Global technology company Thomson Reuters has successfully completed the acquisition of cPaperless LLC, which operates under the name ‘SafeSend‘, for $600million.
SafeSend is a US-based cloud-native technology provider for tax and accounting professionals. Founded in 2008, SafeSend says it automates the ‘last-mile’ of the tax return, including assembly, review, taxpayer e-signature, and delivery.
Following the acquisition, Thomson Reuters plans to continue offering SafeSend as a market solution, while also advancing efficiency in workflows for tax preparers and taxpayers across the US.
The acquisition supports Thomson Reuters vision for tax and accounting professionals, advancing efficiency in workflows for tax preparers and taxpayers across the US. 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.
SafeSend’s software aims to resolve pain points for customers by eliminating time-consuming manual tasks. SafeSend’s solutions are used by accounting firms across the US, also including around 70 per cent of the country’s top 500 firms.
“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,” explained Elizabeth Beastrom, president of tax, audit and accounting professionals at Thomson Reuters. “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.”
SafeSend expects to generate approximately $60million of revenue in 2025 before the impact of fair value adjustments to acquired deferred revenue, and to grow by more than 25 per cent annually over the next few years.
“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,” added SafeSend co-founder, Steve Dusablon.
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