Markit to Acquire CTI to Expand Tax Compliance Services

Markit has agreed to acquire Compliance Technologies International (CTI), a provider of tax compliance and reporting services, subject to regulatory approval. The deal is expected to close in July.
By Jake Safane(2147484770)
Markit has agreed to acquire Compliance Technologies International (CTI), a provider of tax compliance and reporting services, subject to regulatory approval. The deal is expected to close in July.

CTI offers software that automates the certification of tax domicile, validation of withholding tax status and calculation of withholding tax, which can help firms streamline compliance with anti-money laundering (AML) and know-your-customer (KYC) regulation. These offerings can complement Markit’s existing customer identity management and regulatory reporting services offered by Markit through its Counterparty Manager platform and the recently launched Markit | Genpact KYC Services solution.

“There is growing harmonization among tax regimes worldwide which creates exciting opportunities for service providers to standardize and digitize tax processes,” says Michele Trogni, managing director and global head of managed services at Markit. “CTI’s unique technology and tax expertise will enhance Markit’s KYC offerings and further enable us to help our customers adapt to changing regulation.”

“Markit’s global reach will be invaluable as we grow the CTI business and expand our product platform,” says Cyrus Daftary, cofounder and chief executive officer at CTI. “We will continue to offer our customers best-in-class tax compliance tools and will continue to innovate to address evolving regulatory requirements.”

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