 $437.8 $155.6 42.5% 14.4% 1.8x 4.8x 15.4x 8.8% 5.5%

OUTSOURCING

Accenture $71,985.5 $69,538.5 $31,617.6 $9,961.6 $5,282.6 31.5% 16.7% 2.2x 7.0x 13.2x 2.3% 3.8%

Atos $8,418.6 $8,033.1 $11,605.2 $1,532.3 $1,478.4 13.2% 12.7% 0.7x 5.2x 5.4x 18.1% 6.5%

Cognizant $38,191.8 $34,529.8 $12,416.0 $4,975.8 $2,472.0 40.1% 19.9% 2.8x 6.9x 14.0x 21.0% 19.1%

Computer Sciences Corporation $4,748.1 $5,594.1 $11,265.0 $2,552.0 $1,203.0 22.7% 10.7% 0.5x 2.2x 4.7x 18.1% -8.1%

EPAM Systems $3,761.2 $3,566.5 $914.1 $347.2 $142.1 38.0% 15.5% 3.9x 10.3x 25.1x 25.2% 28.2%

Genpact $5,724.7 $6,073.5 $2,461.0 $967.5 $417.0 39.3% 16.9% 2.5x 6.3x 14.6x 8.0% 9.0%

Hexaware Technologies $1,224.7 $1,160.2 $471.7 $122.3 $79.3 25.9% 16.8% 2.5x 9.5x 14.6x 21.0% 17.0%

Infosys $42,017.3 $37,498.0 $9,214.0 $3,380.0 $2,558.0 36.7% 27.8% 4.1x 11.1x 14.7x 6.6% 8.4%

Luxoft Holding $1,810.1 $1,712.7 $618.9 $261.0 $103.7 42.2% 16.7% 2.8x 6.6x 16.5x 26.4% 27.1%

MindTree $1,650.8 $1,552.1 $644.3 $209.7 $116.1 32.5% 18.0% 2.4x 7.4x 13.4x 23.6% 23.5%

Rolta India $185.5 $940.9 $592.2 $235.3 $219.0 39.7% 37.0% 1.6x 4.0x 4.3x -3.6% 27.4%

Syntel $4,191.5 $3,280.9 $968.6 $384.0 $281.2 39.6% 29.0% 3.4x 8.5x 11.7x 6.3% 10.2%

Tata Consultancy $74,931.3 $71,197.4 $15,768.3 $5,198.5 $4,001.3 33.0% 25.4% 4.5x 13.7x 17.8x 13.5% 20.4%

Tech Mahindra $6,935.7 $6,345.1 $3,906.8 $1,122.7 $625.3 28.7% 16.0% 1.6x 5.7x 10.1x 20.0% 59.4%

Unisys $385.4 $343.6 $3,015.1 $593.5 $120.9 19.7% 4.0% 0.1x 0.6x 2.8x -10.2% -6.6%

Virtusa $1,116.7 $937.6 $554.5 $197.0 $70.5 35.5% 12.7% 1.7x 4.8x 13.3x 19.5% 20.4%

Wipro $20,875.1 $17,758.2 $7,513.3 $2,326.3 $1,624.9 31.0% 21.6% 2.4x 7.6x 10.9x 7.1% 15.5%

25th Percentile $1,650.8 $1,552.1 $644.3 $261.0 $120.9 28.7% 15.5% 1.6x 5.2x 10.1x 6.6% 8.4%

Median $4,748.1 $5,594.1 $3,015.1 $967.5 $417.0 33.0% 16.8% 2.4x 6.9x 13.3x 18.1% 17.0%

Mean $16,950.2 $15,886.0 $6,679.2 $2,021.6 $1,223.2 32.3% 18.7% 2.3x 6.9x 12.2x 13.1% 16.5%

75th Percentile $20,875.1 $17,758.2 $11,265.0 $2,552.0 $1,624.9 39.3% 21.6% 2.8x 8.5x 14.6x 21.0% 23.5%

SECURITY

Comp S.A. $74.4 $108.0 $180.9 $44.7 $13.4 24.7% 7.4% 0.6x 2.4x 8.1x 22.8% 22.3%

LAC Co. $253.2 $235.1 $294.0 $62.8 $27.8 21.3% 9.5% 0.8x 3.7x 8.5x 7.7% 3.6%

NCC Group $995.1 $1,100.6 $248.2 $69.4 $47.2 28.0% 19.0% 4.4x 15.9x 23.3x 38.6% 20.9%

Nixu Oyj $34.1 $28.6 $17.6 $16.3 $1.6 92.6% 8.9% 1.6x 1.8x 18.2x 21.1% 2.7%

Secunet Securi ty Networks $175.9 $132.9 $98.9 $24.8 $10.4 25.0% 10.5% 1.3x 5.4x 12.7x 10.8% 10.6%


