Q1 2017 M&A commentary and analysis for IT Services market.

1. ©Cherry Tree & Associates LLC 2017 1
Information Technology Services
Q1 2017 Newsletter
QUARTERLY M&A SUMMARY
 U.S. monthly M&A deal activity reported by FactSet increased in January 2017 to 1,123
transactions from 995 in December 2016. After volume dropped to 870 in February, M&A
increased in March 24.7% with 909 announcements. Aggregate M&A spending (value) also
increased. In March, 18.8% more was spent on deals compared to February.1
 Technology services continues to be one of the strongest sectors by volume in the US, with 469
transactions in Q1 2017, down slightly from Q1 2016 volume of 492 transactions.2
 Topping Cherry Tree’s Q1 IT Services transaction list with 30% of the deals for the quarter was the
Systems Integration market segment. This broad segment includes VARs, hardware, network, end
point, software and managed services providers. Both strategic and financial buyers have
demonstrated a healthy demand for well-run companies.
 The long-term trend by corporations to outsource data centers and their operations is driving
interest in data center services like co-location, outsourced operations, design and development.
Cloud infrastructure adoption and the myriad of hybrid solutions are also fueling data center
services deals.
 15% of notable transactions for the quarter, including the Digital Bridge acquisition of Vantage
Data Centers from Silver Lake Partners for well over $1 billion, signals consolidation in the data
center sector. Industry players are seeking scale to cope with U.S. businesses' burgeoning demand
for data and video, which is fueling a revival in fiber optic services and data storage.3
1
S&P Global Market Intelligence, January 2017
2
2017 FactSet Research Systems Inc. factset.com
3
Reuters Technology News January 2017

2. ©Cherry Tree & Associates LLC 2017 2
 Private equity continues to show strong interest in IT Services, especially in targets demonstrating
consistent YOY growth, blue chip clients, gross margin expansion opportunities and double digital
EBITDA. Notable transaction examples were Bailiwick selling majority interest to Norwest Equity
Partners4
; Navantis and AdvancedEPM Consulting selling to Datavail, a firm backed by growth
capital firms Catalyst Investors, Tahosa Capital, Lumerity Capital Partners, Boulder Ventures,
Meritage Funds and MC Investment Fund (Montis); and Veritas Capital acquiring Harris
Corporation’s (NYSE:HRS) government IT services business.
 Security consulting, assessment, cyber defense, intelligence, and managed services, especially in
vertical industries like healthcare and federal government, attracted both strategic and financial
buyers in the quarter.
 Digital boutiques with strong UX/UI, creative and research continue to be attractive to even the
largest buyers like Accenture, Salesforce.com, Cap Gemini, and Globant.
 Ciber continued to sell off assets in order to help raise the money it needs to repay its creditors.
Only 12-days before selling its Spanish operations, Ciber also agreed to sell its German and Danish
businesses to Allgeier, a German IT company. In March, Ciber’s CFO, Christian Metzger, went on
record stating that the solution provider's future is uncertain if it is unable to repay Wells Fargo.
The Company rejected Ameri100’s offer to buy Ciber for $0.75 per share, a substantial premium
over Ciber's March 10th
closing stock price of $0.28.5
 Subsequent to the end of the quarter, in April 2017, Ciber filed for Chapter 11 bankruptcy
protection and struck a deal with Capgemini to sell its North America and India businesses,
marking the end of life for one the largest IT Services growth stories of the past few decades.
NOTABLE TRANSACTIONS
January 2017
Sequence acquired by Salesforce.com
Digital
Customer relationship software company Salesforce (NYSE:CRM) has agreed to acquire 12 year-old
company called Sequence, a user experience design agency based out of San Francisco and New York that
works with brands like Best Buy, Peets, Apple, and Google, for an undisclosed amount. Sequence is known
for its digital research and design capabilities and to Salesforce's growing services portfolio.
January 2017
Veritas Capital acquires Harris Corporation’s Government IT Services business
Systems Integration
Veritas Capital, a leading private equity investment firm, has agreed to acquire Harris Corporation’s
(NYSE:HRS) government IT services business for $690 million in cash. Headquartered in Herndon, Virginia,
the business provides communications, engineering and IT solutions for Intelligence, defense, and federal
civilian customers, including supporting NASA’s Space Communications Network and Deep Space Network
programs, and operates within Harris’ Critical Networks segment, generating over $1 billion of revenue
annually.
