Heaptalk, Jakarta — Thomson Reuters Corporation, a content and tech firm, has acquired SafeSend, a cloud-based tech provider for tax and accounting, for $600 million in cash (01/02). This measure is expected to advance workflow efficiency for tax preparers and taxpayers across the U.S.
The firm aims to offer SafeSend technology to support interoperability with multiple vendors across a connected tax software system. According to Elizabeth Beastrom, president of Tax, Audit, and Accounting Professionals at Thomson Reuters, the needs of its customers and clients drive every decision the firm makes, including the acquisition of SafeSend. The acquisition underscores the firm’s commitment to addressing the evolving challenges tax professionals and taxpayers face.
“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,” Beastrom said in a written statement.
To generate $60m of revenue
SafeSend is expected to generate approximately $60 million of revenue in 2025 before the impact of fair value adjustments to acquired deferred revenue and to grow more than 25% annually in the next few years. Steve Dusablon, SafeSend co-founder, said, “Becoming a part of Thomson Reuters will enable us to accelerate product development efforts and realize our shared vision of an end-to-end tax workflow solution.”
Founded in 2008, SafeSend is headquartered in Michigan, U.S., with 235 employees. The company automates the last mile of the tax return, including assembly, review, taxpayer e-signature, and delivery. Its software solves key pain points for customers and their clients by eliminating time-consuming manual tasks. SafeSend’s technologies are used by accounting firms of all sizes across the U.S., including 70% of the country’s top 500 firms.
“Since we founded the company, we’ve focused on listening to our customers and building solutions to simplify the tax process. We are both excited to be continuing our journey with Thomson Reuters,” concluded Andrew Hatfield, SafeSend co-founder.