Median $175.9 $132.9 $180.9 $44.7 $13.4 25.0% 9.5% 1.3x 3.7x 12.7x 21.1% 10.6%

Mean $306.6 $321.1 $167.9 $43.6 $20.1 38.3% 11.1% 1.8x 5.8x 14.2x 20.2% 12.0%


As of 3/31/2016

Enterprise Value /

Enterprise Revenue Growth


March 2016


Marco acquires Data Comm and Nexus Office Systems in national expansion

January 2016 Segment: Systems Integration Keywords: partners, geography, scale, Missouri, Illinois Marco acquires Data Comm, Inc. located in Missouri and Nexus Office Systems, Inc. in Illinois. The purchase of Data Comm allows Marco to expand its geographic footprint and provide technical services from seven locations throughout the state of Missouri. Data Comm has been in business for 43 years and serves over 4,200 customers. With the purchase of Nexus Office Systems in Rockford, IL, Marco now has four locations in Illinois. Nexus has been in business for 34 years and serves over 1,200 customers

Marco has completed 14 acquisitions over the past three years.

http://www.marconet.com/blogs/newsroom/marco-purchases-missouri-and-illinois-companies-continues-national-expansion/

Mercer acquires CPSG Partners, a leading Workday services partner

January 2016 Segment: Consulting Keywords: cloud, partner, Workday Mercer acquires CPSG Partners (CPSG), a leading Workday services partner. This acquisition will significantly expand the size and capabilities of Mercer’s existing Workday practice while providing a global distribution channel for CPSG. By acquiring CPSG, Mercer will be able to meet clients’ needs for cloud-based finance and HR services across a broader array of industry segments and employer sizes with Workday Financial Management and Human Capital Management (HCM).

http://www.businesswire.com/news/home/20160105005839/en/Mercer-Acquires-Top-Tier-Workday-Services-Partner

Presidio acquires privately held, family owned, CISCO star partner - Netech Corporation

January 2016 Segment: Systems Integration Keywords: cloud, security, partner, CISCO Presidio, a leading national provider of professional and managed services for advanced IT solutions, acquires Netech Corporation. Netech is a privately held, family owned, IT

2016 Q1 Notable Transactions






March 2016


services and solutions integrator with 11 offices throughout the Midwest and revenues in excess of $300 million. It was founded 19 years ago by James Engen and is headquartered in Grand Rapids, MI. Netech is recognized as one of Cisco's top regional partners based on its performance in Michigan, Illinois, Indiana, Wisconsin, Ohio, and Pennsylvania. This is the second recent acquisition announced from Presidio, having closed the acquisition of Sequoia Worldwide to create a dedicated cloud practice in November 2015.

https://globenewswire.com/news-release/2016/01/06/799804/10158921/en/Presidio-Acquires-Assets-of-Netech-Corporation-in-Deal-for-Cloud-Security-and-Collaboration-Services-Provider-in-the-US-Midwest.html

Net@Work acquires the eCommerce practice of Pixafy, a Magento Gold Partner

January 2016 Segment: Consulting Keywords: cloud, web, partner, Magento, eCommerce Net@Work owners acquire the eCommerce practice of Pixafy Services, LLC, a Magento Gold Partner specializing in developing world class eCommerce websites. Pixafy will continue to deliver Magento Enterprise B2C and B2B websites for clients, who will now have access to Net@Work’s broad technology stack and highly regarded professional services team. Pixafy Services will also serve as Net@Work’s Web & eCommerce arm.

http://www.pixafy.com/blog/2016/01/netatwork-founders-announce-acquisition-of-magento-ecommerce-practice-of-pixafy/

Preferred Solutions Joins Forces With AccessPoint

January 2016 Segment: Staffing Keywords: Healthcare, Michigan, HR, IT AccessPoint, an experienced Staffing, Recruiting, HR Outsourcing, and Professional Employer Organization (PEO) company, announced that Michigan-based Preferred Solutions has merged into its Staffing business unit, where it will operate independently. With this merger, AccessPoint adds significantly









March 2016


to its market presence in the areas of Electronic Health Records (EHR) implementations, Healthcare Information Technology Staffing and Consulting, and mandatory audits required of the Affordable Care Act (ACA).

http://accesspointhr.com/preferred-solutions-joins-forces-accesspoint/

Mindtree acquires Magnet 360, a Salesforce Platinum Consulting Partner, to accelerate leadership in cloud computing and digital transformation

