Thomson Reuters Corp. has announced the acquisition of SafeSend, a cloud-based provider of technology solutions tailored for tax and accounting professionals, for a cash consideration of $600 million. The Toronto-headquartered data and content conglomerate revealed the deal in a statement on Thursday.
SafeSend, based in Ann Arbor, Michigan, specializes in automating the final stages of tax return preparation and delivery. The company has a workforce of 235 employees supporting services used by numerous accounting firms throughout the United States. Thomson Reuters highlighted that SafeSend’s technology is utilized by 70% of the country’s top 500 accounting firms.
“This acquisition underscores our commitment to addressing the evolving challenges faced by tax professionals and taxpayers alike,” said Elizabeth Beastrom, the president of tax, audit, and accounting professionals at Thomson Reuters. She further emphasized the benefits of combining SafeSend’s cutting-edge technology with Thomson Reuters’ existing solutions, stating, “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.”
