MPAC and Axilogic Announce International Commercialization Agreement
Collaboration will transform property valuation and taxation in developed and developing nations.
Toronto, Canada, September 7, 2017 (Newswire.com) - Today, Municipal Property Assessment Corporation (MPAC) and Axilogic Inc. officially announced a new international commercialization agreement that will see the companies collaborating to export MPAC’s valuation technology and expertise around the world.
At the core of the commercialization agreement is MPAC’s highly disruptive and patented valuation platform, Valuation as a Service (VaaS), the world’s most sophisticated open source-created, cloud-based property assessment solution. In development since 2012, MPAC successfully completed their 2016 property assessment update using VaaS (5 million properties with a combined assessed value of $2.25 trillion), achieving massive cost savings, improved valuation quality, reduced requests for reconsideration/appeals and enhanced stakeholder satisfaction.
Under the terms of the exclusive agreement, Axilogic will be responsible for global business development, client engagement and solution design and delivery, to ensure the successful market penetration of VaaS in developed and developing countries alike. In addition to representing and supporting MPAC’s existing product set and planned extensions, Axilogic is also developing complementary valuation technologies, including mobile data collection applications, payment gateways, Blockchain registry solutions, artificial intelligence products, data monetization capabilities and more.
“For over 17 years, MPAC has been developing revenue streams through commercial value-added products and services, which have had a major impact on reducing costs for assessment services to municipalities across Ontario,” says Antoni Wisniowski, President, Business Development for MPAC. “Building on this success, MPAC is looking to expand its commercial offerings and to enter markets outside of Canada in partnership with Axilogic.”
The Axilogic/MPAC relationship commenced in April 2017 with the last six months used to establish the international collaboration framework and supporting business processes. This effort has rendered promising results, and the companies have already garnered significant attention in their combined valuation proposition with executive level discussions underway in countries including Sierra Leone, South Africa, Sri Lanka, Australia, Jamaica, New Zealand, Fiji, U.K. and Greece, to name only a few.
“The market interest expressed to date is encouraging, and demonstrates that there are significant opportunities to export world-class Canadian technology to progressive countries around the world who seek to modernize their property taxation regime, improve assessment equity and massively drive down the cost of property assessment,” says John Psihos, CEO of Axilogic. “At the same time, given the important role of property taxation to fund and sustain essential community services like municipal infrastructure, schools and policing, we expect to also play a pivotal role in bringing property valuation and taxation capacity to even the poorest developing countries in Africa, the Caribbean and Asia.”
Axilogic and MPAC are currently engaged in a proof of concept (POC) program in the Sub-Saharan African country of Sierra Leone, where they are using VaaS and other innovations to prepare property values, tax statements and the assessment roll for the cities of Bo and Makeni. The POC will be complete in December 2017 with 2018 focused on assessing the feasibility of a national system of property assessment including mobile payment collection technologies.
Source: Axilogic Inc.