Thomson Reuters Boosts Tax Software Solutions with $600 Million Acquisition of SafeSend

Thomson Reuters Boosts Tax Software Solutions with $600 Million Acquisition of SafeSend

Thomson Reuters has made a significant move in the tax and accounting sector by acquiring SafeSend for $600 million. This strategic acquisition is set to enhance the offerings for tax professionals, enabling them to streamline their workflows effectively.

About SafeSend

Founded in 2008 and headquartered in Michigan, SafeSend specializes in providing cloud-based software tailored for tax and accounting professionals. With a workforce of 235 employees, the company has established itself as a leader in automating the final steps of tax return preparation.

Key Features of SafeSend

  • Automation: Streamlines the assembly, review, e-signatures, and delivery processes of tax returns.
  • User Adoption: Widely used by many accounting firms, including 70% of the top 500 firms in the U.S.
  • Cloud-Based: Offers accessibility and efficiency through its cloud platform.

Impact of the Acquisition

This acquisition is poised to significantly enhance Thomson Reuters’ capabilities in the tax and accounting industry. By integrating SafeSend’s innovative technology, the company aims to:

  1. Streamline workflows for tax preparers.
  2. Improve client interactions through efficient processes.
  3. Maintain SafeSend as a complementary solution for other tax software.

Statement from Elizabeth Beastrom

Elizabeth Beastrom, the President of Tax, Audit, and Accounting at Thomson Reuters, emphasized the importance of this acquisition by stating, “This purchase shows our commitment to solving challenges in tax preparation. By integrating SafeSend’s technology, we aim to simplify tax workflows.”

Future Prospects

Looking ahead, SafeSend is projected to generate approximately $60 million in revenue by 2025 and is expected to experience an annual growth rate of over 25% in the coming years. This growth reflects the increasing demand for efficient tax preparation solutions in the accounting industry.

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For further insights into the evolving landscape of tax technology, visit Thomson Reuters Tax Solutions or explore SafeSend’s official website.

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