WennSoft

Background

WennSoft, formerly Key2Act, a Wisconsin-based company, specializes in field service management and building intelligence solutions. With over 25 years of experience, WennSoft serves 600+ customers with advanced technology platforms like the Signature platform, offering workflow efficiencies, field service enablement, and job costing tools. Their Building Optimization Broker (BOB) delivers actionable outcomes and cost savings through data from building systems.

Volaris Group acquired WennSoft in February 2022 from a US-based private equity firm. This acquisition marked Volaris Group's entry into the Field Service Management vertical market.

The Decision to Sell

Despite its strong portfolio, WennSoft encountered challenges in terms of scalability, struggling to keep pace with the demands of a rapidly evolving market landscape. Recognizing the need for a growth catalyst, WennSoft turned its attention towards acquisition. The Volaris Group, known for its strategic acquisitions and nurturing of technology companies, served as the perfect partner for the future of WennSoft.

Joe Alvarez, current CEO of Wennsoft, remembers his first encounter with Volaris Group:

After the initial face-to-face meeting, when Volaris left, the executive team exchanged looks, realizing that Volaris had a deep understanding of our business, almost as if they had been part of it for years.

By joining forces with Volaris Group, WennSoft leveraged Volaris' robust performance metrics system, commitment to continuous learning, and strategic partnership opportunities. This collaboration unlocked new growth opportunities and propelled WennSoft forward in its transformation and expansion journey. Ultimately, the acquisition served as a catalyst for WennSoft to navigate the modern software space. In Joe's words, "the journey has just begun."

Post-Acquisition Success

The integration process with Volaris has not only brought about immediate benefits but has also laid the groundwork for WennSoft's long-term expansion strategy. Through this partnership, WennSoft sees opportunities to broaden its product offerings through both acquisitions and strategic partnerships. By leveraging the expertise and resources within the Volaris Group, WennSoft aims to identify complementary businesses that can enhance its existing suite of solutions or tap into new markets.

Furthermore, WennSoft recognizes the importance of data-driven decision-making in fueling growth. By analyzing market trends, customer feedback, and operational metrics, WennSoft can make informed strategic decisions that drive profitability and market share. This commitment to data-driven insights ensures that WennSoft remains agile and responsive to evolving market demands.

Embracing Volaris Group’s system of financial metrics was a game-changer for WennSoft, steering its decision-making process and stimulating its growth. While implementing these metrics posed initial challenges, the long-term benefits became apparent as the firm witnessed its first profitable year pre and post-acquisition. This was not merely a stroke of luck, but a direct result of the company's transition towards data-driven decisions, operational efficiency, and fiscal prudence. 

Talent Development

Talent development holds a significant place within Volaris, exemplified by its commitment to nurturing talent. In discussions with the Volaris management team, succession planning emerges as a recurring theme. Joe perceives it as their responsibility to groom potential successors from within the executive team or other layers of the organization.

Joe acknowledges the strength of the existing team, both at the executive level and among non-executive staff, highlighting their potential for growth and advancement. This encouragement of upward mobility is communicated throughout the organization and beyond, emphasizing the opportunities available within the broader Volaris and Constellation network.

The integration into Volaris has brought new initiatives, such as the Volaris 101 program, which despite its challenging nature, offers valuable insights into data-driven decision-making, particularly in financial matters. The program's emphasis on operational metrics fosters a culture of informed decision-making, ensuring sound financial management practices.

Regarding WennSoft, Joe notes the autonomy maintained post-acquisition, allowing WennSoft to preserve its unique culture and core values. This autonomy has played a vital role in sustaining employee morale and engagement post-acquisition. WennSoft takes pride in preserving its unique microculture - a testament to the company's commitment to its core values and the unity of its team. This focus on culture has allowed the firm to retain its identity and ensure consistency even as it integrates into the larger Volaris ecosystem post-acquisition.

Value-add of Volaris Group

One of WennSoft's key strategies post-acquisition was to explore the potential for further acquisitions within WennSoft. This involved forming partnerships with smaller businesses, assimilating their products under the WennSoft brand, and closely evaluating their market performance. This approach proved to be a remarkable success, yielding compelling proposals within two months of implementation, with a potential sale on the horizon. 

When asked about his advice to potential acquisitions, Joe forthrightly states that uniting with Volaris is unequivocally the most strategic decision a company can make. He highlights the wealth of resources that become available to companies joining the Volaris family, emphasizing the importance of assimilating and embracing Volaris' practices to actualize success. “Nobody does this alone.” 

WennSoft underscores the immense value that Volaris Group brings to its acquisitions - an amalgamation of financial support, strategic vision, and a culture of continuous learning and growth. Looking ahead, WennSoft aims to enhance its product suite and solidify its commitment to adding value for customers and partners. 

Speaking to Professional Managers on Volaris Group

Professional managers considering the Volaris Group should know that it's a game-changer for their business. I emphasize the collaborative nature of success within Volaris. Nobody achieves greatness alone. I've personally benefited from the collective wisdom and support of colleagues, both directly involved and those who have contributed behind the scenes.

Volaris offers an extensive array of resources through platforms like the Volaris Learning Resource Center and Leader Resource Center. These resources are invaluable for business growth, providing a wealth of material for professional development. However, it's essential for managers to actively engage with these resources and integrate them into their operations.

While adopting new strategies and tools may initially feel unfamiliar, I encourage managers to embrace them wholeheartedly. These resources are designed to enhance business practices and drive success. By embracing the offerings available within the Volaris Group, managers can significantly increase their chances of achieving long-term success.

-Joe Alvarez, CEO, WennSoft