NEW YORK--(BUSINESS WIRE)--PwC today announced the acquisition of certain assets from The Locator Services Group (TLSG), an industry leader in corporate asset recovery for Fortune 500 companies. Effective May 19, 2017, corporate asset recovery is a new service offering of the PwC Abandoned and Unclaimed Property (AUP) practice, expanding the firm’s corporate unclaimed property proficiencies and solutions.
As a result of the transaction, PwC has acquired TLSG’s proprietary technology which automates the unclaimed property search process, increasing and expediting the identification and recovery of unclaimed assets for companies. With more than $100 billion in unclaimed property available, automation plays a critical role in corporate asset recovery due to the thousands of sources of unclaimed property available to claim and the thousands of search terms associated with large corporations.
“Corporate asset recovery is a great potential profit center for businesses, but the process can be time consuming, nuanced and costly,” said Janet Gagliano, National Leader of PwC’s AUP practice. “TLSG has specialized in corporate asset recovery for more than 22 years and along the way has built a reputation for quality and client service. With this acquisition we are reinforcing PwC’s commitment to providing a full range of unclaimed property solutions, including a new AUP service that could generate revenue for our clients, as well as the technologies that help businesses generate value for the organization.”
"I am very excited for the new opportunities that this transaction will bring to our clients,” said Kim Sawyer, TLSG’s former President and General Counsel, who will be joining PwC’s AUP practice as a consultant. “For PwC’s clients, this is an opportunity to turn unclaimed property compliance, which is typically viewed as a cost center, into a potential revenue center. With the additional resources that PwC brings to TLSG’s corporate asset recovery services, clients can expect to have more resources available to address their AUP needs, resulting in synergies that may lead to increased revenues.”
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