4
Cherry Tree acted as financial advisor to the seller
5
CRN.com, 2017, The Channel Co.

3. ©Cherry Tree & Associates LLC 2017 3
February 2017
Salient CRGT acquires Information Innovators ("Triple-i")
Consulting
Salient CRGT, a leading provider of agile software development, data analytics, mobility, cyber security,
and infrastructure solutions, has agreed to acquire Springfield, VA-based Information Innovators ("Triple-
i"), a technology and mission-focused company serving the federal government, with particular strength
in the healthcare IT arena. Salient CRGT is backed by two private equity firms, Bridge Growth Partners and
Frontenac, and Triple-i is backed by DFW Capital Partners.
March 2017
Cognizant acquires Brilliant Service, a Japan-Based Intelligent Products and Solutions Company
Outsourced Development
Cognizant (NASDAQ:CTSH) announced the acquisition of Brilliant Service, an intelligent products and
solutions company headquartered in Osaka, Japan, specializing in digital strategy, product design and
engineering, the Internet of Things (IoT), and enterprise mobility. Founded in 2004, Brilliant Service helps
organizations build connected businesses by leveraging innovative smart device solutions. The company
provides end-to-end Android/iOS applications, embedded software, user experience design and online-
to-offline services to major corporations in Japan, who are seeking to create engaging customer
experiences. Its client roster includes many of Japan's top telecommunications, manufacturing, and
consumer goods companies.
March 2017
Norwest Equity Partners acquires majority interest in Bailiwick
Systems Integration
Norwest Equity Partners ("NEP"), a leading middle market investment firm founded in 1961, made a
significant investment in Bailiwick, a provider of professionally managed technology integration for
complex, large-scale IT initiatives. Founded in 1995, Bailiwick provides best-in-class design and
deployment of IT solutions for Fortune 100 and 500 companies customized to their unique needs. As a
partner to leading corporations, Bailiwick professionally manages technology integration of complex,
large-scale IT initiatives.
March 2017
Comm-Works acquires Network Access Products (NAP)
Systems Integration
Comm-Works acquired Network Access Products for an undisclosed sum. Comm-Works says the NAP
acquisition will strengthen the organization with a second 24/7 network operations center (NOC) based
in Ft. Myers, FL, and add some new Fortune 500 customers, establishing Comm-Works as a player in the
increasingly competitive managed services space.

4. ©Cherry Tree & Associates LLC 2017 4
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 60 publicly traded companies representing each of the market
segments. In Q1 2017, the IT Services Performance Index slightly underperformed the S&P 500.
Contact Cherry Tree for a complete listing of the most current IT Services Index.
PUBLIC COMPS - Median Statistics
Q1 2017 median enterprise value (EV) multiples for publicly traded IT Services companies were in-line
with Q4 2016 multiples. As a group, one-year revenue growth came in at 5.6%, down from 7.1% in Q4
2016. The only segment of the IT Services market experiencing double digit growth is the Security industry.
The Staffing segment is experiencing the lowest growth, barely up on a year-over-year basis.
Median valuation and operating metrics for publicly traded companies in the IT Services Performance
Index are summarized below by segment.

5. ©Cherry Tree & Associates LLC 2017 5
SELECT TRANSACTIONS
Date Target Acquirer Segment Target Description Press
01/02/2017 Engage ESM Atos (ENXTPA:ATO) Systems
Integration
Engage ESM operates as an IT enterprise
service management consultancy and
technology company.
Link
01/03/2017 Continuum
Security
Solutions
Sirius Computer
Solutions
Security Continuum Security Solutions provides
information security consulting services
to Fortune 500 companies and
governmental agencies.
Link
01/04/2017 The Spitfire
Group
DCG Software Value Consulting The Spitfire Group operates as an IT
consulting firm.
Link
01/04/2017 RAS &
Associates
Perficient
(Nasdaq:PRFT)
Consulting RAS & Associates operates as a strategy
and management consulting company.