January 2016 Segment: Consulting Keywords: cloud, CRM, partner, Salesforce, Minneapolis, India Mindtree acquires Magnet 360, a Salesforce Platinum consulting partner. Magnet 360 brings strong expertise across Salesforce Sales, Service and Marketing Cloud implementations. Combined with Mindtree's established Salesforce practice, this acquisition positions the company for leadership in addressing the fast-growing cloud-based services market.

http://www.prnewswire.com/news-releases/mindtree-to-acquire-magnet-360-a-salesforce-platinum-consulting-partner-565625211.html

Infront Sport & Media acquires majority share in Omnigon digital agency

January 2016 Segment: Consulting Keywords: digital, agency, sports, media, entertainment Infront Sports & Media, a leading international sports marketing company, has acquired a 51 percent stake in Omnigon, one of the leading digital services firms within the sports and entertainment industries. The deal makes Infront the majority shareholder of Omnigon and follows a successful strategic partnership announced in October 2015. Omnigon will continue to operate the brand and the management team to remain in place.

http://www.omnigon.com/news/infront-acquires-majority-shareholding-omnigon









March 2016


TierPoint acquires Cosentry scaling operations to 38 data centers nationally in 24 markets

January 2016 Segment: Outsourcing Keywords: data center, colocation, cloud, managed services, Nebraska TierPoint, LLC, a leading national provider of cloud, managed services, and colocation based in St. Louis, acquires Cosentry, a rapidly growing provider of cloud, colocation and managed services based in Omaha, Nebraska. Cosentry currently operates nine data centers in several Midwest markets, including Omaha, Nebraska; St. Louis, Missouri; Kansas City, Missouri and Kansas; Sioux Falls, South Dakota; and Milwaukee, Wisconsin. The company has been named one of Inc. Magazine's "5000 Fastest Growing Companies" for eight consecutive years. Cosentry becomes a subsidiary of TierPoint and operates under the TierPoint brand. Private equity firm TA Associates, which acquired Cosentry in 2011, becomes a significant investor in TierPoint, joining RedBird Capital Partners, Cequel III, Ontario Teachers' Pension Plan, the Stephens Group, JZ Advisers and Thompson Street Capital Partners.

http://www.tierpoint.com/company/news/tierpoint-acquire-cosentry/

OSG Billing Services acquires National Business Systems, Inc.

January 2016 Segment: Outsourcing Keywords: print and mail services, document management, billing, Minnesota OSG Billing Services (OSG), a leading provider of outsourced billing and statement services and customer communication management, acquires National Business Systems, Inc. (NBS), a privately-held industry leader in data and document management, headquartered in Eagan, MN. Through the acquisition, OSG will be able to further position itself as a leading provider of technology-driven, transactional and customer communications solutions. NBS is a business outsource provider that specializes in solutions for banks, credit unions and manufacturers. They provide both traditional print




March 2016


and mail services as well as electronic document delivery and offer document workflow solutions including document archiving, scanning and microfilm conversion to searchable digital archives.

http://www.osgbilling.com/pdf/press_releases/osg-nbs-press-release.pdf?pdf=NBS-Press-Release

Lockheed Martin to split-off its IT and technical services businesses and combine with Leidos

January 2016 Segment: Systems Integration Keywords: government, aerospace, industrial, engineering Lockheed Martin (NYSE: LMT) has entered into a definitive agreement to split-off its Information Systems & Global Solutions (IS&GS) business and combine with Leidos Holdings, Inc. (NYSE: LDOS) in a tax-efficient Reverse Morris Trust transaction. The sale will value the IS&GS assets at $5.0 billion. Lockheed Martin is to receive a one-time special cash payment of $1.8 billion. Lockheed Martin stockholders to receive 50.5 percent equity in Leidos, worth approximately $3.2 billion. The transactionis said to be highly complementary to strategic objectives of both corporations with substantial synergies and potential to enhance value for both sets of stockholders. This tax-efficient Reverse Morris Trust transaction completes Lockheed’s portfolio reshaping efforts announced July 2015.

http://www.lockheedmartin.com/us/news/press-releases/2016/january/012516-lm-it-services-update.html

PA Group USA acquires Cloud Nine Solutions to boost CRM practice

January 2016 Segment: Consulting Keywords: CRM, partner, Microsoft, cloud PA Group USA, the US subsidiary of Gruppo PA (Italy), acquires Cloud Nine Solutions to boost its software consulting business in the Customer Relationship Management (CRM) software category. Cloud Nine Solutions is a certified Microsoft partner that offers expertise in Microsoft Dynamics CRM and SharePoint, delivering solutions that run on-premise or in the cloud as a software-as-a-service. The company also offers






March 2016


custom website and application development. Both PA Group USA and Cloud Nine Solutions are based in Chattanooga, Tennessee.

