In another case of Wollongong technology development being adopted internationally Price Waterhouse Coopers (PwC) is strengthening its tax reporting practice with the acquisition of Selera Labs.
Selera is a market leading data technology firm based in the city of innovation. The acquisition comes as tax authorities around the world requiring increasing amounts of data from organisations. Selera Labs’ technology platform, Data Ignition, continuously monitors logistics and transactional data, which will boost PwC’s tax reporting capabilities, becoming a key differentiator in the market. It provides end-to-end monitoring of clients’ financial transactions in multiple territories, flagging any inconsistencies, and offering real-time visualisation along the audit trail to help clients with tax compliance and reporting rules.
Selera Labs founder Michael Lawler joins PwC as a partner to lead further product development and drive data solutions. Nine Selera employees remain in Wollongong as part of PwC to to bring a depth of experience in transactional data analytics and intelligent machine learning. Head of tax Kevin Nicholson said the acquisition further strengthened PwC’s tax reporting and analytics services as “organisations look for efficient technology solutions to help comply with new and changing reporting requirements. Head of technology and investment Jon Andrews said PwC was prioritising investments in the latest innovative technologies across its business to help clients take full advantage of the untapped data resource they were sitting on.
“With access to powerful real-time insights, organisations can put trusted data at the heart of their business and have the confidence to use this to drive strategic decisions,” he said.