BackOffice Associates® Announces Share Repurchase Agreement with Original Company Founders

Primary ownership is now held by firm management, employees and Goldman Sachs

SOUTH HARWICH, Mass.--()--BackOffice Associates, LLC, a leading provider of data migration and information governance solutions, with a concentration on enhancing ERP data quality, today announced an agreement to repurchase all shares owned by the company’s original founder-investors through a share redemption agreement with BAOF Holdings.

This consolidates the primary ownership of the company to its new management, employees and Goldman Sachs. The share repurchase was made possible through a syndication process led by RBS Citizens Financial Group. With the deal, BackOffice Associates founders Tom and Trish Kennedy will no longer have ownership in the company.

“This arrangement will simplify operations and governance in the future,” commented David Booth, President and CEO of BackOffice Associates. “Tom and Trish Kennedy built an excellent company and I know I speak on behalf of all management in saying we are pleased to have the honor and privilege to lead the company to the next level.”

In recent months, BackOffice Associates has expanded its executive management team by adding six new members, announced continuing relationships with partners including SAP, and continued to deliver first-rate products and services to its customers.

“As we move forward, we plan to continue leveraging our key partnerships and to grow the firm, particularly overseas, in EMEA, Latin America, as well as in Asia and Canada, where we have already demonstrated considerable growth,” explained Mr. Booth.

About BackOffice Associates

BackOffice Associates® is a worldwide leader in data migration and data governance solutions, with a concentration on enhancing ERP data quality since 1996. Our range of products and services address the needs of business and IT users seeking to unlock the value of their data assets. BackOffice Associates is a global corporation headquartered in Massachusetts with additional offices in the US, Canada, Europe, Asia, India, Australia and Mexico. Company information is available at www.boaweb.com.

Contacts

BackOffice Associates, LLC
John Kelly, 508-430-7100, ext. 486
Vice President Global Marketing
JohnKelly@boaweb.com

Release Summary

BackOffice Associates® Announces Share Repurchase Agreement with Original Company Founders Primary ownership is now held by firm management, employees and Goldman Sachs

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Contacts

BackOffice Associates, LLC
John Kelly, 508-430-7100, ext. 486
Vice President Global Marketing
JohnKelly@boaweb.com