http://talkincloud.com/cloud-computing-mergers-and-acquisitions/pa-group-usa-acquires-cloud-nine-solutions-boost-crm-expert

Grey Group acquires mobile experiences studio ArcTouch

January 2016 Segment: Consulting Keywords: digital, agency, mobile, user experience, design Grey Group, the global marketing communications company, has acquired ArcTouch Inc., a leading full-service mobile design and development company in the United States. ArcTouch's gross revenues were $14 million as of December 31, 2015. The company employs 97 people and is headquartered in San Francisco with an office in Florianopolis, Brazil. It was founded in 2008 by Eric N. Shapiro, Chief Executive Officer, and Adam Fingerman, Chief Experience Officer, who will continue to lead the company. ArcTouch will become a free-standing unit of Grey's Brand Experience Group which also includes Grey Activation and PR, its full-service public relations and activation arm, and Grey Shopper, its shopper marketing arm. ArcTouch, together with Grey San Francisco, brings the agency's total West Coast staff to nearly 150, reporting to Michael Houston.

http://www.prnewswire.com/news-releases/grey-group-acquires-mobile-experiences-studio-arctouch-300210578.html

Cognizant acquires KBACE Technologies to enable clients to accelerate journey to cloud and improve business agility

January 2016 Segment: Consulting Keywords: cloud, partner, managed services, Oracle Cognizant (NASDAQ: CTSH) acquired privately-held KBACE Technologies, Inc., a global consulting and technology services company specializing in cloud strategy, implementation and integration. Based in Nashua, New Hampshire, KBACE has one of the largest reference bases of Oracle Cloud Applications customers in the world and is a leading Oracle Cloud partner. The terms of the transaction were not disclosed. The acquisition strengthens and expands Cognizant's digital capabilities as more clients move critical business applications to cloud-based IT infrastructures to reduce costs and complexity and improve







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business agility. As part of the acquisition, approximately 400 KBACE consultants and implementation experts across industry and business functions will become part of Cognizant. The combined capabilities will further enable Cognizant to help clients become intuitively digital by using the cloud to derive new insights, unlock new opportunities and lower costs through a subscription-based business model.

http://www.prnewswire.com/news-releases/cognizant-acquires-kbace-technologies-to-enable-clients-to-accelerate-journey-to-cloud-and-improve-business-agility-300210027.html

IBM acquires digital marketing and creative agency Resource/Ammirati

January 2016 Segment: Consulting Keywords: digital, agency, creative, design, analytics IBM (NYSE: IBM) announced its intent to acquire Resource/Ammirati -- a leading, US-based digital marketing and creative agency -- combining the companies’ strategic, creative and technology talents to address rising demand from businesses seeking to reinvent themselves for the digital economy and provide differentiated experiences to their customers. This is IBM’s first acquisition of a digital marketing creative agency and adds to IBM's global, leading design and digital experience capabilities. The acquisition of Resource/Ammirati supports IBM’s goal of helping clients digitally reinvent to create transformative brand experiences. Recognized for the groundbreaking technology and analytics capabilities of Watson, IBM has over 1,000 designers working with strategists, developers and consultants to combine the power of design and technology for clients. IBM boasts Interactive Experience (IBM iX) as the largest global digital agency. Expect many more to follow.

http://www-03.ibm.com/press/us/en/pressrelease/48893.wss

Cyber Risk Management acquires majority stake in identity governance and access management firm APTEC

January 2016 Segment: Security Keywords: IAM, cyber Cyber Risk Management, LLC (“CRM”) today announced a significant growth investment in APTEC, LLC (“APTEC”), a leading






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provider of Identity Governance and Access Management (“IAM”) solution services.

APTEC provides specialized IAM capabilities to Fortune 1000 companies, across the healthcare, financial services, utilities, manufacturing, higher education and government sectors. Headquartered in Bethesda, MD, APTEC services leading IAM platforms, including Oracle, Sailpoint, ForgeRock and Okta. APTEC was also recently recognized as Oracle’s Excellence Specialized Partner of the Year in the Security and Identity Management Solutions category. This is the fourth transaction for CRM, following growth investments in Sunera LLC, ANRC, LLC, and assets purchased from Kratos Defense & Security Solutions.

http://aptecllc.com/company/news/

Trillium acquires Atlantic Associates, Inc.