Link
01/05/2017 Tech-Pro Artech Information
Systems
Staffing Tech-Pro provides IT and staffing
services through on-site, off-site, off-
shoring, and blended delivery models.
Link
01/05/2017 The Kemtah
Group
Belcan Outsourcing The Kemtah Group provides IT
infrastructure support services.
Link
01/05/2017 CEB (NYSE:CEB) Gartner (NYSE:IT) Consulting CEB operates as a practice insight and
technology company in the United
States, Europe, and internationally.
Link
01/09/2017 Altitude Accenture
(NYSE:ACN)
Consulting Altitude offers product design,
consulting, and innovation services.
Link
01/09/2017 SEAL Consulting CenturyLink
(NYSE:CTL)
Systems
Integration
SEAL Consulting provides SAP solutions
for enterprise-wide business and
technology needs.
Link
01/09/2017 Tridea Partners Columbus A/S
(CPSE:COLUM)
Consulting Tridea Partners is a Microsoft Dynamics
ERP and CRM consulting partner.
Link
01/10/2017 Commerx Lotus Innovations
Fund
Systems
Integration
Commerx provides digital and
telecommunications services.
Link
01/11/2017 GlobalLogic Canada Pension Plan
Investment Board
Outsourced
Development
GlobalLogic provides full-lifecycle
product development services to
customers worldwide.
Link
01/12/2017 T2 Computing Axispoint Systems
Integration
T2 Computing is a provider of
computing, storage, networking, and
support services.
Link
01/16/2017 G²S Global Liberty Advisor
Group
Security G²S Global operates as a security
advisory firm specializing in business
threat intelligence and cyber monitoring
solutions
Link
01/16/2017 True North
Service
LogiGear Staffing True North Service provides contract
staffing and software testing services to
technology companies.
Link
01/17/2017 CynergisTek Auxilio
(AMEX:AUXO)
Security CynergisTek provides IT security
consulting services.
Link
01/17/2017 C7 Data Centers DataBank Outsourcing C7 Data Centers is a data center service
provider in the Salt Lake City market.
Link
01/17/2017 M&S
Technologies
Kudelski Security Security M&S Technologies provides cyber and
network security solutions.
Link

6. ©Cherry Tree & Associates LLC 2017 6
Date Target Acquirer Segment Target Description Press
01/17/2017 Kerr Consulting Proviso Capital Consulting Kerr Consulting offers IT consulting
services including accounting, ERP, CRM
and human resources software.
Link
01/18/2017 Navantis Datavail Consulting Navantis, a Microsoft Premier Partner,
provides systems integration and IT
solutions in Canada.
Link
01/18/2017 ASG
Renaissance,
Staffing Arm
Kyyba Staffing The Staffing Arm of ASG Renaissance
comprises engineering and IT staffing
employees, clients, and equipment.
Link
01/18/2017 Micro Strategies NEC (TSE:6701) Systems
Integration
Micro Strategies provides business
process and infrastructure technology
solutions in North America.
Link
01/18/2017 Curvature SMS Systems
Maintenance
Services
Systems
Integration
Curvature provides pre-owned and new-
surplus networking equipment and
services solutions.
Link
01/18/2017 Coders Center SoftServe Outsourced
Development
Coders Center, a Sitecore Gold
Implementation Partner, specializes in
enterprise content management
systems and e-commerce platforms.
Link
01/19/2017 HVE ConneXions
and Unified
ConneXions
(UCX)
Sphere 3D
(Nasdaq:ANY)
Systems
Integration
UCX provides strategic, architectural,
operational, and implementation
planning related to the customers’ IT
and network infrastructure.
Link
01/24/2017 DSM Computing
Solutions
Apogee IT Services Systems
Integration
DSM Computing Solutions provides IT
support services and computing
solutions.
Link
01/24/2017 KINETiQ DIGITAL Robots and Pencils Digital KINETiQ DIGITAL, a digital agency,
provides digital strategy, data
intelligence, and digital execution
services.
Link
01/24/2017 Sequence Salesforce.com
(NYSE:CRM)
Digital Sequence, a digital agency, designs and
develops customer experiences and
building digital products for brands.
