About Us

Pellegrino & Associates, LLC is a boutique valuation company with a specialty in software and intellectual property valuations that include patents, copyrights, trademarks, and trade secrets. Formed in 2003, P&A focuses on building credible valuations for companies for a variety of purposes. P&A has been honored to work with small and large private and publicly traded companies across the globe. P&A is proud to include the likes of corporate leaders such as IBM, Sony, American Express, Lockheed Martin, Duke Energy, Liberty Mutual Insurance, Rolls-Royce North America, Ascension Healthcare, and General Electric among its clients, as well as promising revolutionary startups. P&A has valued intellectual properties as diverse as orphan drugs and medical devices to the publicity rights for the gunslinger John Dillinger. P&A has found that the company’s work stands on its own under scrutiny, both with the IRS and in litigation.

P&A’s team consists of engineers with finance experience, each holding undergraduate or graduate science degrees, as well as MBAs. Thus, P&A understands both the technical complexities of the assets P&A reviews, as well as the tax and finance implications. P&A has generated a national reputation as a software and intellectual property appraisal firm, and nationally respected outlets such asValuation Strategies, The Journal of Taxation, CFO Magazine, Business Valuation Resources, Entrepreneur.com, MSNBC.com, FoxNews.com, various state bars, and others have carried, quoted, or published P&A’s material.

P&A founder Mike Pellegrino published his first book, BVR’s Guide to Intellectual Property Valuation, in July 2009, which you can find currently for sale through Amazon.com, Barnes & Noble.com, or Business Valuation Resources directly. P&A is currently under agreement for another book on software valuation and has a publisher interested in one on early-stage technology valuation. In short, P&A has the credibility and technical ability to defend its work.

Today, Pellegrino & Associates is a growing valuation services firm focused on providing the most precise, credible, and equitable valuations for investment and tax reporting purposes. With offices in Indianapolis, Indiana, and San Jose, California, Pellegrino & Associates has been proud to serve companies ranging from small, privately owned organizations to Fortune 500 companies. Clients have used the company’s valuations for internal capital budgeting and planning purposes, for property tax reporting purposes, for raising investment capital, and for economic feasibility analysis.

See what we’ve done for our clients.

Our History

Pellegrino & Associates formed in 2003 as a premiere software valuation company based in Fort Wayne, Indiana. It specialized in embedded software valuations for personal property tax reporting purposes. As company president Mike Pellegrino was forming the company, the Indiana Tax Court issued a ruling barring taxpayers from using estimates or opinion to establish the value for embedded application software for personal property tax reporting. As a result, he set out to change the law to allow for the independent valuation of embedded application software. He spent two years working with the legislature to change the law.

Just one year after its initial start, the company quickly evolved into a technology and intellectual property valuation firm. In 2004, the company relocated to Indianapolis, Indiana to expand the business by being more accessible to our growing international clients. As the company continued to grow, the need for another office arose. As a result, we opened an office in San Jose, California in 2011. Our client reach is both domestic and international, with a third of our clients outside the United States. We have served startups, Fortune 100 companies, law firms, estates, and others.

Since 2004, Pellegrino & Associates has completed more than 400 engagements for more than 200 clients in a wide range of industries. These engagements involve valuing various assets including patents, copyrights, trademarks, brands, trade secrets, businesses, and human capital, to name a few. Clients have used our valuations for internal capital budgeting and planning purposes, for property tax reporting purposes, for raising investment capital, and for economic feasibility analysis. We have helped 76% of our clients raise more than a quarter of a billion dollars.

Since our beginning, Pellegrino & Associates has built a strong reputation in the IP valuation industry, with event organizers inviting the firm to write and speak at dozens of forums throughout the years. Our company president has written a first and second edition book on IP valuation, BVR’s Guide to Valuing Intellectual Property, selling more than 700 to industry professionals, law firms, and others. We continue to set standards, provide credible and defensible valuations, and remain a thought leader in the industry.

Executive Biographies

We are a team of dedicated and experienced professionals, ready to do what ever it takes to make your business grow

Mike Pellegrino - President

mike_web_site_head_shotMike Pellegrino is the Founder and President of Pellegrino & Associates, LLC (P&A), a boutique intellectual property (IP) valuation firm. He has significant experience valuing patents and other forms of intellectual property, establishing royalty rates, and evaluating businesses. His company engagements number more than 400 for more than 200 clients, ranging from Fortune 100 companies like IBM, GE, State Farm, Liberty Mutual, American Express, and Lockheed Martin to startups. Judges, attorneys, and government entities such as the IRS and the SEC have widely accepted his work product. Courts at the state and federal level, tax jurisdictions, and arbitration panels have accepted Mike’s work for issues including bankruptcy valuations, estate tax valuations, copyright infringement claims, trade secret misappropriation claims, patent infringement claims, breach of contract claims and others. One North Carolina court stated that Mike’s work is “clearly in the mainstream of IP valuation methodologies” and that his qualifications were “outstanding.”

Mike’s experience positions him as a market leader in intangible asset valuation. He is the author of first and second editions of BVR’s Guide to Intellectual Property Valuation, selling more than 700 books to a variety of customers including attorneys, tech transfer officers, business valuation firms, competing IP valuation firms, and more. In addition, his finance- and software-related articles appear in internationally and nationally recognized outlets, such as IAM Magazine, CFO Magazine, MSNBC.com, FoxNews.com, and others. Mike has had the pleasure of teaching thousands of people about valuations. Various venues around the globe, including law firms, universities, accounting firms, appraisal firms, valuation firms, state bar associations, and other organizations, frequently request his expertise at speaking engagements regarding intangible asset valuations and the tax effects of embedded application software and intellectual property.

