Markit has announced that it has agreed to acquire Compliance Technologies International (CTI), a provider of tax compliance and reporting services. Marks Baughan is pleased to announce its role as exclusive financial advisor to Compliance Technologies International in this transaction. Compliance Technologies International (CTI) is a pioneer in tax compliance and reporting services. Markit is a leading global diversified provider of financial information services.
Software from CTI automates the certification of tax domicile, validation of withholding tax status and calculation of withholding tax to help firms streamline compliance with anti-money laundering (AML) and know-your-customer (KYC) regulation.
Dodd-Frank, Emir, Fatca and Mifid, among other regulations, create stringent requirements in the financial services industry for the collection and management of customer data. CTI’s expertise in tax due diligence, withholding and reporting complements the customer identity management and regulatory reporting services offered by Markit through its Counterparty Manager platform and the recently launched Markit І Genpact KYC Services solution.
Michele Trogni, managing director and global head of managed services at Markit, said: “There is growing harmonisation among tax regimes worldwide which creates exciting opportunities for service providers to standardise and digitise tax processes. CTI’s unique technology and tax expertise will enhance Markit’s KYC offering and further enable us to help our customers adapt to changing regulation.”
Cyrus Daftary, cofounder and executive director at CTI, said: “Markit’s global reach will be invaluable as we continue to grow the CTI business and expand our product platform. We will continue to offer our customers best-in-class tax compliance tools and will continue to innovate to address evolving regulatory requirements.”
For more information on this transaction, please contact:
Nick Baughan
nbaughan@marbau.com
610.616.3294
Chris Skoff
cskoff@marbau.com
610.616.3297
About Marks Baughan Securities, LLC
Marks Baughan provides investment banking services to growth companies, primarily in the Legal and Compliance, Information Management, and Financial Technology verticals. Our focus and deep expertise and relationships in these verticals provide our clients with top-quality results driven by an efficient process. Marks Baughan clients range from public companies with multi-billion dollar market caps to private companies with $10 million in revenues. We deliver results for clients: advising on sales of entire companies and divisions, acquisitions, private placements of equity and debt securities, or strategic advisory services for CEOs and CFOs on public offerings, M&A plans, or investor positioning.
For more information on Marks Baughan, visit www.marbau.com.
About Compliance Technologies International
CTI’s software and services have been used in multi-national corporations and seven of the ten largest financial institutions in the world since 1998. CTI has a strong team of highly specialized and experienced international and domestic tax and software professionals, including lawyers, accountants, software engineers, and operations experts. CTI’s team is a leader in cutting edge global tax technology; consulting and outsourcing services specializing in information return reporting and tax withholding. Years of practice have contributed to CTI’s long standing and solid relationships with worldwide financial institutions, multi-national corporations, tax authorities and governments.
For more information about Compliance Technologies International, visit www.cticompliance.com.
About Markit
Markit is a leading global diversified provider of financial information services. We provide products that enhance transparency, reduce risk and improve operational efficiency. Our customers include banks, hedge funds, asset managers, central banks, regulators, auditors, fund administrators and insurance companies. Founded in 2003, we employ over 3,000 people in 10 countries.
For more information about Markit, visit www.markit.com.