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Thomson Reuters to acquire SurePrep for $500M

Thomson Reuters has signed a definitive agreement to acquire Irvine, Calif.-based SurePrep, a 1040 tax automation software and services provider, for $500 million. The transaction is expected to close in the first quarter of 2023, subject to regulatory approvals and customary closing conditions.

SurePrep uses artificial intelligence to automate the collection of digital documents directly from clients and the processing of those documents, automatically extracting and populating key data into the firm’s tax compliance software. SurePrep’s core software and services include 1040SCAN, SPbinder and TaxCaddy. Thomson Reuters and SurePrep have been partnering since April 2022, providing complementary solutions for tax and accounting professionals.

SurePrep is expected to generate approximately $60 million of revenue in 2022 and grow in excess of 20% annually in the next few years, according to a statement by Thomson Reuters.

[Image courtesy: SurePrep]

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