Cherry Tree Advises Deluxe on the Sale of Deluxe Rewards to Augeo
Technology, Business Services​
Rewards and Loyalty Technology Platform Serving Enterprises
Boca Raton, FL
Corporate Divestiture


After joining Deluxe in late 2018, CEO Barry McCarthy established the One Deluxe approach in an effort to unlock opportunities within the company’s existing assets, and operate as a company of products rather than a company of companies. As part of this process, the Deluxe strategy team reviewed all assets and identified business units that did not fit within the One Deluxe approach, including Deluxe Rewards. Based in Boca Raton, Deluxe Rewards provides a loyalty and engagement technology platform that leverages a patented dual currency approach to provide customers and users a distinct value proposition. After making the decision to sell the business, Deluxe engaged Cherry Tree as its investment banking advisor to lead the divestiture process.

Cherry Tree’s Role:

Cherry Tree worked with the Deluxe team to quickly create a competitive sale process that resulted in multiple offers to acquire Deluxe Rewards. Deluxe chose to sell the business to Augeo, based on its strategic fit and favorable outcomes for shareholders, employees, and customers. Cherry Tree’s advisory role included introductions and discussions with numerous potential partners in marketing the opportunity, soliciting proposals, negotiating terms, supporting due diligence, and facilitating the closing of the transaction.

About Deluxe:

Deluxe Corporation: Deluxe, a Trusted Business Technology™ company, champions business so communities thrive. Our solutions help businesses pay and get paid, accelerate growth and operate more efficiently. For more than 100 years, Deluxe customers have relied on our solutions and platforms at all stages of their lifecycle, from start-up to maturity. Our powerful scale supports millions of small businesses, thousands of vital financial institutions and hundreds of the world’s largest consumer brands, while processing more than $2.8 trillion in annual payment volume. Our reach, scale and distribution channels position Deluxe to be our customers’ most trusted business partner. To learn how we can help your business, visit us at,,, or

About Augeo:

Augeo: Augeo is a global leader in enterprise engagement and loyalty platforms that helps clients build value by strengthening relationships with their employees, customers, members or channel partners. Augeo’s unique consumer loyalty, employee recognition, sales incentives, virtual and live meetings, and insurance and benefits solutions help organizations elevate engagement and accelerate success. With more than 40 years of experience, Augeo serves 52 Fortune 500 companies, among hundreds of others, and supports hundreds of programs worldwide with proven platform technology.

About Cherry Tree & Associates

Cherry Tree & Associates is a private investment banking firm headquartered in Minneapolis, Minnesota. Founded in 1980, it specializes in M&A transactions for both buyers and sellers of middle market companies. Additionally, it conducts private placements for attractive, entrepreneurially managed growth companies, provides strategic advisory services to CEOs and boards of directors, and prepares fairness opinions and other valuation services.

Cherry Tree & Associates provides investment banking services through our FINRA-licensed broker dealer.