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 for
global business
 Wipro acquires HealthPlan Services for $460 million for US
healthcare expansion
 Adecco acquires Penna Consulting for almost $150 million for
European expansion
 Sapient acquires Vertiba, a Salesforce Gold Consulting
Partner
 IBM acquires CRM SaaS firm in UK, Optevia, a Microsoft
Dynamics systems integrator
 IBM announces plan to acquire Bluewolf, a top Salesforce
partner
 Accenture raises its guidance after strong performance in
recent 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%
Kelly 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 Assignment $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 Half 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 Security 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/e
n/Mercer-Acquires-Top-Tier-Workday-Services-Partner
Presidio acquires privately held, family owned, CISCO star
partner - Netech Corporation
January 2016
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
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
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

March 2016
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

March 2016
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
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’

March 2016
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.ht
m
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
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

March 2016
Diversified acquires Technical Innovation beefing up
technology and media solutions offerings
February 2016
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.
m
Tailwind Capital acquires market leading Managed Mobility
Services provider Stratix Corporation
February 2016
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.
n/Tailwind-Capital-Acquires-Market-Leading-Managed-Mobility

March 2016
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+Busi
ness+in+~$26M+Deal/11340123.html

March 2016
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

March 2016
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/

March 2016
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
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,

March 2016
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.
n/Publicis.Sapient-Acquires-Vertiba-Salesforce-Gold-Consulting-
Partner
Konica Minolta acquires DC-based Meridian Imaging Solutions
March 2016
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

March 2016
IBM acquires CRM SaaS firm in UK, Optevia, a Microsoft
Dynamics
March 2016
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.
m
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

March 2016
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
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

March 2016
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

March 2016
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

March 2016
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.
Elmer Baldwin, Managing Director
Investment Banking
Cherry Tree & Associates, LLC
ebaldwin@cherrytree.com
(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

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

Cherry Tree's IT Services Newsletter March 2016

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