Canadian media company Thomson Reuters (TRI) has signed a deal to buy privately held American tax software firm SurePrep for $500 million U.S.
Thomson Reuters said it plans to purchase SurePrep in cash, and that it expects the transaction to close in the first quarter of 2023.
SurePrep is forecast to generate $60 million U.S. in revenue in 2022 and grow more than 20% annually over the next few years.
Thomson Reuters has worked in partnership with SurePrep and its tax solutions for accounting professionals since the start of this year.
SurePrep says that its software products are used by more than 20,000 tax professionals worldwide.
Thomson Reuters’ stock is down 1% this year at $145.73 per share.
