Thomson Reuters Corp has announced its acquisition of U.S.-based tax automation software and services provider SurePrep LLC for $500 million in cash. This move comes after a successful partnership between the two companies since April, with SurePrep’s products being utilized by over 23,000 tax professionals. SurePrep is projected to bring in about $60 million in revenue in 2022, with an expected annual growth rate of more than 20% in the coming years.
Dave Wyle, the CEO of SurePrep, expressed his enthusiasm for the acquisition, stating that it further solidifies their commitment to providing end-to-end tax automation solutions that address the challenges faced by their clients. Thomson Reuters, the parent company of Reuters News, anticipates the deal to be finalized by the first quarter of 2023. This strategic move is aimed at enhancing Thomson Reuters’ tax technology offerings and expanding its market presence in the tax automation sector.
The acquisition of SurePrep aligns with Thomson Reuters’ goal of providing comprehensive tax automation solutions to its customers. By integrating SurePrep’s innovative products and services into its portfolio, Thomson Reuters aims to enhance the efficiency and effectiveness of tax professionals in their daily operations. This acquisition reflects the company’s commitment to delivering cutting-edge technology solutions that empower their clients to navigate the complexities of the tax landscape.
The partnership between Thomson Reuters and SurePrep has proven to be mutually beneficial, paving the way for a more formalized collaboration through this acquisition. The combination of Thomson Reuters’ global reach and resources with SurePrep’s specialized expertise in tax automation is expected to result in a powerful synergy that drives innovation and value for customers. With SurePrep’s strong revenue projections and growth potential, this acquisition is poised to accelerate Thomson Reuters’ growth in the tax technology market.
The $500 million investment in SurePrep underscores Thomson Reuters’ confidence in the value and potential of the tax automation software and services provided by the company. This strategic acquisition is part of Thomson Reuters’ broader strategy to expand its offerings in the tax technology space and strengthen its position as a leading provider of solutions for tax professionals. By acquiring SurePrep, Thomson Reuters is positioning itself for accelerated growth and enhanced capabilities in the rapidly evolving tax technology market.
In conclusion, the acquisition of SurePrep by Thomson Reuters represents a significant milestone in the company’s strategic growth initiatives in the tax automation sector. By combining Thomson Reuters’ global presence and resources with SurePrep’s innovative solutions and expertise, the two companies are poised to deliver unparalleled value to tax professionals around the world. With a projected revenue of $60 million in 2022 and promising growth prospects, SurePrep is set to play a key role in driving Thomson Reuters’ expansion and success in the dynamic tax technology market.
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