Thomson Reuters has agreed to accumulate 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 out there resolution.
Within the U.S., many savvy taxpayers will begin engaged on their 2024 taxes now that the brand new yr has arrived. That is likely to be what content material and expertise firm Thomson Reuters had in thoughts when it agreed this week to accumulate tax expertise firm SafeSend for $600 million in money.
Based in 2008, SafeSend helps accountants and bookkeepers automate points 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 companies 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 determination we make at Thomson Reuters. This acquisition underscores our dedication to addressing the evolving challenges confronted by tax professionals and taxpayers alike,” stated Thomson Reuters President of Tax, Audit and Accounting Professionals Elizabeth Beastrom. “By integrating SafeSend’s progressive expertise with our present 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 complicated tax panorama.”
Thomson Reuters expects the acquisition will add to its providers 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, consumer communication merchandise, and extra.
Going ahead, Thomson Reuters will protect the SafeSend model and proceed to supply it as a publicly out there resolution. This determination to protect the SafeSend model and supply it as a standalone resolution means that the SafeSend model and its popularity carry worth. For SafeSend, being backed by Thomson Reuters opens up new alternatives for launching new applied sciences, scaling, and reaching a wider viewers.
“In the present day marks an thrilling new chapter for SafeSend prospects,” stated SafeSend Co-founder Steve Dusablon. “Changing into part of Thomson Reuters will allow us to speed up product improvement efforts and understand 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, threat, provide chain, and different options along with its media enterprise. The corporate is listed on the New York Inventory Trade beneath the ticker image TRI and presently 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 expertise will assist tax professionals and companies streamline their operations amid rising regulatory complexity and heightened consumer expectations.
Picture by Nataliya Vaitkevich
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