TORONTO, Jan. 2, 2025
/PRNewswire/ -- Thomson Reuters Corporation ("Thomson
Reuters") (NYSE/TSX: TRI), a global content and technology
company, today announced it has acquired cPaperless, LLC, doing
business as SafeSend ("SafeSend"), for $600
million in cash.
SafeSend is a United
States-based cloud-native provider of technology for tax and
accounting professionals. Founded in 2008, SafeSend automates the
'last-mile' of the tax return, including assembly, review, taxpayer
e-signature, and delivery. Its software solves key pain points for
customers and their clients by eliminating time-consuming manual
tasks. SafeSend's solutions are used by accounting firms of all
sizes across the U.S., including 70% of the country's top 500
firms. The company is headquartered in Michigan and has 235 employees.
The acquisition supports Thomson Reuters vision for tax and
accounting professionals, advancing efficiency in workflows for tax
preparers and taxpayers across the U.S. Thomson Reuters intends to
continue to offer SafeSend as a market solution, supporting the
ability to interoperate with multiple vendors across a connected
tax software ecosystem.
"The needs of our customers and their clients drive every
decision we make at Thomson Reuters. This acquisition underscores
our commitment to addressing the evolving challenges faced by tax
professionals and taxpayers alike," said Elizabeth Beastrom, president of Tax, Audit and
Accounting Professionals at Thomson Reuters. "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."
"Today marks an exciting new chapter for SafeSend customers,"
said Steve Dusablon, SafeSend
co-founder. "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."
"Since we founded the company, we've focused on listening to our
customers and building solutions to simplify the tax process," said
Andrew Hatfield, SafeSend
co-founder. "We are both excited to be continuing our journey with
Thomson Reuters."
SafeSend is expected to generate approximately $60 million of revenue in 2025 before the impact
of fair value adjustments to acquired deferred revenue, and to grow
in excess of 25% annually in the next few years.
Thomson Reuters
Thomson Reuters (NYSE / TSX:
TRI) ("TR") informs the way forward by bringing together the
trusted content and technology that people and organizations need
to make the right decisions. The company serves professionals
across legal, tax, accounting, compliance, government, and media.
Its products combine highly specialized software and insights to
empower professionals with the data, intelligence, and solutions
needed to make informed decisions, and to help institutions in
their pursuit of justice, truth, and transparency. Reuters, part of
Thomson Reuters, is a world leading provider of trusted journalism
and news. For more information, visit tr.com.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL
RISKS AND MATERIAL ASSUMPTIONS
Certain statements in this news release are forward-looking,
including but not limited to the company's expectations about
SafeSend's projected 2025 revenue and SafeSend's annual growth over
the next few years. The words "intend", "expect" and similar
expressions identify forward-looking statements. While the company
believes that it has a reasonable basis for making forward-looking
statements in this news release, they are not a guarantee of future
performance or outcomes and there is no assurance that any of the
other events described in any forward-looking statement will
materialize. Forward-looking statements are subject to a number of
risks, uncertainties and assumptions that could cause actual
results or events to differ materially from current expectations.
Many of these risks, uncertainties and assumptions are beyond our
company's control and the effects of them can be difficult to
predict. You are cautioned not to place undue reliance on
forward-looking statements which reflect expectations only as of
the date of this news release. Except as may be required by
applicable law, Thomson Reuters disclaims any obligation to update
or revise any forward-looking statements.
CONTACTS
MEDIA
Kirsty Bennett Director, Customer and Product PR
+44 7786 005 128
kirsty.bennett@thomsonreuters.com
INVESTORS
Gary E. Bisbee Head of Investor Relations
+1 646 540 3249
gary.bisbee@thomsonreuters.com
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SOURCE Thomson Reuters
