Thomson Reuters Corporation has acquired US-based tax and accounting automation software provider, SafeSend, in an allcash deal worth $600 million.
Founded in 2008 and headquartered in Michigan, SafeSend offers an end-to-end solution built to automate manual tasks such as tax return assembly and delivery, file transfers, and e-signatures for tax and accounting professionals.
Announcing the deal, Thomson Reuters said that SafeSend’s tech is currently being used by “70 per cent of the country’s top 500 firms”.
The acquisition will see Thomson Reuters strengthen its tax and accounting software offering and comes just over two years since the company signed a definitive agreement to acquire SurePrep, a California-based tax automation software and services provider, for $500 million in cash.
Thomson Reuters further said that it “intends to continue to offer SafeSend as a market solution, supporting the ability to interoperate with multiple vendors across a connected tax software ecosystem”.
The company added that it expects SafeSend to “generate approximately $60 million of revenue in 2025 before the impact of fair value adjustments to acquired deferred revenue, and to grow in excess of 25% annually in the next few years”.
Last week, UK-based regtech firm Cube completed the acquisition of Thomson Reuters’ Regulatory Intelligence and Oden businesses.
