Sofgen Holdings Limited (Sofgen), an international banking IT consulting firm has completed the acquisition of the Geneva-based Ucronik Solutions S.A.
With immediate effect, the company will trade as SOFGEN SaveTax S.A. and be a wholly owned subsidiary of the SOFGEN group.
The objectives of SOFGEN SaveTax S.A. remain unchanged and the company will continue to focus on its core business, namely the development, implementation and maintenance of its fiscal reporting platform, SaveTax.
Going forward SOFGEN SaveTax S.A. will leverage the resources of the SOFGEN group with its 312 employees. From SOFGEN's perspective, the deal enhances the group's solution set, namely a fiscal reporting platform which can be offered to SOFGEN's 200+ clients on 4 continents.
"The Ucronik acquisition extends SOFGEN's offerings in a domain which is becoming increasingly important to banks in both the private wealth management and high end retail space, namely the requirement to file complex tax returns in multiple jurisdictions," commented Alexander Dembitz, Chairman, SOFGEN group. "This transaction will be of interest to many of our customers, most of whom are as yet unaware of SaveTax's unique approach to resolving the problem of multijurisdictional fiscal reporting. They will be reassured by a client list comprising world-class banks, the reputation of which is unsurpassed."
Jeanne Baur, founder and CEO, SOFGEN SaveTax noted, "This transaction gives us the opportunity to avail ourselves of the global reach and delivery capability of the SOFGEN group which when coupled with our list of blue-chip clients, such as UBP, SG Private Bank and ABN AMRO, will enable us to accelerate the penetration of SaveTax."