Content and technology company Thomson Reuters has acquired of cPaperless, operating as SafeSend, in an all-cash deal worth $600m.
Based in the US, SafeSend is a cloud-native provider of software solutions for tax and accounting professionals. The company is engaged in streamlining processes such as tax return assembly, review, e-signatures, and delivery.
SafeSend was established in 2008. The firm’s solutions are said to be widely used across the US, including by 70% of the country’s top 500 accounting firms.
The company employs 235 people and aims to eliminate manual, time-intensive tasks for its clients.
SafeSend co-founder Steve Dusablon said: “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.”
Through the acquisition, Thomson Reuters aims to expand its tax automation capabilities for professionals. It also plans to advance efficiency in workflows for tax preparers and taxpayers across the US.
The company plans to maintain SafeSend as a standalone market solution, supporting integration with various vendors in a connected tax software ecosystem.
SafeSend is projected to generate approximately $60m in revenue in 2025, with an anticipated annual growth rate exceeding 25% in the coming years.
Thomson Reuters tax, audit and accounting professionals president Elizabeth Beastrom said: “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.
“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.”
Last year, in January, Thomson Reuters acquired a 53.81% stake in Pagero Group, a company specialising in e-invoicing and indirect tax solutions.
Pagero provides a Smart Business Network that facilitates automated, compliant, and secure exchanges of digital business documents.
Thomson Reuters’ majority ownership of Pagero bolsters the strategic partnership announced in February 2023, advancing a connected suite of solutions for global indirect tax, reporting, and e-invoicing capabilities.
