Thomson Reuters Corp., a global content and technology company in Toronto, today announced it has acquired Ann Arbor’s cPaperless, doing business as SafeSend, for $600 million in cash.
SafeSend, which automates the last step of the tax return process. Freed from manual processes, tax professionals should be able to redirect their energy toward higher-value initiatives (like strategic tax planning, optimizing client outcomes, and staying ahead of regulatory changes).
Founded in 2008, SafeSend automates the “last-mile” of the tax return, including assembly, review, taxpayer e-signature, and delivery. Its software is designed to solve 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 percent of the country’s top 500 firms. The company has 235 employees.
“Today marks an exciting new chapter for SafeSend customers,” says Steve Dusablon, co-founder of SafeSend. “Becoming a part of Thomson Reuters will enable us to accelerate product development efforts and realize our shared vision of an end-to-end tax workflow solution.”
Andrew Hatfield, another c0founder of SafeSend, says, “Since we founded the company, we’ve focused on listening to our customers and building solutions to simplify the tax process. We are both excited to be continuing our journey with Thomson Reuters.”
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 says it intends to continue to offer SafeSend as a market solution, supporting the ability to interoperate with multiple vendors across a connected tax software ecosystem.
SafeSend is expected to generate approximately $60 million of revenue in 2025 before the impact of fair value adjustments to acquired deferred revenue, and to grow in excess of 25 percent annually in the next few years.
“The needs of our customers and their clients drive every decision we make at Thomson Reuters,” says Elizabeth Beastrom, president of Tax, Audit and Accounting Professionals at Thomson Reuters. “This acquisition underscores our commitment to addressing the evolving challenges faced by tax professionals and taxpayers alike.
“By integrating SafeSend’s innovative technology with our existing solutions, we’re simplifying tax preparation workflows, and meeting the dynamic demands of businesses we serve to help them thrive in an increasingly complex tax landscape.”
SafeSend previously raised an undisclosed amount in 2021 from Lead Edge Capital.
