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UPDATE 1-Thomson Reuters to buy tax software provider SurePrep for $500 mln

Reuters
·1 min read

(Adds details on deal, executive comment)

Nov 11 (Reuters) - Thomson Reuters Corp said on Friday it would buy SurePrep LLC, a U.S.-based provider of tax automation software and services, for $500 million in cash.

The information company has been partnering since April with 20-year-old SurePrep, whose products and solutions are used by more than 23,000 tax professionals.

SurePrep is projected to generate about $60 million in revenue in 2022 and is expected to grow more than 20% annually in the next few years.

"This transaction builds on our existing partnership/reseller arrangement to deliver our vision of end-to-end tax automation that solves our customers' biggest pain points," said Dave Wyle, Chief Executive of SurePrep.

Thomson Reuters, which is the parent of Reuters News, expects the deal to close in the first quarter of 2023. (Reporting by Aditya Soni in Bengaluru; Editing by Arun Koyyur)