Thomson Reuters Corp (TSE:TRI, Mkt cap 42.23B, P/E 32.41, Div/yield 0.45/3.13, EPS 1.79, Shares 727.23M) confirmed on Monday that it has completed its acquisitions of Clarient and Avox from the Depository Trust & Clearing Corporation (DTCC) and its bank partners.
When the deal was announced last month, the news and information group said that it would strengthen its Know Your Customer (KYC) managed service franchise, which now serves 23 financial institutions worldwide.
US-based Clarient focuses on compliance, KYC and client reference data, while UK-based Avox supplies legal entity data, such as hierarchies and identifiers on financial entities globally.
The acquisitions are said to support Thomson Reuters' aim to be a leading provider and trusted source of KYC and legal entity information.
"The evolving global regulatory environment continues to emphasize anti-money laundering requirements for buy-side firms and corporate institutions to know their customers and all their related relationships when conducting global business," explained Hugh Stewart, research director at Chartis Research. "These regulatory requirements are spurring a growing demand for firms such as Thomson Reuters to develop global solutions that not only help customers accelerate client on-boarding and comply with regulations, but also reduce costs, improve client experience and extend support to the whole client life cycle."
"Completing the acquisitions of Clarient and Avox affords a tremendous opportunity for us to work together in our shared goal of creating best-in-class KYC and legal entity data due diligence standards that enhance our customers and their customers' ability to conduct global business," commented Steve Pulley, managing director of Risk Managed Services at Thomson Reuters. "Clarient and Avox's deep specialty knowledge and capabilities will enhance our portfolio of solutions, and we welcome our esteemed new colleagues to the Thomson Reuters family."
No financial details were disclosed.
Thomson Reuters Corporation (TSE:TRI) is a provider of intelligent information for businesses and professionals. The Company is organized into four business units: Financial & Risk, Legal, Tax & Accounting and Intellectual Property & Science. Financial & Risk business unit provides news, information and analytics, enabling transactions and bringing together financial communities. It also provides regulatory and operational risk management solutions. Legal business unit provides online and print information, decision tools, software and services that support legal, investigation, business and government professionals. Tax & Accounting business unit provides integrated tax compliance and accounting information, software and services for professionals in accounting firms, corporations, law firms and government. Intellectual Property & Science business unit provides intellectual property and scientific information, decision support tools and services. More from Reuters »
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