Thomson Reuters Acquires SafeSend for $600 Million
Thomson Reuters has acquired SafeSend, a tax automation company, for $600 million in cash. SafeSend offers a cloud-based platform that streamlines the processing and delivery of sensitive tax documents.
SafeSend's Offerings
- Automates tax return delivery, e-signatures, and payments.
- Streamlines workflows and ensures compliance.
- Used by 70% of the top 100 U.S. accounting firms.
Thomson Reuters' Strategic Move
This acquisition strengthens Thomson Reuters' position in the tax, legal, and accounting sectors. SafeSend's technology complements Thomson Reuters' existing software, simplifying the final stages of tax preparation. For related news on market activity, see Apple Offers Rare Chinese New Year Discounts Amidst Market Pressure.
Integration and Future Plans
Thomson Reuters aims to integrate SafeSend's technology with its own while continuing to offer SafeSend as a standalone product. This approach mirrors their previous acquisition of SurePrep for $500 million. They also plan to continue supporting various tax software vendors. This acquisition follows SafeSend's recent launch of SafeSend One, an AI-powered tool automating the entire tax process. For insights into AI's growing role, see AI-Powered Phishing: A New Threat.
Focus on Automation and AI
Both SafeSend and SurePrep focus on tax automation and have integrated AI into their platforms. This acquisition highlights the growing trend of automation in the tax industry. For more on tech industry acquisitions, check out Lu Weibing's Sixth Anniversary at Xiaomi: A Look Back and Forward.