Linedata and NetWorth announce partnership offering integrated solution for the transfer agency market

Delivers US tax cost basis calculation and reporting capabilities to Linedata Admin Edge

DOWNLOAD PDF

PARIS, BOSTON, NEW YORK, LONDON, HONG KONG, December 9, 2015 – Linedata (NYSE Euronext: LIN), the global solutions provider dedicated to the investment management and credit industries, today announced a partnership with NetWorth Services, Inc. (NetWorth), a leading SaaS Fintech and information service company specialising in cost basis calculations and analysis.

The partnership will offer Linedata Admin Edge clients access to NetBasis, NetWorth’s automated solution for the calculation and reporting to the IRS of the adjusted cost basis of sold mutual funds. NetBasis will automatically interface with Linedata Mshare transfer agency system, drawing on the data required to determine the adjusted cost basis for mutual funds. Linedata Mshare forms a key part of the Linedata Admin Edge platform, an end-to-end fund administration solution for third party administrators, mutual funds, hedge funds and liquid alternative funds.

The automation of these processes will enable Linedata Admin Edge users to work more efficiently, maintain compliance and optimize costs. NetBasis will calculate the adjusted cost basis for covered and uncovered mutual funds, using a default tax lot accounting method or the elected Cost Basis Method Election provided which includes FIFO, LIFO, Specific, LOFO, HIFO, Average Single Category, Average Double Category and LGUT. The cost basis reporting solution also adjusts mutual fund data for any corporate actions, including name changes, splits, mergers, dividends and capital gains reinvested, and tracks and reports on wash sales.

“We know that cost basis calculations are a challenge for our Linedata Admin Edge clients, and we have addressed that by providing an integrated solution, says John Hanna, Business Development Manager at Linedata. “Partnering with NetWorth has enabled us to do that quickly, cost-effectively and with the recognized experts in the field, so that our clients are getting access to the best system on the market, but with the chore of setting up and maintaining the interface managed by Linedata on their behalf.”

“Although well intended, the cost basis reporting requirements have created an industry cost structure that is both an unproductive burden on its core business as well as an elevated operating budget that is unsustainable over time,” says Nico Willis, CEO at NetWorth. “We believe that Linedata and NetWorth built an industry ‘Best of Breed” straight through processing solution that will promote bottom line cost efficiencies while meeting the necessary challenges of cost basis compliance reporting.”

 

ABOUT LINEDATA

Linedata is a global solutions provider dedicated to the investment management and credit community, with close to 1000 employees in 16 offices across the globe. Linedata has been at the service of the financial industry from day one, and applies its market and client insight to provide innovative and flexible mission-critical software and services that help its clients grow in over 50 countries. As a pioneer for over 15 years with the set-up of SaaS infrastructure for the financial industry, Linedata remains committed to this model throughout the global financial community and for its full range of products. Headquartered in France, Linedata achieved revenues of EUR 158.0 million in 2014. This company is listed on Euronext Paris compartment B FR0004156297-LIN – Reuters LDSV.LN – Bloomberg LIN:FP.

 

ABOUT NETWORTH SERVICES

NetWorth Services, Inc. is a leading SaaS Fintech and information service company headquartered in Phoenix, Arizona, with an office in Philadelphia, Pennsylvania. Its flagship product, Netbasis, is an award-winning cloud application that quickly and accurately determines the adjusted cost basis for volume transacted securities. NetWorth Services offers a suite of cloud-based financial solutions that allow businesses and governments to work more efficiently, maintain compliance, optimize costs, and create new pathways to profit. NetWorth solutions have been adopted by many leading financial institutions, transfer agencies, tax preparation software companies, accounting firms, money managers, government agencies, Fortune 500 companies, universities, endowments and individual investors. For more information: www.networthservices.com and www.netbasis.com.

 

For more information, please contact:

Linedata

Liz Fidler

Global Marketing Manager

Tel: +44 207 469 8725

Email: liz.fidler@ne.linedata.com