January 2016 Segment: Staffing Keywords: IT, engineering, perm placement, Massachusetts Trillium Staffing, announced the acquisition of Boston, Massachusetts based Atlantic Associates, Inc. Atlantic Associates, Inc. was founded in 1998 by John Fitzgerald and Jack Harrington who developed a dynamic team and process, allowing the organization to become a leading provider of strategic IT and engineering staffing services. The addition compliments the existing Trillium Technical brand specializing in high level placement of IT and engineering professionals in a multitude of industries. Trillium is recognized by Staffing Industry Analysts as a Top 25 Largest Industrial Staffing Firm in the U.S.

https://trilliumstaffing.com/blog/trillium-announces-the-acquisition-of-atlantic-associates-inc/#more-2859

Loffler acquires Clear North Technologies, doubling size of IT Solutions Group

February 2016 Segment: Systems Integration Keywords: partners, geography, scale, managed services, Minnesota Loffler Companies has acquired Clear North Technologies, a Minnesota-based IT solutions provider headquartered in Plymouth, MN. Loffler will move the Clear North Technologies’

http://aptecllc.com/company/news/




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team to their Bloomington headquarters expanding Loffler’s IT sales and service force, and expanding Loffler's IT managed services and solutions business.

http://www.prweb.com/releases/2016/03/prweb13263183.htm

Avtex acquires custom CRM provider Webfortis

February 2016 Segment: Consulting Keywords: CRM, partner, Microsoft, Minnesota, California Avtex, a leading customer experience technology deployment and consulting company, acquired Webfortis, a Microsoft Dynamics CRM provider headquartered in San Francisco. The Microsoft Dynamics CRM platform provides a centralized database that puts account management and workflow tools at the fingertips of anyone in an organization. Avtex believes that unique CRM solutions are an integral part of a complete customer experience technology strategy.

http://www.prnewswire.com/news-releases/avtex-acquires-custom-crm-provider-webfortis-300213082.html

EarthLink sells select IT services assets to Synoptek

February 2016 Segment: Outsourcing Keywords: managed services, ITSM, cloud EarthLink (EarthLink Holdings Corp., NASDAQ:ELNK), sold select assets associated with its Information Technology (IT) service offering to Synoptek, a worldwide IT managed services and support organization. The transaction aligns EarthLink’s IT services customers with a trusted partner that is best positioned to serve them and it advances EarthLink’s strategy to focus on its business units with greater scale. The transaction provides Synoptek with additional scale and geographic diversity to further enhance the company’s position as a leading IT services provider. The divested IT services assets generate approximately $37 million in annualized run-rate revenue. Proceeds from the transaction are approximately $29 million, subject to post-closing contingencies.

https://globenewswire.com/news-release/2016/02/01/806576/0/en/EarthLink-Announces-Sale-of-Select-IT-Services-Assets-to-Synoptek.html









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Diversified acquires Technical Innovation beefing up technology and media solutions offerings

February 2016 Segment: Systems Integration Keywords: AV, managed services, media, unified communications, IPTV Diversified, a national solutions provider of presentation AV, broadcast, IT and managed Services, announced today the acquisition of Technical Innovation of Atlanta, Georgia. Technical Innovation brings a nationally recognized reputation for best-in-class presentation technology, critical space and broadcast solutions. Both companies were ranked a top five systems integrator for 2015 by Systems Contractor News. The new organization will have over 800 employees in 22 offices across the U.S. Terms were not disclosed. Diversified revenue in 2015 were $215 million and Technical Innovation reported $180 million in revenue.


Tailwind Capital acquires market leading Managed Mobility Services provider Stratix Corporation

February 2016 Segment: Outsourcing Keywords: mobile, MMS, IoT, Georgia Stratix Corporation announced that Tailwind Capital, a middle-market private equity firm investing in growth-oriented companies, is acquiring the company. Headquartered in Norcross, Georgia, Stratix is a leading provider of outsourced Managed Mobile Service (MMS) solutions for many of the largest global brands within the retail, manufacturing, transportation and field service industries. Founded in 1983, Stratix has evolved from a data capture consulting services company for the supply chain to one of the largest national MMS providers, with a comprehensive mobile service offering.

http://www.businesswire.com/news/home/20160229006935/en/Tailwind-Capital-Acquires-Market-Leading-Managed-Mobility






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Tianjin Tianhai will acquire Ingram Micro in an all-cash transaction with an equity value of approximately $6.0 billion

February 2016 Segment: Systems Integration, VAR Keywords: supply chain, partners, scale Tianjin Tianhai will acquire Ingram Micro for $38.90 per share in an all-cash transaction with an equity value of approximately $6.0 billion. Upon close of the merger, Ingram Micro will become a part of HNA Group, a Hainan-based Fortune Global 500 enterprise group and a leader in aviation, tourism and logistics and the largest stockholder of Tianjin Tianhai. The transaction, which has been unanimously approved by both Ingram Micro's and Tianjin Tianhai's boards of directors, represents a premium of approximately 39% over the average closing share price of Ingram Micro for the 30 trading days ended February 16, 2016.