Link
01/25/2017 Brilliant
Experience
10Pearls Digital Brilliant Experience develops and offers
customer engagement and cognitive
design solutions.
Link
01/25/2017 solid-serVision Accenture
(NYSE:ACN)
Systems
Integration
solid-serVision, a ServiceNow partner,
provides service-management solutions
in Germany and internationally.
Link
01/25/2017 InfoSERVER Wipro (BSE:507685) Systems
Integration
InfoSERVER provides custom application
development and software deployment
services in Brazil.
Link
01/26/2017 Premier EDA
Solutions
Altium (ASX:ALU) Systems
Integration
Premier EDA Solutions resells Altium
electronic design automation software
for companies in the United Kingdom
and Ireland.
Link
01/26/2017 Cleveland
Technology
Center
H5 Data Centers Outsourcing Cleveland Technology Center comprises
data center space in Cleveland, Ohio.
Link
01/27/2017 LPS Integration Data Blue Systems
Integration
LPS Integration is a VAR specializing in
cloud infrastructure, networking,
security and storage architecture.
Link
01/27/2017 Harris
Corporation,
Government IT
Services
Business
Veritas Capital Systems
Integration
Harris Corporation, Government IT
Services Business provides IT and
engineering managed services to
government agencies.
Link
01/30/2017 Congruity Procurri Systems
Integration
Congruity is engaged in servicing,
managing, and implementing support
and infrastructure solutions worldwide.
Link

7. ©Cherry Tree & Associates LLC 2017 7
Date Target Acquirer Segment Target Description Press
01/31/2017 InvestTech
Systems
Consulting
Accenture
(NYSE:ACN)
Systems
Integration
InvestTech Systems Consulting provides
investment technology systems-
integration and consulting services.
Link
01/31/2017 365 Data
Center, facilities
in Cleveland and
Pittsburgh
DataBank Outsourcing Cleveland and Pittsburgh data center
assets of 365 Data Centers.
Link
02/01/2017 Saturn Infotech Jade Global Consulting Saturn Infotech delivers business
analytics solutions including Oracle
Hyperion Enterprise Performance
Management, Business Intelligence, Big
Data and Cloud Computing.
Link
02/01/2017 DC74 Data
Centers
Lumos Networks
(Nasdaq:LMOS)
Outsourcing DC74 Data Centers provides data center
services in North Carolina.
Link
02/01/2017 IntroPro Luxoft (NYSE:LXFT) Systems
Integration
IntroPro provides end-to-end product
development, engineering and software
development consulting services.
Link
02/02/2017 Metcom
Network
Services
Epsilon
Telecommunications
Systems
Integration
Metcom Network Services provides
connectivity and colocation services
across the greater New York metro
market.
Link
02/02/2017 Cologix Stonepeak
Infrastructure
Partners
Outsourcing Cologix is a network neutral
interconnection and data center
company.
Link
02/03/2017 Ciber Germany
and Ciber
Denmark
Allgeier SE Consulting Ciber Germany and Ciber Denmark
provide fully integrated IT solutions and
services.
Link
02/06/2017 Sentinel Data
Centers, Two
Data Centers in
North Carolina
and New Jersey
CyrusOne
(Nasdaq:CONE)
Outsourcing Sentinel Data Centers sold two
enterprise class data centers in North
Carolina and New Jersey.
Link
02/06/2017 IO, UK Data
Center
Equinix
(Nasdaq:EQIX)
Outsourcing IO, UK Data Center provides co-location
and data center services.
Link
02/06/2017 Information
Innovators
Salient CRGT Consulting Information Innovators provides
solutions and services to IT and health-
focused clients across the federal
government.
Link
02/07/2017 Barefoot
Technologies
Wipfli Consulting Barefoot Technologies provides
development, integration,
implementation, consulting, and
support services for the NetSuite
platform.
Link
02/08/2017 AST Tailiwind Capital Systems
Integration
AST is a pure-play Oracle consulting,
implementation, and managed services
firm.
Link
02/08/2017 Endgame, U.S.
Federal
Government
Services
Business
Accenture
(NYSE:ACN)
Security Endgame, U.S. Federal Government
Services Business comprises cyber
defense, hunt-as-a-service capabilities,
red teaming, and cyber operations.
