Thomson Reuters agreed to acquire tax automation software company SurePrep for $500 million in an all-cash deal.“The acquisition will support our strategy to empower tax and accounting professionals with the very best technology to simplify workflows, drive insights, and improve efficiency,” said Thomson Reuters President of Tax and Accounting Professionals Elizabeth Beastrom.The deal is expected to close in the first quarter of next year.
Business information services firm Thomson Reuters recently announced it is acquiring tax automation software company SurePrep in a $500 million all-cash deal. The transaction is expected to close in the first quarter of next year.
Thomson Reuters offers four tax and accounting solutions: Checkpoint, a suite of online research and information; ONESOURCE, tax compliance technology; CS Professional Suite, integrated tax and accounting software; and Onvio, cloud-based software to manage projects, billing, and more. Purchasing California-based SurePrep will enable Thomson Reuters to accelerate its investment in advancing the automation and customer experience of its tax tools.
The two companies first partnered in April of this year to offer solutions for tax and accounting professionals. Once the two companies are combined, Thomson Reuters will bring its client base of tax and accounting professionals a suite of complementary solutions.
“Thomson Reuters sees significant value and opportunities in SurePrep,” said Thomson Reuters President of Tax and Accounting Professionals Elizabeth Beastrom. “The acquisition will support our strategy to empower tax and accounting professionals with the very best technology to simplify workflows, drive insights, and improve efficiency.”
SurePrep was founded in 2002 and has since grown to draw more than 23,000 tax professionals to its client base. The company leverages AI to help accounting firms increase productivity by collecting, processing, and extracting data from client documents. SurePrep then enters that data into firms’ tax compliance software. The company is expected to generate approximately $60 million in revenue this year and grow more than 20% each year for the next few years.
Photo by Nataliya Vaitkevich
