Market News

Thomson Reuters (NYSE:TRI) to Acquire SurePrep for $500M

Story Highlights

Thomson Reuters will snap up tax automation software and services provider, SurePrep, in an all-cash deal worth $500 million. 

Canadian multinational media conglomerate Thomson Reuters (NYSE:TRI) (TSE:TRI) has inked a deal to acquire a U.S.-based tax automation software and services provider, SurePrep, in a $500 million all-cash deal. 

Benefits of the Deal 

SurePrep is a leading provider of software and services in tax automation for tax professionals. This year, the company is expected to generate revenue of $60 million and post growth of over 20% in the coming years.

Through the deal with the long-time partner SurePrep, Thomson Reuters aims to provide a stronger foundation for end-to-end tax automation as well as bolster investments in automation and customer experiences.

Elizabeth Beastrom, President of Tax & Accounting Professionals at Thomson Reuters, commented, “the acquisition will support our strategy to empower tax and accounting professionals with the very best technology to simplify workflows, drive insights and improve efficiency.”

Thomson Reuters is expected to receive a $60 million tax benefit from the deal. The deal, subject to certain approvals, is expected to be completed in Q1 2023.

Is TRI Stock a Buy?

As per TipRanks, analysts are cautiously optimistic about Thomson Reuters stock and have a Moderate Buy consensus rating, which is based on two Buys and two Holds. Thomson Reuters’ average price forecast of $116.58 implies 6.2% upside potential.

Disclosure

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More