BackOffice Associates® Announces Share Repurchase Agreement with Original Company Founders

  BackOffice Associates® Announces Share Repurchase Agreement with Original
  Company Founders

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

Business Wire

SOUTH HARWICH, Mass. -- December 21, 2012

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 indata migration and data
governance solutions, with a concentration on enhancing ERPdata 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.

Contact:

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