London, June 14, 2022 – Regnology, the leading RegTech, SupTech and Tax Reporting solutions provider, today announced the acquisition of the Tax Information Reporting (TIR) software business from PwC UK, one of the Big 4 professional services firms. With this transaction, Regnology further expands its leading market position in the area of tax reporting.
PwC has had an alliance with Regnology in the RegTech space for years and this transaction will broaden that alliance. The business offers two tax reporting software solutions for financial institutions: one solution for Automated Exchange of Information (AEOI) covering CRS and FATCA and one solution for client tax reporting providing financial institution's clients with high quality tax reports.
The acquisition of PwC UK’s Tax Information Reporting software business and supporting team is in line with our global growth strategy. We further strengthen our market-leading position, our customer base, and also add expertise and knowledge to our growing team. It is our vision to connect regulators and the industry to drive financial stability, tax transparency and a sustainable future.
Rob Mackay, CEO of Regnology
PwC UK’s Tax Information Reporting software solutions are a perfect fit for our products and services portfolio. With the combined product capabilities as well as the know-how of our tax experts, we are in a position to further continue improving our customers' high satisfaction with our products and services.
Fabrice Chatelain, Head of Tax Solutions at Regnology
Our clients and our people are always our primary drivers and that focus led us to this transaction. Regnology has the specialist experience and global reach to continue investing in the development of TIR’s solutions to respond to rapidly changing customer needs. We look forward to working closely with the team once they are at Regnology through our alliance and will remain an enthusiastic customer of TIR’s solutions to support our clients’ tax reporting needs.
Kit Dickson, Partner at PwC UK
Regnology’s tax reporting business covers tax reporting and AEOI solutions for financial institutions and tax authorities. The solutions cover regulatory regimes for tax transparency and reporting defined by the EU, OECD, and US.
The Tax Information Reporting (TIR) software business team will remain based in London, UK, and will operate under Regnology TIR UK Limited. They will closely collaborate with the Regnology tax reporting teams in Austria, Romania, Singapore, and Switzerland.
The parties involved have agreed not to disclose further details of the transaction.