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Thomson Reuters’ Elizabeth Beastrom said that the acquisition underscores its commitment to ‘addressing the evolving challenges faced by tax professionals and taxpayers alike’.
Canadian multinational technology corporation Thomson Reuters announced yesterday (2 January) it had acquired cPaperless LLC, which operates under the name SafeSend, for $600m in cash.
Initially established in 2008, US-based SafeSend is a cloud-native provider of technology for tax and accounting professionals. It says that its software is used by 70pc of the top 100 accounting firms across the US in order to solve pain points for customers and their clients by terminating time-consuming manual tasks.
Thomson Reuters, which owns news agency Reuters, said that it intends to continue to offer SafeSend as a market solution, supporting the ability to interoperate with multiple vendors across a connected tax software ecosystem.
Speaking on the acquisition, Elizabeth Beastrom, president of tax, audit and accounting professionals at Thomson Reuters, said that it symbolises the conglomerate’s 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, the co-founder of SafeSend, also welcomed the latest announcement, adding that the acquisition marked “an exciting new chapter” for its customers.
“Becoming a part of Thomson Reuters will enable us to accelerate product development efforts and realise our shared vision of an end-to-end tax workflow solution,” Dusablon said.
Looking to the future, Thomson Reuters has claimed that SafeSend – which employs around 235 employees – is expected to generate approximately $60m of revenue in 2025.
In addition, it further asserted that SafeSend is projected to grow more than 25pc annually in the next few years.
Last August, SafeSend launched an artificial intelligence product called SafeSend One, which automates the entire tax process. In 2021, SafeSend raised an undisclosed figure from Lead Edge Capital, which is a a growth-stage investment fund based in New York and California.
In 2022, Thomson Reuters acquired a different tax automation company, SurePrep, in a $500m deal.
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