Thomson Reuters has acquired SafeSend, a Michigan-based provider of cloud-based tax automation software, for US$600 million. This deal strengthens Thomson Reuters' tax and accounting offerings and follows a string of smaller acquisitions in recent years aimed at bolstering its tax business. SafeSend's software automates the final stages of tax filing, including e-signatures and delivery, and is used by 70 percent of the top 500 accounting firms in the United States.
has acquired tax automation software company cPaperless LLC, which does business under the SafeSend brand, in a US$600-million cash deal, adding to the information and software provider’s business that serves tax and accounting professionals.
Thomson Reuters chief executive officer Steve Hasker told analysts in November that he expected to continue to do similar, smaller deals. The company expects to have about $10-billion of capacity to make acquisitions through 2027, but Mr. Hasker said that “as it pertains to anything bigger, we’re going to keep the bar really high,” on a conference call announcing third-quarter earnings.
Thomson Reuters expects SafeSend to earn about US$60-million of revenue in 2025, and to increase that total by more than 25 per cent annually in the next few years.
ACQUISITION TAX AUTOMATION THOMSON REUTERS Safesend SOFTWARE
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