Thomson Reuters just spent $600m on a tax automation start-up
- SafeSend is now owned by Thomson Reuters after $600m deal
- 70% of America’s 500 largest companies use the services
- 25% annual growth predicted “in the next few years”
Thomson Reuters has splashed out $600 million on a company specializing in tax automation software.
The company confirmed it had acquired cPaperless LLC, which operates under the SafeSend name, as it hopes to make tax preparer and taxpayers workflowers more efficient for US customers.
Based in Michigan and with a headcount of 235, SafeSend was founded in 2008. In its announcement of the acquisition, Thomson Reuters revealed that 70% of the US’s 500 biggest companies use the company’s solutions.
Thomson Reuters acquires cPaperless/SafeSend
Tax return ‘last-mile’ processes, like assembly, review, taxpayer e-signature, and delivery, are the key focus of SafeSend software, which helps improve the efficiency of the painful process with an injection of automation.
“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,” noted Elizabeth Beastrom, president of Tax, Audit and Accounting Professionals at Thomson Reuters.
SafeSend co-founder Steve Dusablon added: “Becoming a part of Thomson Reuters will enable us to accelerate product development efforts and realize our shared vision of an end-to-end tax workflow solution.”
Under its new leadership, Thomson Reuters predicts 25% annual growth for SafeSend “in the next few years.”
SafeSend co-founder Andrew Hatfield added: “We are both excited to be continuing our journey with Thomson Reuters.” His comment indicates that the company could continue to operate normally under its new Thomson Reuters ownership.
A Thomson Reuters spokesperson told TechRadar Pro in an email: “I can confirm that Thomson Reuters is pleased to welcome all SafeSend employees to the company as part of the acquisition.”