PwC announced it has acquired certain assets from The Locator Service Group, a corporate asset recovery company, which will add a new corporate asset recovery service offering to the Big Four firm’s Abandoned and Unclaimed Property practice.
As part of the transaction, which was effective May 19, 2017, PwC acquired TLSG’s proprietary technology, which automates the unclaimed property search process for the “thousands of sources of potential recovery,” according to Janet Gagliano, national Leader of PwC’s AUP practice. Specializing in corporate asset recovery for more than 22 years, TLSG has “developed the technology that helps increase and expedite the identification of those funds and makes the search process better and more accurate,” Gagliano said.
Thirteen people from Boston-based TLSG have also been brought on as PwC employees, and one as a contractor. Kim Sawyer, TLSG’s former president and general counsel, will be joining PwC’s AUP practice as a consultant. The financial details of the transaction were not disclosed.
“We will be leveraging the technology in a similar fashion as TLSG, to expand the client base in this area,” Gagliano shared. “We will be leveraging the client base to tap into different sources of potential funds out there.”
While PwC is not disclosing numbers on that client base, Gagliano said the firm did share crossover clients with TLSG prior to the acquisition.
The transaction will expand PwC’s AUP practice into this new service offering, and “help us open doors to provide services to additional clients,” Gagliano said. “The synergies we will see from the crossover there should be tremendous for us. We will be bringing that value-add to our clients.”
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