01:22 PM EST, 01/02/2025 (MT Newswires) -- Thomson Reuters ( TRI ) said Thursday morning that it acquired cPaperless, doing business as SafeSend, for US$600 million in cash. The acquisition is another strategic bolt-on transaction which will allow Thomson Reuters ( TRI ) to offer a comprehensive end-to-end automated tax solution, says National Bank.

Analyst Adam Shine notes that while SurePrep (purchased early 2023) automates the "first mile" initial stages of tax preparation (tax form ingestion, sharing documents, etc.), SafeSend automates the "last mile" of the tax return which involves assembly, review taxpayer e-signature, and delivery.

Thomson Reuters ( TRI ), which has been recognizing US$4 million to US$5 million of revenue through its partnership with SafeSend (sales commissions on sales of latter's product), expects US$30 million to US$35 million of incremental revenue in 2025 from the acquisition.

National Bank has an Outperform rating and C$260 target on the stock.

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