Global media and technology services provider Thomson Reuters Corporation has paid $600 million in cash to acquire Michigan-based tax automation software company SafeSend, also known as cPaperless LLC, SiliconAngle reports.
Established in 2008, SafeSend offers a cloud-based platform that automates management and processing of sensitive financial documents such as tax filings, compliance reporting, e-signatures, and payment collection. Its tools are widely used, with 70% of the top 100 U.S. accounting firms among its clientele.
Thomson Reuters has said it plans to integrate SafeSend’s technology with its UltraTax CS platform. This integration aims to streamline tax workflows, automating the "last mile" of tax preparation and addressing challenges faced by tax professionals and taxpayers.
Elizabeth Beastrom, president of tax, audit, and accounting professionals at Thomson Reuters, said that through the acquisition, they are "simplifying tax preparation workflows, and meeting the dynamic demands of businesses we serve." SafeSend will continue as a standalone product while maintaining compatibility with other tax software.
