Information giant Thomson Reuters Corp (NYSE:TRI) has completed its acquisitions of Clarient Global LLC and Avox Limited, expanding its risk-management footprint and its ability to provide a best-in-class standard of customer solutions by integrating both businesses into its portfolio of risk management, compliance and data offerings.
The Clarient and Avox acquisitions represent the next step of Thomson Reuters vision to be a trusted source of Know Your Customer (KYC) and Legal Entity Information. Together with Thomson Reuters, these businesses combine industry leading data sources and technology solutions that raise standards, increase control and reduce costs for clients and improve the KYC experience for market participants.
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,” said Steve Pulley, Managing Director, Risk Managed Services, 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.
Clarient is a global KYC platform formerly owned by the Depository Trust & Clearing Corporation (DTCC), Barclays, Credit Suisse, Goldman Sachs, J.P. Morgan, and State Street among others. Avox is a leading supplier of legal entity data, such as hierarchies and identifiers on financial entities globally.
The acquisition of Clarient and Avox by Thomson Reuters is significant as it further positions Thomson Reuters, with the support of DTCC and the Clarient founder banks as initial consumers, as a leading, trusted provider of KYC and Legal Entity Data Due Diligence solutions,” said Hugh Stewart, Research Director at Chartis Research. “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. 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.
Tim Keady, Head of DTCC Solutions added:
With the closing of the deal, both Clarient and Avox will continue to serve the industry as part of a holistic set of solutions to help firms address the myriad challenges around client reference data. We look forward to both businesses continuing to grow and supporting a wider segment of the market in the future.
Thomson Reuters previously announced that it had signed agreements to acquire Clarient Global LLC and Avox Limited on February 6, 2017. Terms of the deal were not disclosed.