Thomson Reuters has agreed to amass SafeSend in a $600 million deal.
Thomson Reuters will combine SafeSend’s tax automation options to assist tax professionals enhance effectivity, notably because the U.S. faces a scarcity of tax professionals.
Thomson Reuters will protect the SafeSend model and proceed to supply it as a publicly obtainable resolution.
Within the U.S., many savvy taxpayers will begin engaged on their 2024 taxes now that the brand new yr has arrived. That may be what content material and know-how firm Thomson Reuters had in thoughts when it agreed this week to amass tax know-how firm SafeSend for $600 million in money.
Based in 2008, SafeSend helps accountants and bookkeepers automate facets of their purchasers’ tax returns, together with meeting, assessment, taxpayer e-signature, and supply. The corporate’s software program is utilized by 70% of the highest 500 accounting corporations within the U.S. The Michigan-based firm is anticipated to generate roughly $60 million of income in 2025 and develop greater than 25% yearly within the subsequent few years.
“The wants of our prospects and their purchasers drive each resolution we make at Thomson Reuters. This acquisition underscores our dedication to addressing the evolving challenges confronted by tax professionals and taxpayers alike,” mentioned Thomson Reuters President of Tax, Audit and Accounting Professionals Elizabeth Beastrom. “By integrating SafeSend’s modern know-how with our current options, we’re simplifying tax preparation workflows, and assembly the dynamic calls for of companies we serve to assist them thrive in an more and more advanced tax panorama.”
Thomson Reuters expects the acquisition will add to its companies catering to tax and accounting professionals. SafeSend’s big selection of options will assist tax preparers and their groups create extra environment friendly workflows fueled by on-line file switch instruments, e-signature options, shopper communication merchandise, and extra.
Going ahead, Thomson Reuters will protect the SafeSend model and proceed to supply it as a publicly obtainable resolution. This resolution to protect the SafeSend model and provide it as a standalone resolution means that the SafeSend model and its repute carry worth. For SafeSend, being backed by Thomson Reuters opens up new alternatives for launching new applied sciences, scaling, and reaching a wider viewers.
“At present marks an thrilling new chapter for SafeSend prospects,” mentioned SafeSend Co-founder Steve Dusablon. “Changing into part of Thomson Reuters will allow us to speed up product improvement efforts and notice our shared imaginative and prescient of an end-to-end tax workflow resolution.”
Thomson Reuters, which has demoed at two Finovate occasions, provides authorized, tax, danger, provide chain, and different options along with its media enterprise. The corporate is listed on the New York Inventory Trade below the ticker image TRI and at present has a market capitalization of $72.9 billion.
Thomson Reuters’ acquisition of SafeSend comes at a time when the U.S. is seeing a lower within the variety of tax professionals. SafeSend’s know-how will assist tax professionals and corporations streamline their operations amid rising regulatory complexity and heightened shopper expectations.
Picture by Nataliya Vaitkevich
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