Thomson Reuters acquires tax and accounting automation software firm SafeSend for $600m
Thomson Reuters Corporation has acquired US-based tax and accounting automation software provider SafeSend in an all-cash deal worth $600 million.
Thomson Reuters acquires SafeSend for $600m
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 says SafeSend’s tech is currently being used by “70% 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 says 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 adds 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”.
Earlier this week, UK-based regtech firm Cube completed the acquisition of Thomson Reuters’ Regulatory Intelligence and Oden businesses.
