Thomson Reuters Corporation (TRI) Acquires SafeSend to Enhance Tax Solutions

Thomson Reuters Corporation (NYSE: TRI) has acquired cPaperless, LLC, known as SafeSend, for $600 million in cash. SafeSend, a cloud-native provider of tax automation software, is known for streamlining the "last-mile" of the tax return process. This acquisition strengthens Thomson Reuters' tax and accounting solutions, providing professionals with efficient, automated tools to simplify tax workflows.

The Impact of SafeSend’s Technology

Founded in 2008, SafeSend has revolutionized tax preparation by automating tasks such as assembly, review, e-signature, and delivery. The company’s software reduces time-consuming manual work, allowing tax professionals to serve clients more efficiently. SafeSend’s solutions are trusted by 70% of the top 500 U.S. accounting firms, making it a key player in the tax industry.

A Vision for Streamlined Tax Workflows

Thomson Reuters aims to integrate SafeSend’s innovative technology into its existing tax software solutions. Elizabeth Beastrom, president of Tax, Audit, and Accounting Professionals at Thomson Reuters, emphasized that this acquisition supports the company’s goal to simplify tax workflows for both tax preparers and taxpayers. SafeSend’s integration will enable a more seamless and efficient process across multiple tax systems.

SafeSend’s Growth Potential

SafeSend is expected to generate around $60 million in revenue in 2025, with projected growth of over 25% annually in the coming years. This strong growth trajectory positions SafeSend to further enhance its tax automation solutions, benefiting professionals and their clients alike.

A Future of Innovation

The acquisition allows SafeSend to accelerate product development while continuing to offer its solutions within the broader tax software ecosystem. Steve Dusablon, SafeSend’s co-founder, expressed excitement about the partnership, noting that joining Thomson Reuters will help the company expand its offerings and strengthen its end-to-end tax workflow solutions.

Thomson Reuters: Empowering Professionals with Technology

Thomson Reuters has long been a trusted provider of content and technology for professionals in legal, tax, and other sectors. This acquisition underscores its commitment to helping tax professionals navigate complex challenges. With the addition of SafeSend, Thomson Reuters is well-positioned to lead the way in tax innovation and support professionals in delivering effective solutions for their clients.