In addition to speaking engagements, Mike teaches webinars regarding valuation and related topics. To date, students number more than 1,200 and include those across most major economic analysis firms, the IRS, financial institutions, and others. For instance, students come from Charles River Associates, Stout Risius Ross, Inc., Wells Fargo, Deloitte, Ernst & Young, JP Morgan Chase, KPMG, and PriceWaterhouseCoopers. Mike has also taught scores of technology transfer and IP managers from the likes of Baxter Healthcare, John Deere, DSM, Harley Davidson, Novelis, Johnson & Johnson, Pepsi, Nestle, Alcoa, Dow, Georgia-Pacific, Kimberly-Clark Corporation, Kraft Foods, Celanese, SC Johnson, Altria, AB Inbev, James Hardie Building Products, Avery Dennison, Vale, Exxon Mobil, United Health Group, General Electric, FedEx, The Hershey Company, and Baxa Corporation among others.

Mike has taught IP valuation concepts to officials from the governments of Brazil, Azerbaijan, Estonia, Thailand, Guatemala, and New Zealand on behalf of the U.S. State Department. He has counseled and testified before legislators about valuation issues. He was also instrumental in helping to change Indiana law regarding the valuation of embedded application software for personal property tax reporting purposes and for the taxation of patent-derived income. He authored the administrative rules that Indiana’s Department of Local Government and Finance now uses to administer the evaluation of software appraisals for property tax matters.

In addition to his valuation expertise, Mike developed a state-of-the-art patent analytics tool that provides key insights and intelligence into the patent landscape. This system removes information asymmetry rampant in the patent marketplace by consolidating millions of disparate records into a user-friendly database.

His educational background includes a Bachelor’s degree in computer science from Indiana Institute of Technology and a Master’s degree in business administration from Ball State University. He also completed additional accounting coursework sufficient to fulfill the academic requirements for an undergraduate accounting degree. In addition, he completed both the 15-hour and 7-hour update USPAP training programs. He remains current with all USPAP training. Further training involves numerous ICLEF and NBI seminars on a variety of issues.

Jeff Champa - Principal Valuation Analyst

JAC-Head-ShotJeff Champa is a Principal Valuation Analyst at Pellegrino & Associates, LLC. He has a Bachelor’s degree in electrical engineering and has completed graduate courses in analog and digital communications and software design. Jeff provides valuation consulting services and intangible asset appraisals for a variety of purposes. He also conducts project valuations, market analyses, and financial analyses.

Jeff has managed full life cycle product development of several embedded systems for both small and large corporations across a wide range of industries. He has filled several technical positions such as System Architect, System Engineer, Software Engineer and Electrical Engineer throughout his career.

As a product development engineer, Jeff gained considerable expertise in developing embedded systems for automotive, agriculture, and construction industries. He has experience in design with CPUs from Hitachi, Infineon, Freescale, Atmel, NXP, and Marvell. He has worked with several operating systems and network protocols. He has worked with several commercial grade wireless communication systems and technologies including 802.11, CDMA, GSM, GPS, Orbcomm, Iridium, Bluetooth, and Zigbee. Jeff has been involved in the qualification of products to industry standards such as CE, E-Mark, SAEJ1455, FCC, IC, and various other ISO and IEC standards.

Tejas Shah - Senior Valuation Analyst

TNS-B_WTejas Shah is a Senior Valuation Analyst at Pellegrino & Associates, LLC. Mr. Shah holds a Bachelor’s degree in Chemistry from Indiana University—Bloomington and a Juris Doctorate from Indiana University Robert H. McKinney School of Law. He performs project management; legal, market, and financial analyses; and valuations. He has a license to practice law in the State of Indiana and in the U.S. District Courts for the Southern and Northern District of Indiana. Mr. Shah is a member in good standing with the Indiana Bar.

As an attorney, Mr. Shah has experience in a variety of engagements. He has drafted patent applications in a broad range of fields, including chemical compositions, medical devices, and materials science-related inventions. He has assisted in the drafting of infringement, patentability, and clearance opinions for multinational corporations. He has also been instrumental in the prosecution of patent applications before the USPTO.

Mr. Shah has also been an attorney-of-record in patent infringement suits in U.S. District Court and trademark oppositions before the USPTO.

Jill Starbuck - Senior Market Research Analyst and Technical Editor

JAS_webJill Starbuck is a Senior Market Research Analyst and Technical Editor at Pellegrino & Associates, LLC. Jill performs secondary market research and provides a detailed analysis of the research to the analysts, who use this information for conducting precise and valid valuations. She oversees the company’s marketing efforts by writing website content, campaign letters, and the company newsletter. She also assists with proposal writing and executive report summaries. In addition, Jill writes for the company’s blog, which includes intellectual property commentary regarding current events. Jill edits all company material including books, proposals, marketing material, and reports. She instructs coworkers on proper writing techniques and company style. She developed a company style guide that helps the company provide consistent, concise, and quality work products.

Jill brings a strong English background to the company with both a Master’s and a Bachelor’s degree in English. She also graduated from The Publishing Institute and earned certification in editing from UC Berkeley. Jill has extensive experience in editing, public speaking, researching, training, and writing. Her writing background includes analytical reports, brochures, catalog copy, manuals, newsletters, and technical documents. She has created and facilitated writing courses at the college and business levels. Jill has developed house style guides and standard operating procedures.

She also brings to the company a research background that includes leadership roles in project management that have enabled her to build strong customer relationships. Her responsibilities included researching primary and secondary resources, communicating daily with customers, developing questionnaires, analyzing research information, and writing project reports. Her projects have included studies on blood pressure medicine, college curriculums, glucose monitors, and industrial directories. She was also the lead editor for market intelligence reports based on the automotive, banking, pharmaceutical, retail, and software industries.