http://www.prnewswire.com/news-releases/ingram-micro-enters-into-agreement-to-be-acquired-by-tianjin-tianhai-to-become-a-part-of-hna-group-300221743.html

KeepItSafe acquires InterCloud Systems' online data backup business in ~$26M Deal

February 2016 Segments: Systems Integration Keywords: cloud, security, backup, storage InterCloud Systems, Inc. (Nasdaq: ICLD) announced the sale of its online data backup related business assets to KeepItSafe, Inc. Under the terms of the asset sale, InterCloud received $24 million in cash, and retained an additional $2.1 million, comprised of cash on hand, accounts receivable and net of other closing adjustments. $2 million of the purchase price was placed into an interest bearing escrow account that management expects to be released at the end of twelve months. The divested assets represented approximately 11% of the Company’s annualized revenue.

http://www.streetinsider.com/Corporate+News/KeepItSafe+to+Acquire+InterCloud+Systems+(ICLD)+Online+Data+Backup+Business+in+~$26M+Deal/11340123.html








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Data Intensity acquires two Oracle solutions businesses, Enrich and Inatech

February 2016 Segment: Consulting Keywords: partner, cloud, Oracle, UK, Massachusetts Data Intensity, a leader in professional services, and managed and cloud services for Oracle technologies and applications, announced that it has acquired two businesses. An Oracle enterprise solution provider, Enrich with operations in North America, Europe and Asia and the Oracle practice of UK-based provider, Inatech. The resulting company is one of the largest independent Oracle service providers, from consulting and implementation to ongoing application management and cloud hosting.

http://www.prnewswire.com/news-releases/data-intensity-acquires-enrich-and-inatech-adds-global-reach-and-procurement-solutions-to-portfolio-of-managed-and-cloud-services-300225220.html

IBM acquires another digital agency, ecx.io

February 2016 Segment: Consulting Keywords: digital, agency, design, partner, Adobe, Sitecore, SAP, Germany IBM (NYSE: IBM) announced it has signed a definitive agreement to acquire ecx.io -- a full-service digital agency headquartered in Dusseldorf, Germany. The proposed acquisition of ecx.io extends the strategy and design expertise of IBM Interactive Experience (IBM iX) with new digital marketing, commerce and platform skills to accelerate clients' digital transformations. ecx.io is a leading digital agency in Europe and one of the few specialized in implementation services across three of the leading commerce and customer platform software providers: Adobe, Sitecore, and SAP hybris. The hybris capability deepens IBM's longstanding relationship with SAP, and brings the value of design thinking to the companies' expansion in e-commerce. Upon close of this transaction, ecx.io will bring 200 employees specialized in designing and implementing commerce and digital marketing services and platforms to IBM iX.

http://www.prnewswire.com/news-releases/ibm-signs-agreement-to-acquire-ecxio-to-deliver-stellar-customer-experiences-300214343.html









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Capgemini acquires Fahrenheit 212, New York based digital agency

February 2016 Segment: Consulting Keywords: digital, agency, New York, France Capgemini acquires Fahrenheit 212, a New York-based digital agency that serves corporate giants like Coca-Cola, Marriott and Citi. Capgemini said the acquisition will help Capgemini shift from traditional linear consulting to an approach focused on fusing innovation into all business processes. Fahrenheit 212 has fused design and development skills with a traditional management consultancy to help clients identify which existing assets to leverage and design a brand strategy for the new market.

https://www.capgemini.com/news/capgemini-acquires-innovation-and-design-consultancy-fahrenheit-212-to-drive-north-america

Infogain acquires Blue Star Infotech beefing up digital offerings

February 2016 Segment: Consulting Keywords: digital, agency, cloud, mobile, partner, SAP San Francisco-based IT consulting company Infogain will acquire the IT operations of Blue star Infotech, to bolster its digital offerings in areas including cloud, mobility, SAP and analytics. Blue Star Infotech, a digital transformation consulting and services company, combines the best of engineering, creativity and technology to deliver the next generation of software solutions to its global customers and enable them to be future-ready. Part of Blue Star Group, Blue Star Infotech is based in Mumbai, India, with operations in USA, UK, Europe, Malaysia, and Singapore. Infogain and Blue Star Infotech are combined under Infogain, and at closing, the combined entity will have close to 4,000 employees and nine delivery locations globally.

http://venturebeat.com/2016/02/01/infogain-completes-acquisition-of-blue-star-infotechs-it-operations/







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Pivotal Software acquires Slice of Lime and Neo Innovation expanding their Pivotal Labs business

