UK - Tax reclamation service provider GOAL has acquired Magenta One, a specialist in securities class actions.

GOAL will extend the range of securities services it provides for custodians, pension funds and other financial institutions following the deal. The company assists with the automation of complex, labour-intensive fiscal and legal processes related to tax reclamation.

After the takeover, Magenta One will be renamed Magenta One Global Limited, operating from GOAL's headquarters in the City of London.

GOAL said its new subsidiary will continue to provide 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 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," Stephen Everard, managing director at GOAL commented.

According to calculations by GOAL some $6bn (€4.6bn) lies un-reclaimed globally by cross-border investors each year.