Thomson Reuters Corporation (NYSE: TRI), a global content and technology company, announced it has acquired cPaperless, LLC, doing business as SafeSend, for $600 million in cash.
SafeSend is a US-based cloud-native provider of technology for tax and accounting professionals.
Established back in 2008, SafeSend automates the ‘last-mile’ of the tax return, including assembly, review, taxpayer e-signature, and delivery.
Its software reportedly solves many of the 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.”
Elizabeth Beastrom, president of Tax, Audit and Accounting Professionals at Thomson Reuters said:
“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. 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.”
Steve Dusablon, SafeSend co-founder said:
“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.”
Andrew Hatfield, SafeSend co-founder said:
“Since we founded the company, we’ve focused on listening to our customers and building solutions to simplify the tax process. 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.”
As noted in the update, Thomson Reuters informs the “way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions.”
The company reportedly serves professionals “across legal, tax, accounting, compliance, government, and media.”
Its products aim to combine 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 provider of journalism and news.