Thomson Reuters Corporation (NYSE / TSX: TRI),a Toronto, Canada-based provider of business information services, acquired SurePrep, an Irvine, CA-based provider of 1040 tax automation software and services, for $500 million in cash.
Thomson Reuters expects to receive an estimated tax benefit with a net present value at time of purchase of approximately $60 million as part of the transaction. Closing of the deal is subject to specified regulatory approvals and customary closing conditions and is anticipated to occur in the first quarter of 2023.
Thomson Reuters Corporation will continue its open ecosystem strategy after the acquisition of SurePrep, with the combined entity providing an enhanced foundation for accelerated investment in automation and customer experiences.
Led by CEO Dave Wyle, SurePrep is a provider of automation for tax professionals. Its solutions deliver integration with tax software to automate and streamline the entire 1040 process for both the taxpayer and tax professional. Its core software and services include 1040SCAN, SPbinder and TaxCaddy. They are used by over 23,000 tax professionals ranging from Big 4 firms to sole practitioners to reduce administrative costs, automate workpaper preparation, and improve client service.
Led by CEO Steve Hasker, Thomson Reuters is a provider of business information services. Its products include information-enabled software and tools for legal, tax, accounting and compliance professionals combined with the news service – Reuters.
