Thomson Reuters Corporation (NYSE: TRI) today announced it has agreed to acquire Minnesota-based SurePrep, LLC for $500 million in cash to better serve customers who must file tax returns and comply with the Internal Revenue Service (IRS) Code.
SurePrep provides technology that allows taxpayers to get their taxes done right the first time by automatically pulling information from their employers and other third parties, checking for errors, offering online questions about income or charities donations, and providing accurate answers. The system is designed to work with various software programs and accounting platforms so accountants can efficiently prepare taxes for their clients. Now more than 8 million individual taxpayers use SurePrep annually, a figure that Thomson Reuters expects will grow following the acquisition.
“When we acquired TaxAnalyzer, our goal was to provide the most comprehensive tax reporting solution. SurePrep gives us another way to meet the needs of the tax community,” said Mark Whiteside, Senior Vice President and Deputy General Counsel of Thomson Reuters Tax & Accounting Group. “This marketplace continues to evolve with new and innovative services that help people file their taxes today and save money in the long-term.”
“We’re proud that Thomson Reuters has recognized the value of SurePrep’s technology and strong growth potential in this growing market,” added Dan Friel, President and CEO of SurePrep. “We look forward to continuing to serve customers who depend on us for automated tax filing services.
SurePrep recently debuted on the Inc. 5000 list of the nation’s fastest growing companies. The company was founded in 1995 and has nine offices nationwide, with signature service locations in Minnesota and California. It has more than 40 employees.
