Thomson Reuters acquires SafeSend for $600 million to expand tax automation offerings in the U.S.

Thomson Reuters has acquired SafeSend, a tax automation and content technology company, in a $600 million all-cash deal, the company said on Wednesday.

The acquisition will enable Thomson Reuters to streamline workflows for tax professionals and taxpayers across the U.S. SafeSend will continue operating independently while integrating into a connected ecosystem of tax software.

Founded in 2008 and based in Ann Arbor, Michigan, SafeSend offers a cloud-based platform that simplifies the processing and sharing of sensitive financial documents. Its tools include features for delivering tax returns, collecting e-signatures, managing payments, automating workflows, and ensuring compliance.

The company employs 235 people and has gained significant traction in the accounting sector, with its solutions being used by 70% of the top 100 accountancy firms in the U.S. SafeSend also received funding from Lead Edge Capital, though the amount remains undisclosed.

SafeSend focuses on automating the “last mile” of tax returns, streamlining processes like assembly, review, e-signatures, and delivery. Its software addresses time-consuming tasks, making it popular with accounting firms of all sizes. Among its notable achievements, 70% of the top 500 firms in the U.S. currently use its platform.

Thomson Reuters’ acquisition aligns with its strategy to enhance workflow efficiency for tax preparers and taxpayers across the U.S. SafeSend will continue to operate as an independent solution while being integrated into a connected ecosystem of tax software.

Elizabeth Beastrom, president of Tax, Audit, and Accounting Professionals at Thomson Reuters, said, “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.”

Steve Dusablon, co-founder of SafeSend, added, “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.”

Co-founder Andrew Hatfield emphasized the company’s customer-centric approach, stating, “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.”

SafeSend is projected to generate approximately $60 million in revenue in 2025, with annual growth expected to exceed 25% over the next few years.