February 2016 Segment: Consulting Keywords: agile, open source, cloud, design, development, partner, Pivotal, Colorado, Singapore Inside Pivotal Software is a thriving service business called Pivotal Labs. They work with Pivotal clients to transform how they build, deploy and support software. To meet their growth, reach and resource objectives, Pivotal has acquired three companies over the last few months. Pivotal acquired CloudCredo in December 2015 and Slice of Lime in January 2016. Colorado-based Slice of Lime a creative design and development firm specializing in UX and UI. In February 2016 Pivotal acquired Neo, a provider of Agile development services based in Singapore and San Francisco.

https://blog.pivotal.io/pivotal-labs/news/pivotal-ux-design-practice-expands-with-slice-of-lime-acquisition

https://blog.pivotal.io/labs/news/pivotals-third-acquisition-in-two-months-expands-global-reach

Logicalis US acquires The Via Group

March 2016 Segment: Systems Integration Keywords: unified communication, collaboration, VOIP, partner, Microsoft, Texas Logicalis US, an international IT solutions and managed services provider (www.us.logicalis.com), announced today it has agreed to acquire The Via Group, a Texas-based solution provider specializing in unified communications and voice, from Logicalis' parent company, Datatec Ltd.

http://www.prnewswire.com/news-releases/logicalis-us-acquires-the-via-group-300229187.html

Publicis.Sapient acquires Vertiba, a Salesforce Gold Consulting Partner

March 2016 Segment: Consulting Keywords: cloud, partner, Salesforce, CRM, Colorado Publicis.Sapient, part of Publicis Groupe [Euronext Paris: FR0000130577, CAC40] announced that it has acquired Vertiba,








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a Gold Salesforce Consulting Partner specializing in the delivery of Salesforce cloud solutions for data-driven marketing, sales and customer service. Founded in 2010, Vertiba was a privately held company headquartered in Boulder, Colorado. Vertiba’s Salesforce skills will further strengthen Publicis.Sapient’s ability to help clients transform and optimize the ways in which they engage their customers across all aspects of the customer journey, from marketing, to sales and service, leveraging the latest cloud-based technology.

http://www.businesswire.com/news/home/20160302006196/en/Publicis.Sapient-Acquires-Vertiba-Salesforce-Gold-Consulting-Partner

Konica Minolta acquires DC-based Meridian Imaging Solutions

March 2016 Segment: Systems Integration Keywords: workspace, managed service, print, MPS, MCS Konica Minolta Business Solutions U.S.A., Inc. (Konica Minolta), acquires Meridian Imaging Solutions, a hybrid company with Managed Print and IT Services, in an effort to expand its footprint in the DC area. With strong government and commercial operations, Meridian has a 30-year record of success and a national reputation for service excellence and integrating office technologies. The acquisition accelerates Konica Minolta's main areas of growth — Managed Print and IT Services — and aligns with the concept of being a full service provider for the future of the workplace. As part of the agreement, Meridian's headquarters will remain in Alexandria, VA, and will retain its 115 employees throughout various branch offices. This is Konica Minolta Business Solutions' 21st acquisition in the last four years.

http://globenewswire.com/news-release/2016/03/15/820134/10161069/en/Konica-Minolta-Acquires-DC-based-Company-Meridian-Imaging-Solutions-to-Expand-its-Reach-as-a-Strategic-Workplace-Solutions-Provider.html










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IBM acquires CRM SaaS firm in UK, Optevia, a Microsoft Dynamics

March 2016 Segment: Systems Integration Keywords: partner, CRM, Microsoft, UK, government IBM acquires Microsoft Dynamics systems integrator partner Optevia for an undisclosed sum. UK-based Optevia will be folded into IBM Global Business Services. A member of the UK government G-Cloud, Optevia’s big claim is its presence in the UK’s public sector, with customers spanning emergency services, Whitehall ministries and local government, regulators, transport authorities and health and housing bodies.

http://www.theregister.co.uk/2016/03/18/ibm_buys_microsoft_dynamics_crm_partner/

HCTec Partners acquires CO-based HIMS Consulting Group

March 2016 Segment: Consulting Keywords, healthcare, EMR, EHR, HIT, Colorado HCTec Partners, a healthcare IT and health information management staffing and consulting company headquartered in Franklin, TN, announced that it has acquired Steamboat Springs, CO-based HIMS Consulting Group. The acquisition of HIMS expands HCTec’s presence in the western part of the United States and grows its base of consultants and service capabilities.


