Thomson Reuters has acquired accounting technology company SafeSend for $600 million in cash.
The content and technology company said the acquisition supports its aim to make workflows more efficient for tax preparers and taxpayers across the US.
US-based SafeSend provides cloud-based technology for tax and accounting professionals and automates the “last mile” of tax return including assembly, review, taxpayer e-signature and delivery.
Founded in 2008, SafeSend’s technology is used by a variety of accounting firms across the US including 70 per cent of the country’s top 500 firms.
Thomson Reuters said that it expects SafeSend to generate approximately $60 million of revenue in 2025 and grow around 25 per cent annually over the next few years.
“The needs of our customers and their clients drive every decision we make at Thomson Reuters and this acquisition underscores our commitment to addressing the evolving challenges faced by tax professionals and taxpayers alike,” said Elizabeth Beastrom, president of tax, audit and accounting professionals at Thomson Reuters. “By integrating SafeSend’s innovative technology with our existing solutions, we’re simplifying tax preparation workflows, and meeting the dynamic demands of businesses we serve to help them thrive in an increasingly complex tax landscape.”
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