Partnering with Leaders in
GOVERNANCE, RISK, & COMPLIANCE
Excellere’s interest in Governance, Risk, & Compliance (“GRC”) is driven by the
industry’s compelling value proposition, strong growth tailwinds, fragmented
market landscape, and attractive financial profile. The accelerating pace of
regulatory change, an expanding risk environment, and inadequate GRC
systems and processes are driving demand for novel GRC solutions.
Compounding the challenges are constrained corporate budgets and
competition with other business priorities, resulting in organizations seeking
third-party GRC solutions that fulfill business-critical compliance functions with
limited resources.
The GRC sector represented a $47 billion global market in 2022 and is projected
to grow to $92 billion
in 2027, reflecting an annual growth rate of
approximately 14%.2
GOVERNANCE, RISK, & COMPLIANCE THESIS ELEMENTS
Compelling Market Opportunity Driven by Multiple Tailwinds
1
STRIVE FOR EXCELLLENCE
The greatest compliance
challenge I expect to face is…
“Rolling out a champagne
and caviar trade compliance
program on a bread and
water budget.”
- Compliance Coordinator,
United States1
1)
Thompson Reuters “The Cost of Compliance 2021: Shaping the Future”.
2)
Grand View Research.
 GRC solutions enable organizations to focus on core competencies and enhance proactive risk
mitigation while simplifying the operational burden of compliance.
 Critical compliance capabilities are legally mandated or necessary to fulfill operations driving
non-discretionary demand.
 Market leading GRC solutions increase organizational risk tolerance enabling rapid execution
of initiatives, shifting compliance from a cost center to a strategic advantage.
Tangible Value Proposition
 The growing complexity of regulatory compliance, coupled with an expanding risk
environment and need for greater technological sophistication are driving greater demand
for GRC solutions.
 Pressure to optimize costs and competing business priorities are forcing organizations to (i)
focus on business-critical compliance solutions with demonstrable ROI, and (ii) seek outsourced
solutions to fulfill compliance functions in light of limited resources.
Macro Tailwinds Driving Long-Term Growth
 Trends in GRC specialization by industry and/or product has resulted in a fragmented
marketplace with many niche providers, creating multiple inorganic pathways to add
strategic capabilities, extend into new markets, and accelerate growth
 The long-term criticality of GRC solutions has driven the presence of recurring revenue models
with high retention rates while the integration of technology has enhanced margin profiles,
creating an attractive financial profile with long-term-visibility.
Attractive Market Segmentation & Financial Profile
Investment Criteria
Capabilities
Business
Model
Financial
Profile
Excellere is interested in
assets that enable, optimize,
and / or track compliance,
assurance, risk, and
governance requirements, as
well as organizations that
enable clients to extend
compliance or risk
management to their end
customers.
Software, tech-enabled, and
service-centric models with
strong market reputation
and attractive growth
avenues.
Historical
revenue growth
and stable margin profile,
reflecting a strong value
proposition.
Partners
Interested in partnering with
founders and management
teams with a compelling
vision for their business and a
need for additional resources
and strategic support to
accomplish their strategy

“Fortune 100” Talent and Experience
 A vetted group of proven executives with unique industry
knowledge and operational experience
 Unique combination of expertise and functionality aligned and
integrated with each company’s specific resource needs and
cultural fit

“Skeleton Key” Approach – Flexible use cases depending on the
specific needs of each company:

Independent Board Members
 Executive Chairpersons
 Operating Executives
 Consulting Support and Expertise
RESOURCES & SUPPORT BEYOND CAPITAL
GRC INVESTMENT FOCUS AREAS
Solutions that streamline traditional compliance and risk
management through novel technology, automation, or
processes. For example, a GRC provider could automate the
onboarding and credentialing processes of vendors and
customers, allowing for more rapid service delivery.
Solutions that assist employers in
meeting regulatory requirements from
the Department of Labor and
environmental agencies. Common
solutions include (i) OSHA compliance (ii)
labor management, and (iii)
environmental safety
and disposal.
Solutions that protect organizational
technology systems and data from
internal and external threats, including
(i) appropriate system architecture and
usage procedures, (ii) employee training
to mitigate social engineering, and (iii)
outsourced cybersecurity providers.
Solutions tailored to the highly regulated Healthcare and
Financial Services industries. Common solutions facilitate
compliance with SOX, HIPAA, and the Dodd-Frank Act.
Additional consultative services facilitate interactions with
regulatory agencies such as the SEC, FDA, and DOJ.
PROPRIETARY VALUE CREATION PROCESS
Management and Excellere’s Shared Vision
Current State Assessment
 Voice of the customer
 Third-party diligence

Investment thesis review
 Commercial process map
1
Short-Range Planning and Execution
 Organizational scalability
 Quality and compliance
 Organic growth acceleration

Strategic technology investments
2
Long-Range Planning and Execution
 Value proposition enhancement
 Competitive differentiation

Expanding addressable market

Exit planning
3
Continuous Improvement
 High functioning commercial team
 Operational excellence

Employer of choice

Innovator / solutions partner
4
 Proven vendors with the ability to accelerate
value creation
 Utilized for shorter
duration initiatives,
formulating
scalable processes
or providing
interim support
which
management
eventually
maintains
2
3
3033 East First Ave, Suite 700
Denver, CO 80206
September 2024
FOR INQUIRIES, PLEASE CONTACT
303.765.2402
bcornell@excellere.com
Brad Cornell
303.765.2416
junertl@excellere.com
Justin Unertl
303.765.2372
rgundry@excellere.com
Ross Gundry
651.402.9272
bcox@excellere.com
Bailey Cox
CREATING VALUE TOGETHER
Transforming Entrepreneurial Companies
In addition to offering industry experience to leadership teams, Excellere deploys a proven, process-based
investment strategy driven by our Value Creation Model. This model includes proprietary tools and resources used
to design roadmaps toward industry leadership, build foundations to support extraordinary organic growth, and
enable customer-focused strategic acquisitions. Our ability to successfully transform companies with our Value
Creation Process is rooted in three key areas.
Leadership
We empower entrepreneurs
and management teams with
supplemental talent,
organizational structure, and
corporate culture that fosters
their vision.
Process
Excellere supports the refinement
of all internal and external
processes to enhance
productivity and drive consistency
through operational excellence.
Technology
We invest in technology and
systems for real-time business
intelligence, effective
managerial oversight and
improved decision making.
DEMONSTRATED INDUSTRY EXPERTISE
 Asset integrity & regulatory compliance solutions to midstream,
downstream, & natural gas operators
 Regulatory compliance programs to allow operators to demonstrate
compliance with federal, state and local regulations; implements tools,
processes to drive safety culture improvement amongst operators
 Medical claims management solutions – cost containment, fraud prevention
– to auto insurance carriers and workers’ comp administrators
 State-specific program development, underwriting & claims administration
on behalf of carriers
 Specialty Therapy Hub Services, Business Process Outsourcing – leveraging
proprietary technology to increase patient engagement and medication
adherence
 SaaS provider of document transfer (cloud fax) and workflow solutions
(NEXTSTEP) to healthcare and document-intensive industries
 Supports interoperability across all healthcare systems and stakeholders
Investment
Capabilities
Business Description
Compliance
Risk Mitigation
Data Security
Compliance
Risk Mitigation
Safety
Compliance
Risk Mitigation
Compliance
Risk Mitigation
Compliance
Risk Mitigation
 Product commercialization solutions to pharmaceutical manufacturers –
Channel strategy, patient support services, EMR services, state licensure
management