TelePacific Communications acquires DSCI, promptly joins Microsoft cloud partner program

March 2016 Segment: Consulting Keywords: MSP, manage services, partner, cloud, Microsoft, Massachusetts TelePacific Communications, a managed services and business communications solutions provider that is expanding its capabilities and reach with the acquisition of DSCI, a Waltham, Massachusetts-headquartered managed services provider. Just weeks after signing the DCSI deal, TelePacific joined the






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Microsoft Cloud Solution Provider Program. DCSI employs more than 1,500 people and generates more than $600 million in sales annually.

http://mspmentor.net/cloud-computing/telepacific-turns-focus-microsoft-cloud-after-acquiring-dcsi

NTT DATA acquires Dell Services for $3.0 billion

March 2016 Segments: Consulting, Outsourcing Keywords: global, cloud, managed services, partners NTT DATA, Inc. and Dell Inc. today announced they have entered into a definitive agreement for NTT DATA to acquire Dell Services, an IT services provider recognized for its depth in vertical industries and for its offerings around infrastructure services, cloud services, application services, and business process outsourcing. Valued over $3.0 billion, the agreement reflects NTT DATA’s continued focus on expanding its brand and leadership position globally.

http://www.reuters.com/article/us-dellitservices-m-a-nttdatacorp-idUSKCN0WU03Q

Wipro acquires HealthPlan Services

March 2016 Segment: Outsourcing Keywords: healthcare, US, BPO Wipro Ltd., an IT, consulting and business process services company, announced that it has signed a definitive agreement to acquire Tampa, Fla.-based HealthPlan Services from Water Street Healthcare Partners. As part of the agreement, Wipro will acquire 100 percent of HealthPlan Services' shares for a purchase consideration of $460 million. HealthPlan Services offers technology platforms and a fully integrated Business Process as a Service solution to health insurance companies in the individual, group and ancillary markets.

http://www.nasdaq.com/article/wipro-agrees-to-acquire-healthplan-services-for-460-mln-20160211-00741








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Adecco to acquire Penna Consulting for $149 Million

March 2016 Segment: Staffing Keywords: UK, government HR and IT staffing solutions company Adecco has acquired U.K.-based Penna Consulting Plc for $149 million as it seeks to strengthen its services outside the U.S. market.

http://www.bloomberg.com/news/articles/2016-03-09/adecco-to-acquire-penna-consulting-for-about-149-million

Sirius Computer Solutions to acquire Crofton's Force 3

March 2016 Segment: Security Keywords: US government, VAR, managed services, partner, CISCO Force 3, a $260 million network security firm based in Crofton, has agreed to be acquired by Sirius Computer Solutions Inc. The acquisition will expand San Antonio, Texas-based Sirius' security and networking solutions in the Mid-Atlantic and federal markets. Force 3 will become a subsidiary of Sirius and remain in Crofton with its 175 employees. Force 3 was founded in 1991 as a computer and networking reseller but has evolved into a network security solutions provider and federal contractor. Sirius has been on an acquisition spree lately, acquiring Brightlight Consulting of Redmond, Wash., in late 2014 and Varrow Inc. of Greensboro, N.C., and portion of Avnet Inc.'s digital software solutions and services in 2015.

http://www.crn.com/news/channel-programs/300080146/sirius-to-buy-260-million-federal-network-security-powerhouse-force-3.htm







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IBM announces plan to acquire Bluewolf, a top Salesforce.com partner

March 2016 Segment: Consulting Keywords: UI, UX, cloud, partner, Salesforce.com, global IBM (NYSE: IBM) announced plans to acquire Bluewolf Group LLC -- one of Salesforce’s top partners and a globally recognized leader in cloud consulting and implementation services. Bluewolf extends IBM’s analytics, experience design and industry consulting capabilities with one of the world’s leading Salesforce consulting practices to deliver differentiated, consumer-grade experiences via the cloud. Bluewolf will join the existing Interactive Experience (iX) practice of IBM Global Business Services. http://www-03.ibm.com/press/us/en/pressrelease/49434.wss



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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

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regarding the accuracy of this information or any opinions expressed

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Tree proprietary investment funds may have positions in the securities

of the companies discussed, and certain affiliates of Cherry Tree may

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discussed in the publication. This publication does not constitute a

recommendation with respect to the securities of any company

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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.

Elmer Baldwin, Managing Director Investment Banking Cherry Tree & Associates, LLC [email protected] (952) 253-6001 direct

https://www.cherrytree.com/

1 Staffing Industry Analysts, December 2015 2 Source: Dealogic 3 Source: Dealogic 4 Wall Street Journal, Beilfuss, March 24, 2016 5 Diginomica, http://diginomica.com/

Important Disclosures

Prepared by

mailto:[email protected]

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March 2016


6 Source: Cherry Tree research, as of March 21, 2016

Cherry Tree's IT Services Newsletter March 2016

Economy & Finance

Transcript of Cherry Tree's IT Services Newsletter March 2016