Next Chapter Technology

Cherry Tree Advises Next Chapter Technology on its Sale to Banyan Software

“The Cherry Tree team provided valuable guidance and counsel during both the planning phase and the execution phase of our process. They ran a competitive sale process that resulted in finding the best partner and transaction for NCT. Their hard work, expertise and leadership were integral to our outcome and their communication during the process allowed us to be informed on the key issues and able to make decisions at the right time.”​

Vaughn Mulcrone, Founder & CEO

Technology, Government​
Provider of Document and Forms Management Software to County Governments
Eden Prairie, Minnesota
100% Sale


In June 2021, Next Chapter Technology (Next Chapter or NCT), a leading provider of electronic document management solutions to county governments based in Minnesota, was acquired by Banyan Software, a Toronto-based company focused on acquiring and growing software businesses.

Headquartered in Eden Prairie, Minnesota, Next Chapter has lightened the workload and increased productivity for county Health and Human Services departments across the state of Minnesota with CaseWorks, its purpose-built Electronic Document Management System (EDMS). Since 2008, CaseWorks has helped a growing number of counties smoothly transition to a more efficient paperless system and streamline their entire workflow.

“Next Chapter has built a phenomenal product and forged excellent customer relationships by focusing on the unique needs of its county government customer base,” says David Berkal, CEO, Banyan Software. “We are very pleased to welcome Next Chapter to the Banyan family of companies and look forward to continuing to invest in the company and its unique set of products.”

“We are excited to partner with Banyan to continue building our legacy and supporting our customers,” says Vaughn Mulcrone, Founder of Next Chapter. “As we look towards the future, we know that Banyan shares our vision of continuing to grow the product within Minnesota and beyond.”

Cherry Tree’s Role

Cherry Tree was engaged to assist the shareholders in identifying the best partner to help NCT achieve its next phase of growth through a sale of the business. Cherry Tree’s role included introductions and discussions with numerous potential partners, soliciting proposals, negotiating terms, supporting due diligence, and facilitating the closing of a transaction. It was especially important to the shareholders and management team that the process was well planned and efficiently executed, to not disrupt the core business operations.

About Next Chapter Technology

Founded in 2008, Next Chapter automates the deployment and support of electronic document management solutions. Next Chapter has six software editions that are integrated with critical data applications and specifically tailored to caseworkers within county health and human services departments. For more information, please visit:

About Banyan Software

Banyan Software acquires, builds and grows great enterprise software businesses. With a permanent capital base, Banyan focuses on a buy and hold for life strategy for growing software companies that serve specialized markets. Founded in 2016, Banyan is backed by a world-class group of CEOs and investors with deep technology experience and currently operates across a number of growing verticals including healthcare, education, media, transportation, and financial services. For more information, please visit:

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 high quality, entrepreneurially managed growth companies, provides strategic advisory services for CEOs and boards of directors, and prepares fairness opinions and other valuation services. For more information, please visit:

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