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Thomson Reuters has acquired tax automation companySafeSendin an all - cash dealing valued at $ 600 million .
Founded in 2008 , Ann Arbor , Michigan - based SafeSend serves a cloud - based chopine designed to streamline the processing and sharing of raw fiscal documents . This includes tools for delivering revenue enhancement homecoming , forgather e - signatures , pile up payment , automatise workflows , conform to conformation obligations , and more .
SafeSend , which has some 235 employee , antecedently raisedan undisclosed chassis fromLead Edge Capital , and pronounce it ’s used by 70 % of the top 100 accounting firms in the U.S.
While Thomson Reuters is be intimate for its word agency , the Canadian party also operate a range of product spanning the sound , tax , andaccountingspheres . In fact , SafeSend alreadyoffers aboriginal integrationswith Thomson Reuters ’ revenue enhancement preparation software , and by bring the companionship under its direct stewardship , this will go some means toward help Thomson Reuters ’ support the so - foretell “ last statute mile ” of the tax return procedure .
“ This acquisition underline our dedication to addressing the evolving challenge faced by tax professionals and taxpayers likewise , ” Elizabeth Beastrom , Thomson Reuters ’ president of taxation , audited account , and accounting professionals , said in apress releaseannouncing the acquisition . “ By integrate SafeSend ’s innovative engineering with our survive solutions , we ’re simplifying taxation homework workflow , and gather the dynamic demands of concern we swear out to help them thrive in an progressively complex tax landscape . ”
SafeSend is n’t the first such tax automation company that Thomson Reuters ’ has acquired — itsnapped up SurePrep in a $ 500 million transactionin 2022 . Indeed , there are clear parallel between SafeSend and SurePrep both in terms of their product lineup and how they had started to espouse AI and automation . In early November , SafeSendlauncheda novel AI production dubbed SafeSend One , which automate the full taxation mental process , from papers gather through revenue enhancement return delivery .
Thomson Reuters says it plan to continue pop the question SafeSend as a standalone production , and will continue to support multiple vendors across the taxation software sphere .
