Thomson Reuters Corporation (NYSE/TSX: TRI), a global content and technology company, acquired cPaperless, LLC, doing business as SafeSend, for $600m in cash.
SafeSend is expected to generate approximately $60m of revenue in 2025 before the impact of fair value adjustments to acquired deferred revenue, and to grow in excess of 25% annually in the next few years.
Founded in 2008 by Steve Dusablon, and Andrew Hatfield, SafeSend is a United States-based cloud-native provider of technology for tax and accounting professionals. The platform 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 solutions are used by accounting firms of all sizes across the U.S., including 70% of the country’s top 500 firms. The company is headquartered in Michigan and has 235 employees.
The acquisition supports Thomson Reuters vision for tax and accounting professionals, advancing efficiency in workflows for tax preparers and taxpayers across the U.S. 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.
FinSMEs
02/01/2025