Link: For more products news
The purchase sees Cartesis, formerly linked with PricewaterhouseCoopers, in a position to expand its user base among PwC clients. The move to sell software solutions to clients of its associate was not allowed under Sarbanes-Oxley.
Apax is joined in the purchase by Advent Venture Partners, CDP Capital Technology and Partech International, while a value for Cartesis has not been disclosed.
IDC director Kathleen Wilhide believes the move is a ‘liberating’ one for Cartesis, and will work in its favour: ‘It is ironic how Sarbanes-Oxley has shifted from a roadblock to an opportunity for Cartesis to take advantage of the growing demand for compliance reporting solutions.’
Cartesis was formed in 1990 as a spinoff from Vivendi, and was bought by PwC in 1999. It merged with PwC Consulting Products Group in 2002, and became known as Cartesis UK.
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Barclays has partnered with accounting software company Xero to provide businesses with access to transaction data through its direct feed.
Government's estimate of a £400m admin saving from Making Tax Digital is way off - and is instead a huge cost burden, warns Lamont Pridmore chief executive Graham Lamont
Xero unveiled its expanded global partner programme at Xerocon South, the accounting technology conference in Australasia