July 23, 2020
Clearsight Advises Keane on its Divestiture of Reporting Software and Consulting Divisions to Sovos
Clearsight Advisors, Inc. (“Clearsight”) is pleased to announce another transaction in its technology-enabled Compliance Services practice. Clearsight served as the exclusive financial advisor to Keane Unclaimed Property (“Keane”), a portfolio company of Lovell Minnick Partners, in the divestiture of its reporting software and consulting divisions to Sovos Compliance, LLC (“Sovos”), a portfolio company of Hg Capital. This transaction represents another milestone compliance deal for Clearsight.
Keane is a leading provider of unclaimed property compliance, consulting and reporting services worldwide. Keane assists Fortune 500 companies, law firms, accounting firms, financial services firms, and insurance companies with their unclaimed property needs while mitigating risks, reducing costs and remaining compliant with federal and state laws. The purchase of Keane’s reporting software and consulting services divisions deepens Sovos’ footprint in the unclaimed property compliance market, as states turn to these revenue streams to offset budgetary gaps that are widening amid COVID-sparked economic slowdowns.
Keane’s consulting practice assists clients with state audits, penalty abatement, voluntary disclosures and escheated fund remission, and its enterprise-level solutions complement Sovos’ unclaimed property SaaS platform. Combining these resources solves a pressing need for insurers, financial institutions and other companies Sovos serves through its Tax & Regulatory Reporting business.
“Working with Clearsight was an absolute pleasure. Their market insights and creativity enabled them to take a complicated business and find the perfect partner for us in Sovos. This was all done despite the current pandemic. The Sovos team is exceptional, and the acquisition will only help make the combined entity a much stronger market leader,” said Kevin Ryan, CEO of Keane.
John Rakowski, Clearsight Managing Director remarked, “We are pleased to have advised Keane and Lovell Minnick Partners on this transaction. Sovos’ acquisition of Keane’s reporting software and consulting divisions creates a clear market leader in the state and federal unclaimed property compliance sector, delivering best-of-breed software, services, and expertise. Furthermore, we are proud to have been able to support the exceptional team at Keane as they enter the next stage of their evolution.”