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Keane Acquires UPRR Creating The Most Experienced Firm Dedicated To Unclaimed Property Compliance

An Interview with Mike O’Donnell and Melissa McCarthy

Last month, Keane announced the acquisition of Unclaimed Property Recovery & Reporting (UPRR). The combined company firmly stands as the largest and most experienced firm dedicated to unclaimed property compliance and protecting shareholders. The firm will continue to operate under the Keane name with headquarters in New York, New York.

We sat down with Keane Chief Executive Officer, Mike O’Donnell and Senior Vice President, Melissa McCarthy to discuss the acquisition, new service offerings, and what it means to the corporate issuer community.

What was the value proposition for purchasing UPRR?

O’Donnell: Despite Keane and UPRR having been long time competitors in the marketplace, the goals of both companies has always been to help corporations protect their shareholders and customers while ensuring compliance with unclaimed property regulations. The services offered by both Keane and UPRR complement each other perfectly as both firms have their own unique strengths and areas of expertise. By combining the organizations, the industry will have access to the most extensive suite of services to assist their shareholders, customers, and investors.

Can you elaborate on the expansion of services as a result of the acquisition?

McCarthy: Our core services will not change, but they will expand to offer an even greater array of options. Our advanced owner location services, ranked #1 for the fifth consecutive year by Group Five, will continue to grow – assisted by UPRR’s Pre- Escheat Location (PEL) and Maximum Owner Return (MOR) programs. All of our shareholder communication programs are designed to reduce escheatment liability, minimize the volumes of uncashed checks, and reduce the costs associated with escheatment.

O’Donnell: Additionally, through the addition of management and operational talent, technology, and subject matter experts, we will bolster our outsourced compliance and escheat reporting services as well as our consulting and advisory services. Keane will be providing unclaimed property services to more than 2,000 public and private corporations, banks, brokers, mutual funds, insurance companies, and transfer agents.

Why should companies be excited about this acquisition?

O’Donnell: The industry should be just as excited as we are about this acquisition, because it provides a single source solution for all aspects of unclaimed property compliance. Whether it is locating and contacting shareholders, filing annual unclaimed property reporting, or audit support – Keane is well adept to assist corporations address all of their unclaimed property compliance concerns.

McCarthy: Unclaimed property is not going away nor is it getting easier to manage. States are continuing to scrutinize companies with increased audit activity, along with everchanging regulations. As a result, it’s imperative that corporations understand what their current liabilities are and address them through remediation tactics such as shareholder location and outreach programs, or voluntary disclosure and compliance initiatives.

Why should companies look to Keane?

McCarthy: Aside from the services we offer, no other firm has experience and expertise across industries that Keane does. Our compliance department, which constantly reviews and analyzes all state legislation pertaining to unclaimed property, boasts the past two Presidents of the Unclaimed Property Professionals Organization (UPPO), Debbie Zumoff and Karen Anderson. Additionally, our National Consulting & Advisory Services Team is comprised of former State Unclaimed Property Personnel, former third-party auditors, Certified Public Accountants, Certified Internal Auditors and Certified Fraud Examiners.

O’Donnell: There is no other firm that focuses solely on unclaimed property and is better suited to help corporations achieve and maintain compliance. Our comprehensive suite of outsourced unclaimed property solutions that is unmatched in the industry. Keane has the processes, technology, and expertise to assist clients with the numerous challenges and operational duties to comply with state requirements and regulations. Our performance, our experts, and our commitment to delivering industry leading results are why clients choose Keane.