Thomson Reuters has acquired tax automation company SafeSend in an all-cash transaction valued at $600 million.
Founded in 2008, Ann Arbor, Michigan-based SafeSend provides a cloud-based platform designed to simplify the processing and sharing of sensitive financial documents. It provides tools for submitting tax returns, collecting electronic signatures, collecting payments, automating workflows, fulfilling compliance obligations and more.s
SafeSend, which has about 235 employees, previously raised an undisclosed amount from Lead Edge Capital and says it is used by 70% of the top 100 accounting firms in the US
SafeSend already offers native integrations with Thomson Reuters’ tax preparation software, and by bringing the company under its direct management, it will go some way to helping Thomson Reuters support the so-called “last mile” of the tax preparation process. tax return.
“This acquisition underscores our commitment to addressing the evolving challenges facing tax professionals and taxpayers alike,” said Elizabeth Beastrom, president of Thomson Reuters Tax, Audit and Accounting Professionals in a press release announcing the acquisition. “By integrating SafeSend’s innovative technology with our existing solutions, we are streamlining tax preparation workflows and meeting the dynamic demands of the businesses we serve to help them thrive in an increasingly complex tax landscape.”
Thomson Reuters says it plans to continue offering SafeSend as a standalone product and will continue to support multiple vendors across the tax software spectrum.
