The Clap
Thomson Reuters (TR) (NYSE: TRI) is looking to acquire SurePrep, a tax automation software company, for $500 million.
The Deets
Both companies have been working together since April 2022, and the deal will allow TR to provide the foundation for investment in automation.
SurePrep
SurePrep specializes in producing software that completely digitalizes and automates tax workflow. The company has over 23,000 clients, from CPA and wealth management firms to other entities.
So What
The deal comes based on an existing partnership between the two companies and will help TR tackle one of its customers’ pain points.
The acquisition is expected to simplify workflow and boost efficiency for tax and accounting professionals.
Now What
The deal is set to be finalized in Q1 2023, with the payment to be made fully in cash.
TR added that the deal will not affect SurePrep’s ability to deal with multiple external vendors, as the company pledges to continue its open ecosystem strategy.
