KPMG has acquired from G2 FinTech (G2), a boutique tax technology firm that specialises in tax analysis and compliance software for the investment management community, all of its United States tax software and intellectual property, including G2’s flagship product, TaxGopher.
G2 will remain a separate entity with a continuing business post-closing. A majority of G2’s development team will join KPMG’s Tax Transformation and Technology Practice, enabling KPMG to enhance its capabilities to assist hedge funds with their tax compliance needs.
A majority of G2’s development team will join KPMG’s Tax Transformation and Technology practice, enabling the firm to enhance its capabilities to assist hedge funds with their tax compliance needs.
“This acquisition of G2’s technology assets and intellectual property continues to build on our successful leadership position in the Alternative Investment space following the Rothstein Kass transaction last year,” says Jeffrey C LeSage (pictured), Vice Chairman –Tax at KPMG. “The market is demanding a web-based, integrated technology platform; by adding G2’s technology, KPMG will now be able to offer hedge funds a seamless end-to-end analysis and compliance solution.”
KPMG is making a significant investment in tax technology with the continued development of KPMG LINK PartnerTrack, the firm’s next-generation web-based platform for streamlining the partnership tax return and reporting process. The G2 acquisition reflects this commitment, by harnessing leading technology in order to meet the complex tax compliance needs of clients.
This acquisition marks KPMG’s second transaction in the tax technology space in less than a year. In November, KPMG acquired the Global Trade Management (GTM) Practice of EntryPoint Consulting LLC, enabling the firm to provide both regulatory and technology consulting to multinationals.
George Michaels, CEO of G2 FinTech says: “This opportunity presents the best of both worlds for G2 and our clients. Our ongoing arrangement with KPMG enables us to service our existing clients while at the same time allows KPMG to incorporate TaxGopher within its KPMG LINK PartnerTrack platform. We see this as a huge win for everyone.”
'>
“We realise that compliance officers have limited time and resources to deal with this huge responsibility, and we are looking forward to making our vast expertise and experience in this area available to a wider client base as part of a stand-alone service offering.”
Cordium’s approach is to have client-specific teams in place dedicated to reviewing communications. The process will be customised and tailored searches will be applied based on specific firm risks to ensure focus on issues that may be uncovered in that email review. This review will also include a scrub of chat services that are approved by the specific company as that is where more candid communications between employees and people outside of the firm may occur.