Link
02/08/2017 Infinigate H.I.G. Capital Security Infinigate is a value-added distributor of
IT security solutions in Europe.
Link
02/08/2017 Vantage Data
Centers
Digital Bridge
Holdings
Outsourcing Vantage Data Centers operates data
centers.
Link
02/09/2017 iDefense
Security
Intelligence
Services
Accenture
(NYSE:ACN)
Security iDefense Security Intelligence Services
develops cyber intelligence solutions
related to vulnerabilities, malicious
code, and global threats to
organizations.
Link

8. ©Cherry Tree & Associates LLC 2017 8
Date Target Acquirer Segment Target Description Press
02/13/2017 Eclipsecurity HALOCK Security
Labs
Security Eclipsecurity provides information
security consulting services.
Link
02/13/2017 AirTrunk TPG Capital,
Goldman Sachs
Outsourcing AirTrunk develops and operates data
centers.
Link
02/15/2017 Ciber Spain ManpowerGroup
(NYSE:MAN)
Staffing Ciber Spain provides fully integrated IT
solutions and services.
Link
02/15/2017 Sourcebits Ascendum Digital Sourcebits provides digital strategy,
design, implementation, marketing and
lifecycle-management services.
Link
02/16/2017 Cloudreach The Blackstone
Group (NYSE:BX)
Systems
Integration
Cloudreach designs and develops cloud
computing solutions and offers
consulting services.
Link
02/16/2017 TCube Solutions Cap Gemini
(ENXTPA:CAP)
Consulting TCube Solutions provides software and
services for property and casualty
insurance providers worldwide.
Link
02/16/2017 Idean Cap Gemini
(ENXTPA:CAP)
Digital Idean is a digital strategy and experience
design consultancy
Link
02/17/2017 zData Atos (ENXTPA:ATO) Consulting zData, a PIVOTAL services partners,
provides big data solution consulting.
Link
02/20/2017 SinnerSchrader
(XTRA:SZZ)
Accenture
(NYSE:ACN)
Digital SinnerSchrader operates as an
independent digital agency in Germany
and internationally.
Link
02/20/2017 SunTel Services Cincinnati Bell
(NYSE:CBB)
Systems
Integration
SunTel Services provides network
security, data connectivity, and unified
communications solutions.
Link
02/21/2017 Preferred
Systems
Solutions
STG Group
(OTCPK:STGG)
Systems
Integration
Preferred Systems Solutions provides IT,
engineering, program management,
intelligence, and staffing services to
government and commercial clients.
Link
02/22/2017 RagingWire Data
Centers
NTT (TSE:9432) Outsourcing RagingWire Data Centers designs,
builds, and operates mission critical data
centers.
Link
02/23/2017 Data Center
Facility in
Oregon
OVH Groupe Outsourcing OVH Groupe acquired a data center
facility in Oregon.
Link
02/28/2017 Infusion Avanade Consulting Infusion is a global software
engineering, design and digital strategy
firm with a strong Microsoft expertise.
Link
02/28/2017 ICT-Center,
Zurich Data
Center Business
Equinix
(Nasdaq:EQIX)
Outsourcing ICT-Center, Zurich Data Center Business
comprises data center operations in
Zurich, Switzerland.
Link
03/01/2017 Laser Resources Xerox (NYSE:XRX) Systems
Integration
Laser Resources supplies printing system
technologies, mailing solutions, and
managed services to organizations
throughout Iowa.
Link
03/01/2017 Ratio Globant
(NYSE:GLOB)
Digital Ratio provides digital services
specializing in video streaming solutions.
Link
03/02/2017 Brilliant Service Cognizant
(Nasdaq:CTSH)
Outsourced
Development
Brilliant Service provides digital strategy,
product design and engineering, IoT,
and enterprise mobility solutions.
Link
03/06/2017 AdvancedEPM
Consulting
Datavail Consulting AdvancedEPM Consulting focuses on
implementing Oracle enterprise
performance management solutions.
Link
03/06/2017 Bailiwick Norwest Equity
Partners
Systems
Integration
Bailiwick provides design and
deployment of IT solutions for Fortune
100 and 500 companies.
