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Thomson Reuters has bought a tax automation company SafeSend In an all-cash transaction valued at $600 million.
Founded in 2008, Ann Arbor, Michigan-based SafeSend provides a cloud-based platform designed to simplify the processing and sharing of sensitive financial documents. It provides tools for delivering tax returns, collecting electronic signatures, collecting payments, automating workflows, meeting compliance obligations, and more.
With approximately 235 employees, SafeSend, previously raised an undisclosed number from Leading Edge Capitaland says 70% of the top 100 US accounting firms use it
SafeSend is over offers native integrations With Thomson Reuters’ tax preparation program and direct management of the company, this will go some way to helping Thomson Reuters support the so-called “last mile” of the tax return process.
“This acquisition underscores our commitment to solving the evolving challenges facing tax professionals and taxpayers alike,” said Elizabeth Beastrom, president of tax, audit and accounting professionals at Thomson Reuters. press release announces the acquisition. “By integrating SafeSend’s innovative technology with our existing solutions, we are simplifying tax preparation workflows and meeting the dynamic demands of the businesses we serve to help them thrive in an increasingly complex tax landscape.”
Thomson Reuters says it plans to continue offering SafeSend as a standalone product and will continue to support multiple tax software vendors.
