New owners free Cartesis from Sarbanes-Oxley
Financial software company Cartesis has been acquired by a conglomerate of private equity firms, led by Apax Partners, in order to avoid constraints brought upon by the Sarbanes-Oxley Act.
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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.