Link
03/06/2017 The HCI Group Tech Mahindra
(NSEI:TECHM)
Consulting The HCI Group offers healthcare
technology consulting services,
Link

9. ©Cherry Tree & Associates LLC 2017 9
Date Target Acquirer Segment Target Description Press
specializing in the implementation of
electronic medical records software.
03/07/2017 Network Access
Products
Comm-Works Systems
Integration
Network Access Products designs,
deploys, and supports wide area and
local area technology solutions.
Link
03/07/2017 Maintech Oak Lane Partners Systems
Integration
Maintech provides infrastructure
support services for corporate IT
enterprises in North America.
Link
03/07/2017 Two Data
Centers in
Atlanta and
Toronto
TowerBrook Capital
Partners; Ascent
Outsourcing Two Data Centers in Atlanta and
Toronto comprises two enterprise-grade
data centers.
Link
03/10/2017 ATCG Solutions Ameri100
(OTCPK:AMRH)
Systems
Integration
ATCG Solutions is a systems integration
firm specializing in end-to-end SAP
Enterprise Cloud Services.
Link
03/13/2017 Ciber
(NYSE:CBR)
Ameri100
(OTCPK:AMRH)
Consulting Ciber operates as an IT service company
providing consulting, managed services,
application development, and staffing
solutions.
Link
03/13/2017 Communications
Resources
Interdev Systems
Integration
Communications Resources designs,
installs, and maintains voice and data
communication infrastructure and
systems.
Link
03/14/2017 RAGE
Frameworks
Genpact (NYSE:G) Systems
Integration
RAGE Frameworks develops knowledge-
based automation technology and
services providing Artificial Intelligence
for the enterprise.
Link
03/14/2017 Geneva
Technical
Services
Highlands Ventures Staffing Geneva Technical Services provides IT
consulting and staffing services to
companies in the United States.
Link
03/14/2017 Accentia Middle
East
Infor Consulting Accentia Middle East provides Infor ERP
implementation services in the Middle
East and North Africa.
Link
03/20/2017 Aporia Solutions Accume Partners Security Aporia Solutions provides IT risk and
security assessment, and security audit
services.
Link
03/20/2017 Ciber, Infor
Practice
Infor Consulting Ciber, Infor Practice comprises of
implementation, integration and
upgrade services related to Infor
software customers in North America
and Europe.
Link
03/20/2017 Comm Solutions Optiv Security Systems
Integration
Comm Solutions provides security and
networking technology, services and
solutions.
Link
03/21/2017 Focus Group
Europe
Accenture
(NYSE:ACN)
Systems
Integration
Focus Group Europe provides
implementation and deployment
services for ServiceNow software.
Link
03/21/2017 Stelligent
Systems
HOSTING Consulting Stelligent Systems provides DevOps
automation in the Amazon Web Services
cloud.
Link
03/21/2017 Binary
Semantics,
Managed
Services Division
Vaco Staffing The Managed Services Division of Binary
Semantics is an Indian based managed
services provider.
Link
03/23/2017 derivIT Luxoft (NYSE:LXFT) Consulting derivIT provides IT consulting services to
the financial services industry across the
APAC region.
Link
03/27/2017 Day1 Solutions Deloitte Consulting Day1 Solutions provides cloud
consulting solutions for the Amazon
Web Services cloud.
Link
03/27/2017 Structured
Network
Solutions
Orion Systems
Integration
Structured Network Solutions, an IT
advisory and consulting company,
provides technology integration
services.
Link

10. ©Cherry Tree & Associates LLC 2017 10
Date Target Acquirer Segment Target Description Press
03/27/2017 VelocityMSI,
Medical Cloud
Hosting Division
Trapp Technology Outsourcing The Medical Cloud Hosting Division of
VelocityMSI provides cloud hosting
services largely to the medical market.
Link
03/30/2017 Lenmar Group Kellton Tech
(BSE:519602)
Outsourced
Development
Lenmar Group provides custom
software development and cloud
solutions for the financial services
market.
Link
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
ebaldwin@cherrytree.com
(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,
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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.