Thomson Reuters announced it acquired cPaperless, doing business as SafeSend, for $600 million in cash. SafeSend is a cloud-based tax and accounting automation company.
Launched in 2008, SafeSend automates the ‘last-mile of the tax return, such as assembly, review, taxpayer e-signature, and delivery. And the company’s software solves 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., such as 70% of the country’s top 500 firms. The company is based in Michigan and has 235 employees.
This acquisition supports Thomson Reuters’ vision for tax and accounting professionals, advancing workflow efficiency for tax preparers and taxpayers across the U.S. And Thomson Reuters plans to continue offering SafeSend as a market solution, supporting the ability to interoperate with multiple vendors across a connected tax software ecosystem.
SafeSend is expected to generate about $60 million of revenue in 2025 before the impact of fair value adjustments to acquired deferred revenue and to grow over 25% annually in the next few years.
KEY QUOTES:
“The needs of our customers and their clients drive every decision we make 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.”
- Elizabeth Beastrom, president of Tax, Audit and Accounting Professionals at Thomson Reuters
“Today marks an exciting new chapter for SafeSend customers. 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.”
- Steve Dusablon, SafeSend co-founder
“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.”
- Andrew Hatfield, SafeSend co-founder
