Toronto-based Thomson Reuters, a leader in business information services, has acquired SafeSend, a Michigan-based tax automation software provider, for $600 million USD in cash.
Founded in 2008, SafeSend focuses on automating the “last mile” of tax return preparation, including assembly, review, taxpayer e-signatures, and delivery. The platform integrates seamlessly with popular tax preparation tools such as Thomson Reuters UltraTax CS, CCH Axcess, and Intuit Lacerte. SafeSend is already used by 70% of the top 500 accounting firms in the United States.
Elizabeth Beastrom, President of Tax, Audit, and Accounting Professionals at Thomson Reuters, highlighted the acquisition’s importance:
“By integrating SafeSend’s innovative technology with our solutions, we’re simplifying tax workflows and helping businesses navigate an increasingly complex tax landscape.”
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Strong Growth and Market Potential
Thomson Reuters expects SafeSend to generate $60 million USD in revenue by 2025, with an annual growth rate exceeding 25% in the coming years. The company plans to maintain SafeSend as a market solution, ensuring interoperability across various tax software ecosystems.
Building on Recent Acquisitions
This acquisition continues Thomson Reuters’ strategic expansion in tax automation. In early 2023, the company acquired California-based SurePrep for $500 million USD, and in late 2024, it purchased Materia AI, a tax workflow automation platform, for an undisclosed sum.
Post-Acquisition Plans
While the integration of SafeSend’s 235 employees into Thomson Reuters remains under discussion, the deal signals the company’s commitment to enhancing its tax and accounting portfolio, delivering greater efficiency and value to its global clients.
With this acquisition, Thomson Reuters further strengthens its position as a leader in tax automation, catering to the evolving needs of accounting professionals worldwide.
