Thomson Reuters (NYSE:TRI), renowned for its specialized software and insightful journalism, continues to serve a wide range of professionals in legal, tax, accounting, compliance, government, and media sectors. The company has maintained dividend payments for 36 consecutive years, with a current dividend yield of 1.35%. InvestingPro subscribers can access over 10 additional ProTips and detailed financial metrics to better understand Thomson Reuters’ market position and growth prospects. The company has maintained dividend payments for 36 consecutive years, with a current dividend yield of 1.35%. InvestingPro subscribers can access over 10 additional ProTips and detailed financial metrics to better understand Thomson Reuters’ market position and growth prospects.
SafeSend, established in 2008, is known for automating the final stages of tax return processes such as assembly, review, e-signature, and delivery. The company’s software is designed to alleviate manual tasks, thus streamlining operations for its users. With a client base that includes 70% of the top 500 accounting firms in the U.S., SafeSend has established a significant presence in the industry. The Michigan-headquartered company employs a workforce of 235. For investors interested in Thomson Reuters’ valuation metrics and growth potential, InvestingPro offers detailed analysis through its comprehensive Pro Research Report, one of 1,400+ available for top US stocks.
The strategic move is expected to propel Thomson Reuters’ vision of advancing workflow efficiencies for tax preparers and taxpayers across the United States. The company plans to maintain SafeSend as a standalone solution within its tax software ecosystem, ensuring compatibility with various vendors.
Elizabeth Beastrom, president of Tax, Audit and Accounting Professionals at Thomson Reuters, highlighted the acquisition as a response to the evolving needs of customers and their clients. "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," she stated.
SafeSend’s co-founders, Steve Dusablon and Andrew Hatfield, expressed enthusiasm for the new opportunities that the Thomson Reuters partnership will bring, particularly in accelerating product development and achieving an end-to-end tax workflow solution.
The acquisition is anticipated to contribute approximately $60 million in revenue for SafeSend in 2025, with expectations of a growth rate exceeding 25% annually in the following years.
Thomson Reuters, renowned for its specialized software and insightful journalism, continues to serve a wide range of professionals in legal, tax, accounting, compliance, government, and media sectors.
The information in this article is based on a press release statement by Thomson Reuters.
In other recent news, Thomson Reuters reported a 7% organic revenue growth and a 9% increase in its Big 3 segments for the third quarter of 2024. The company also adjusted its full-year organic revenue growth forecast to approximately 7%. However, adjusted EBITDA saw a 4% decline to $609 million, and adjusted EPS dipped slightly to $0.80. In a significant move, Thomson Reuters announced the sale of its FindLaw business, which is expected to enhance organic revenue growth by 30 basis points. The company’s recent acquisitions of Safe Sign Technologies and Materia are aimed at boosting its AI capabilities. These developments are part of Thomson Reuters’ recent strategic initiatives to drive growth and innovation. However, despite the positive growth, there were no share buybacks in the third and fourth quarters of 2023 due to interest rate conditions.
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