GOAL Acquires Magenta One

by Robin Pilgrim, LawAndTax-News.com, London

14 February 2007

GOAL, a global tax reclamation service for pension funds and other financial entities, has announced the acquisition of Magenta One, which sees them extending their securities services into the class actions world. Both of these two areas - tax reclamation and class actions - are increasingly recognised as being able to help pension funds recuperate substantial income that is rightfully theirs.

As a wholly owned subsidiary of GOAL, the business will trade under the new name of Magenta One Global Limited, operating out of GOAL’s headquarters in the City of London. The acquired operation will continue to provide unique services and solutions in the domain of class actions, supporting entities who have suffered financial loss from dealing in a company's securities due to that company’s mismanagement or unlawful behaviour. The numerous operational synergies between GOAL’s established tax reclamation business – which is accredited with the ISO9001 certification for service quality - and Magenta One will enable both businesses to streamline administrative processes, efficiency and service.

David Monks will continue to lead the sales team, targeting custodian banks, pensions funds, fund managers and brokerages, many of whom could be squandering substantial compensation by not participating in securities class actions.

Stephen Everard, Managing Director, GOAL, comments, “The acquisition of Magenta One represents a natural extension of the core capabilities and processes that we have built at GOAL, helping the investment community recover their rightful returns. As such, we intend to enhance and extend the existing class actions business to the tangible benefit of our inherited customers, as well as offering our new services to existing tax reclamation customers.

“Previously, GOAL has calculated that some $6 billion lies unreclaimed globally by cross-border investors each year; and Magenta One’s successful track-record of compensation pay-outs indicates that even higher sums are lost because institutions are neglecting securities class actions. This is an exciting opportunity for the GOAL Group and its customers.”

Established in 1989, GOAL is a privately owned software and outsource service company developing and delivering business critical tax solutions to global financial institutions. GOAL’s solutions automate the complex, labour intensive processes based on the interpretation of international cross-border treaty law. GOAL’s flagship product GTRS (Global Tax Reclamation System) – available as installed software or as an outsource service - helps custodians reclaim tax on income from cross-border securities that has been overwithheld by foreign governments based on international Double Taxation treaties. The company's client base covers the entire spectrum of financial institutions ranging from custodians, fund managers, private banks, hedge funds and high net-worth individuals.

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