The post-Sarbanes-Oxley environment of heightened corporate accountability and the enhanced transparency expectations of IFRS and GAAP have resulted in fixed asset management garnering an increased focus with our clients.
Milwaukee, Wisconsin (PRWEB) January 17, 2012
American Appraisal Associates, Inc., a leading independent valuation and related services firm, today announced that it has acquired Asset Management Resources (AMR) from the Global Services group of TEKsystems, Inc. Comprising approximately 30 employees, AMR provides fixed asset management services to the manufacturing, healthcare, pharmaceutical and education industries worldwide, and also delivers a specialized service focused on technology-related assets. During its most recent three fiscal years, AMR generated average annual revenues of approximately $8 million. The acquisition accelerates growth initiatives in American Appraisal’s fixed asset management services and significantly expands its presence in the Detroit marketplace. Terms of the transaction were not disclosed.
“Since 1990, AMR has established itself as a premier provider of fixed asset management services,” commented Joe Zvesper, Chairman & Chief Executive Officer at American Appraisal. “We are pleased to welcome AMR’s outstanding professionals into our firm. Our new colleagues bring exceptional credibility and strong relationships to one of our core service offerings; they are market leaders with an extraordinary reputation for enabling clients to achieve operational savings and avoid regulatory non-compliance issues. The post-Sarbanes-Oxley environment of heightened corporate accountability and the enhanced transparency expectations of IFRS and GAAP have resulted in fixed asset management garnering an increased focus with our clients. With the completion of the acquisition, American Appraisal has the largest specialized team of full-time fixed asset management professionals.”
TEKsystems Global Services Vice President Randy Verdino noted: ”The divestiture of AMR to American Appraisal represented the best possible outcome for all parties involved. It allows the TEKsystems Global Services division to focus on its core services of applications and infrastructure outsourcing while monetizing the assets of AMR to a company whose core competency is better aligned to grow that business. We are pleased with the manner in which American Appraisal has approached this transaction, especially in the way they valued all of our employees and how they were treated during their on boarding process. We intend to maintain a business referral relationship with American Appraisal in the event that some of our clients require their services in the future.”
Jeb Stolicker, AMR Director of Operations, said: “We are delighted to be joining American Appraisal, a global leader in the marketplace. All of us at AMR are enthused about the prospect of serving the marketplace with American Appraisal, as this allows us to offer a dynamic and broad range of services to our clients. It’s an exciting time to take advantage of the synergies of our two like-minded organizations to enhance our client solutions.”
About American Appraisal
American Appraisal, the world’s only truly glocal valuation firmTM, is a leading valuation and related services firm that provides expertise in all classifications of tangible and intangible assets. It comprises more than 900 employees operating from major financial cities throughout Asia-Pacific, Europe, and North and South America. For more information, visit http://www.american-appraisal.com.