Thomson Reuters has bought cPaperless LLC, best known in the tax and accounting world as SafeSend, in an all-cash transaction valued at $600 million, the global content and technology company said.
SafeSend, an Ann Arbor, MI-based cloud-native provider of technology for tax and accounting professionals, was founded in 2008 as CPA Paperless, or cPaperless, to address the overwhelming amount of work that was a reality for most accounting firms moving to a paperless office.
“Today, our company, SafeSend, builds innovative solutions that have automation at their core—making tax and accounting work easier and more enjoyable,” the company says on its website.
SafeSend automates what it calls “the last mile” of the tax return, including assembly, review, taxpayer e-signature, and delivery. The company’s software, including TicTie Calculate, CPA SafeMail (today called SafeSend Exchange), and SignatureFlow, solves key pain points for customers and their clients by eliminating time-consuming manual tasks. Its solutions are used by accounting firms of all sizes across the U.S., including 70% of the country’s top 500 firms. SafeSend has 235 employees, according to a media release.
Thomson Reuters said the acquisition supports its vision for tax and accounting professionals, advancing efficiency in workflows for tax preparers and taxpayers across the U.S. SafeSend will continue to be offered as a market solution, according to Thomson Reuters, supporting the ability to interoperate with multiple vendors across a connected tax software ecosystem.
“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,” Elizabeth Beastrom, president of tax, audit and accounting professionals at Thomson Reuters, said in a statement. “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.”
SafeSend co-founder Steve Dusablon said the acquisition 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,” he said.
“Since we founded the company, we’ve focused on listening to our customers and building solutions to simplify the tax process,” added SafeSend co-founder Andrew Hatfield. “We are both excited to be continuing our journey with Thomson Reuters.”
SafeSend is expected to generate approximately $60 million of revenue in 2025 before the impact of fair value adjustments to acquired deferred revenue and to grow in excess of 25% annually in the next few years, according to Thomson Reuters.
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