Thomson Reuters just spent $600 million on a tax automation startup
- SafeSend is now owned by Thomson Reuters in a $600 million deal
- 70% of America’s 500 largest companies use its services
- 25% annual growth forecast “over the next few years”
Thomson Reuters has spent $600 million on a company that specializes in tax automation software.
The company confirmed it has acquired cPaperless LLC, which operates as SafeSend, as it hopes to make tax preparer and taxpayer workflows more efficient for U.S. customers.
SafeSend, based in Michigan and with 235 employees, was founded in 2008. In announcing the acquisition, Thomson Reuters revealed that 70% of the 500 largest companies in the US use the company’s solutions.
Thomson Reuters acquires cPaperless/SafeSend
Last-mile tax return processes, such as compilation, assessment, taxpayer electronic signature and delivery, are the main focus of SafeSend software, which helps improve the efficiency of the painful process with an injection of automation.
“By integrating SafeSend’s innovative technology with our existing solutions, we are simplifying tax preparation workflows and meeting the dynamic demands of the companies we serve to help them thrive in an increasingly complex tax landscape,” said Elizabeth Beastrom, president of Tax, Audit and Accounting Professionals at Thomson Reuters.
SafeSend co-founder Steve Dusablon added: “Becoming part of Thomson Reuters allows us to accelerate our product development efforts and realize our shared vision of an end-to-end tax workflow solution.”
Under his new leadership, Thomson Reuters predicts 25% annual growth for SafeSend “in the coming years.”
SafeSend co-founder Andrew Hatfield added: “We are both excited to continue our journey with Thomson Reuters.” His comments indicate that the company could continue to operate normally under the new ownership of Thomson Reuters.
This is what a spokesperson for Thomson Reuters said Ny Breaking in an email: “I can confirm that Thomson Reuters is pleased to welcome all SafeSend employees to the company as part of the acquisition.”