Intro to. AssetWorks Appraisal

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Millicent Gray
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1 Intro to AssetWorks Appraisal

I. Our History Founded in 1989, Valuation Resource Management offered property insurance appraisal services and fixed asset inventory services to state and local government agencies.

future reporting purposes. In 1999, Michael Borello joined the organization as a staff appraiser.

2 I. Our History Founded in 1989, Valuation Resource Management offered property insurance appraisal services and fixed asset inventory services to state and local government agencies. Their services provided accurate property insurance placement acting as a benchmark for proof-of-loss substantiation, as well as fixed asset inventory ledgers, and perpetuation of asset data for future reporting purposes. In 1999, Michael Borello joined the organization as a staff appraiser. Two years later, Valuation Resource Management was sold to government consulting firm, MAXIMUS, under the new name MAXIMUS Asset Services. Three years after the close of the transaction, the founder of Asset Services stepped down and Borello was appointed as the General Manager. Post-acquisition, Borello and his leadership team felt that there was a lack of transparency and overall sense of direction from MAXIMUS. Since Asset Services had been purchased as an investment, it did not fit well with the rest of MAXIMUS portfolio, which caused the business to suffer. Michael Borello VP, AssetWorks Appraisal michael.borello@assetworks.com Office: [412) Fax: [412)

3 II. Joining Volaris In 2008, MAXIMUS, decided to sell a half dozen of their software entities in order to re-focus on their core business. They were looking for an acquirer with expertise in managing software companies, who would provide a long-term home for all these businesses and protect their brand delivering on all contractual commitments. Within the year MAXIMUS engaged an operating entity of Constellation Software now known as Volaris. The Volaris Group specializes in the acquisition of Vertical Market Software companies. Unlike most Private Equity and Venture Capital Funds, they hold their acquisitions indefinitely. MAXIMUS felt confident that they the possessed the necessary knowledge and expertise to take both businesses into the next era of growth. In 2008, AssetWorks joined Volaris Group under the new divisional name AssetWorks Appraisal. 3

III. Life post-acquisition Immediately following the close of the transaction, Borello and his leadership team were given a clear view into the organization along with benchmarks and KPIs to improve

4 III. Life post-acquisition Immediately following the close of the transaction, Borello and his leadership team were given a clear view into the organization along with benchmarks and KPIs to improve the core business. Since AssetWorks Appraisal had been merged twice, the staff were relieved to have found a permanent home where they could really start planning for the future. Learning to be regimented in our thinking and approach was a key experience. Although we were a carve out for MAXIMUS, we were a core business to Volaris. This came with more challenges, but has been far more rewarding in the long run. Michael Borello, General Manager, AssetWorks Appraisal Nearly a decade later, Borello looks back on his experiences with MAXIMUS and Volaris Group as the wrong way and the right way to do an acquisition. For him, defining post-acquisition success is all about what he and his team have been able to accomplish after the close of the transaction. Not only has the core AssetWorks Appraisal business grown organically, but they have also had the opporunity to expand into new businesses through acquired growth. The biggest thing that Volaris brought was maturity in how to run a business. A mature, strategic and regimented approach that works every time. Michael Borello, General Manager, AssetWorks Appraisal 4

Today, Borello and his team are actively looking to expand their presence in their vertical market

5 IV. Our acquisition process In 2010, AssetWorks Appraisal completed an acquisition of their own welcoming InCircuit Development Corporation into the group. Today, Borello and his team are actively looking to expand their presence in their vertical market and are looking for complimentary software businesses to further develop their growing portfolio. Here s a snapshot of the M&A process we run 5

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