New acquisition aims to enhance efficiency for tax professionals
Thomson Reuters Corporation has announced the acquisition of cPaperless LLC, operating as SafeSend, for $600 million in cash. SafeSend, a US-based provider of cloud-native technology for tax and accounting professionals, specializes in automating the final stages of tax return preparation, including assembly, review, e-signature, and delivery.
Founded in 2008, SafeSend’s software addresses key challenges in the tax process by eliminating time-consuming manual tasks, according to a news release. The company’s solutions are widely used by accounting firms across the United States, including 70% of the nation’s top 500 firms. SafeSend, headquartered in Michigan, employs 235 people.
The acquisition supports Thomson Reuters’ ongoing strategy to enhance the efficiency of workflows for tax preparers and taxpayers, the news release noted. Thomson Reuters intends to continue offering SafeSend’s products as a standalone solution while ensuring compatibility with a variety of vendors within the tax software ecosystem.
“This acquisition underscores our commitment to addressing the evolving challenges faced by tax professionals and taxpayers alike,” said Elizabeth Beastrom, president of tax, audit, and accounting professionals at Thomson Reuters. “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, SafeSend’s co-founder, expressed excitement over the acquisition. “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.
Andrew Hatfield, SafeSend’s other co-founder, also emphasized the company’s continued focus on simplifying the tax process for its clients. “Since we founded the company, we’ve focused on listening to our customers and building solutions to simplify the tax process,” he said. “We are both excited to be continuing our journey with Thomson Reuters.”
SafeSend is expected to generate approximately $60 million in revenue in 2025, excluding the impact of fair value adjustments to acquired deferred revenue. Thomson Reuters projects growth of more than 25% annually over the next few years.
