(Reuters) -Thomson Reuters Corp said on Friday it would buy SurePrep LLC, a U.S.-based provider of tax automation software and services, for $500 million in cash.
The information company has been partnering since April with 20-year-old SurePrep, whose products and solutions are used by more than 23,000 tax professionals.
SurePrep is projected to generate about $60 million in revenue in 2022 and is expected to grow more than 20% annually in the next few years.
"This transaction builds on our existing partnership/reseller arrangement to deliver our vision of end-to-end tax automation that solves our customers' biggest pain points," said Dave Wyle, Chief Executive of SurePrep.
Thomson Reuters (NYSE:TRI), which is the parent of Reuters News, expects the deal to close in the first quarter of 2023.