Thomson Reuters buys tax automation company SafeSend A $600 million cash transaction.
Founded in 2008, Ann Arbor, Michigan-based SafeSend is a cloud-based platform designed to facilitate the processing and sharing of sensitive financial documents. This includes tax returns; Collection of e-signatures; Collecting payments; automating workflows; including meeting compliance obligations and more.
SafeSend has approximately 235 employees; Previously raised. An undisclosed figure Lead Edge Capital70% of the top 100 accounting firms in the US say they use it.
Although Thomson Reuters is known for its news agency, the Canadian company is officially, Working on various taxes and products. Accounting Spheres. In fact, SafeSend already exists. Provides native integration. With Thomson Reuters' tax preparation software; By bringing the company under his direct supervision. This will go some way towards supporting what Thomson Reuters calls the “last mile” of the tax return process.
“This acquisition underscores our commitment to address the evolving challenges facing tax professionals and taxpayers,” Tax, said Elizabeth Beastrom, president of the Auditing and Accounting Professionals. Press release Purchase announcement. “By combining SafeSend's innovative technology with our existing solutions, we can simplify tax preparation workflows and meet the dynamic demands of the businesses we serve to thrive in an increasingly complex tax landscape.”
SafeSend is not the first tax automation company to be acquired by Thomson Reuters. SurePrep was traded for $500 million. By 2022, SafeSend and SurePrep have clear similarities in their product lineup and the way they embrace AI and automation. SafeSend in early November was launched. The new AI product, named SafeSend One, is a product that automates the entire process of tax collection through tax return remittance.
Thomson Reuters said it plans to continue offering SafeSend as a standalone product and will continue to support multiple vendors across the tax software space.