Intro to. AssetWorks Fleet

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Mark Allen
5 years ago
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1 Intro to AssetWorks Fleet

OUR HISTORY / WHO WE ARE AssetWorks Fleet: Gordon Smith In 1983, Control Software was founded with a vision of helping fleet businesses save money by harnessing the power of their data.

Gordon Smith, Vice President of AssetWorks Fleet, originally joined Control Software in 1992 as a Senior Project Manager.

2 OUR HISTORY / WHO WE ARE AssetWorks Fleet: Gordon Smith In 1983, Control Software was founded with a vision of helping fleet businesses save money by harnessing the power of their data. In its infancy, Control Software was an agile entrepreneurial company whose original solution targeted trucking companies that had a network of disconnected maintenance locations. Gordon Smith, Vice President of AssetWorks Fleet, originally joined Control Software in 1992 as a Senior Project Manager. Smith and the team saw the business steady growth for several years, with eventual horizontal expansion into government, utilities, food and beverage and transit, both through organic product growth and strategic acquisitions. In 1998, Smith moved into a Director role, where he become responsible for product management and support as well as all client implementations. One year later, Control Software was acquired by a government consulting firm, MAXIMUS, and became rebranded as Asset Solution. Gordon Smith VP, AssetWorks Fleet gordon.smith@assetworks.com +1 (610)

3 II. Joining Volaris In 2008, MAXIMUS decided to sell non-core software entities in order to re-focus on their core business. They were looking for an acquirer with expertise in managing software companies that 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 the Volaris Group. The Volaris Group specialized 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 Asset Solutions into the next era of growth. A new name was required, so Asset Solutions was rebranded under the dormant AssetWorks name to represent a new vertical market for Volaris. 3

4 III. Life post-acquisition Post-acquisition, Smith was appointed to run the AssetWorks Fleet Division. His focus became twofold: take the business to new depths of sustainability and growth, and provide new opportunities to his employees. Since Volaris Group operates a highly decentralized business model, AssetWorks Fleet was to return to a fully autonomous entity as they had been in the 80 s and 90 s. This increased transparency across the business, which re-energized the staff. As a result, the leadership team remained intact and several employees, like Smith, were promoted into senior management roles. The Volaris acquisition has been the best event that has happened to the organization and my own personal development. Gordon Smith, VP, AssetWorks Fleet 4

5 IV. Our acquisition process After years of growth under the Volaris umbrella, AssetWorks Fleet is now completing acquisitions of their own. Smith and his team firmly believe that with the complexities of the Asset Management space today, businesses cannot rely exclusively on organic growth. They look to M&A as a way to cultivate new ideas and open doors to new and otherwise unseen opportunities in the market. Step-by-Step Acquisition Process The Volaris Group way 1 Initial Contact Seller and Buyer Vision Exchange We want to grow businesses by providing a culture that truly embraces the product initiatives and employee talent 2 Non Disclosure Agreement (NDA) Keeps Information Sharing Private, Protected and Confidential development. We look for organizations that believe in their products, personnel and clients and want to thrive 3 Indicative Offer (IO) Non-binding Offer in an environment willing to share best practices and encourages strategic thinking all while continuing to run their organizations independently. 4 Letter of Intent (LOI) Formal Agreement of Initial Terms Gordon Smith, VP, AssetWorks Fleet Here s a snapshot of the M&A process we run 5 Due Diligence Comprehensive Business Appraisal 6 Sales Purchase Agreement (SPA) Final Contract Execution 7 Receive Proceeds 8 Continue to operate your business 5

Intro to. AssetWorks Appraisal

Intro to. AssetWorks Appraisal 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