Zaio completes Valuation Vision acquisition

2015-06-02 08:23 ET - News Release

Mr. David King reports

ZAIO CORPORATION ANNOUNCES COMPLETION OF ACQUISITION OF VALUATION VISION

Zaio Corp. has closed the purchase of the business and assets of Valuation Vision LLC.

"We are pleased to announce that as of today, Zaio will begin to recognize all revenues generated by Valuation Vision," said David King, chief executive officer and president of Zaio. "Successfully closing Valuation Vision is a key milestone in fulfilling our corporate valuation technology and product strategy. Together with Axis Appraisal Management, the pro forma company will stand as a fully integrated valuation data and technology company serving the booming U.S. mortgage and real estate industry."

"We're pleased to finalize the acquisition by Zaio," stated Shane Copeland, CEO of Valuation Vision. "While we've been strategically aligned with Zaio and Axis for over a year, the conclusion of the acquisition will provide us the capital and technology resources to fund our rapid growth."

As previously announced, Zaio entered into a definitive binding purchase agreement with Valuation Vision in December, 2014, for the acquisition by Zaio of substantially all of the assets and certain liabilities of Valuation Vision. The purchase price was satisfied by Zaio issuing 5,333,333 common shares and payment of $614,000 (U.S.) in cash to satisfy certain assumed liabilities owed to the majority shareholders of Valuation Vision. In addition, the company issued an additional eight million common shares to minority owners and management of Valuation Vision as the result of the satisfaction of certain performance targets. The transaction is valued at approximately $4,286,000 (U.S.). The business and assets are now being transitioned to in a subsidiary of Zaio, Valuation Vision Inc., along with the former management team.

As a result of the acquisition, Zaio through its subsidiary, Valuation Vision, now owns and operates a proprietary order management technology and analytics platform supported by a highly experienced team of real estate and data professionals. BPOMerge is an innovative valuation solution developed by Valuation Vision, where multiple agents provide independent research and price opinions. The patent-pending MergeValue algorithm scores agent performance to determine the most probable outcome as a reconciled value. With 18 expert-selected comparables and over 40 site inspection data elements, BPOMerge provides a significant amount of data and insight on the subject property. Valuation Vision has also built a well-established institutional customer base of asset managers, private equity firms and national mortgage services firms, which customer base has now transferred to Zaio. Closing this transaction delivers scale immediately and accelerates Zaio's growth and revenue potential.

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