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Canadian media and technology company Thomson Reuters (TRI) has acquired U.S. tax and accounting software firm SafeSend for $600 million ($417 million U.S.).
Based in Michigan, SafeSend has 235 employees and creates tools that make professional tax preparation quicker and more efficient.
Thomson Reuters said that it intends to continue offering SafeSend branded products once its takeover of the company is completed.
The acquisition of SafeSend is expected to generate about $60 million in revenue for Thomson Reuters in 2025.
However, Toronto-based Thomson Reuters is forecasting that revenue from SafeSend will grow by at least 25% annually in coming years.
The all-cash deal continues a trend of Thomson Reuters growing through acquisitions and advancing its accounting products and services for professional tax preparers.
While it describes itself as a technology company, Thomson Reuters is best known as the owner and operator of the Reuters news agency. The company began life as a newspaper publisher.
The stock of Thomson Reuters has risen 13% over the past year to trade at $161.31 U.S. per share. The stock has more than doubled in the last five years.
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