Thomson Reuters to acquire tax automation software company SurePrep for $500 million in cash


Thomson Reuters Corp. TRI, -0.41% TRI, -0.86% said Friday it has agreed to acquire tax automation software provider SurePrep LLC for $500 million in cash. The company is expecting to receive a tax benefit with a net present value of about $60 million as part of the deal. SurePrep was founded in 2002 and healps accounting firms boost profitability using a digital tax workflow, the financial data and news company said in a statement. SurePrep is expected to generate about $60 million of revenue in 2022 and to grow by more than 20% annually in the next few years. The deal is expected to close in the first quarter of 2023. Thomson Reuters shares were not active premarket, but are down about 8% in the year to date, while the S&P 500 SPX, +0.92% has fallen 17%.

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