Thomson Reuters Expands Portfolio with $500M SurePrep Acquisition | Thomson Irvinebased Sureprep 500m
In a strategic move to bolster its position in the realm of business information services, Thomson Reuters Corporation (NYSE / TSX: TRI) has successfully acquired SurePrep, a leading provider of 1040 tax automation software and services based in Irvine, CA. The acquisition, valued at $500 million in cash, signals Thomson Reuters’ commitment to advancing its capabilities in tax automation and enhancing customer experiences.
SurePrep: Revolutionizing Tax Automation
Integration Excellence with Tax Software
Under the leadership of CEO Dave Wyle, SurePrep has emerged as a key player in providing automation solutions for tax professionals. The company’s flagship offerings, including 1040SCAN, SPbinder, and TaxCaddy, facilitate seamless integration with tax software. This integration streamlines and automates the entire 1040 process, benefiting both taxpayers and tax professionals alike.
Trusted Solutions Across the Industry
SurePrep’s suite of software and services has gained widespread recognition, with over 23,000 tax professionals relying on them. From Big 4 firms to sole practitioners, SurePrep’s solutions effectively reduce administrative costs, automate workpaper preparation, and enhance overall client service.
Thomson Reuters’ Open Ecosystem Strategy
Accelerated Investment in Automation
Thomson Reuters Corporation, led by CEO Steve Hasker, remains committed to its open ecosystem strategy following the acquisition of SurePrep. The combined entity is poised to provide a robust foundation for accelerated investment in automation technologies. This strategic move aligns with the industry’s growing demand for efficient and streamlined processes.
Continued Focus on Customer Experiences
The acquisition not only expands Thomson Reuters’ portfolio but also signifies a dedication to improving customer experiences. The synergies between Thomson Reuters and SurePrep will pave the way for innovative solutions that address the evolving needs of legal, tax, accounting, and compliance professionals.
Projected Benefits and Closing Details
Anticipated Tax Benefit
As part of the acquisition, Thomson Reuters expects to gain an estimated tax benefit with a net present value of approximately $60 million at the time of purchase. This financial advantage adds an extra layer of value to the strategic move.
Closing Timeline
While the closing of the deal is pending specified regulatory approvals and customary closing conditions, Thomson Reuters anticipates the completion to take place in the first quarter of 2023. This timeline underscores the corporation’s proactive approach to integrating SurePrep into its operations swiftly.
Conclusion
Thomson Reuters’ acquisition of SurePrep marks a pivotal moment in the landscape of business information services. The collaboration between these industry leaders is set to drive innovation, enhance automation capabilities, and elevate the overall standard of customer service. As both entities join forces, the future holds promise for cutting-edge solutions that redefine the landscape of tax automation and business information services.
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