Thomson Reuters To Acquire Sabrix
Tax & Accounting business adds to ONESOURCE™ corporate solutions for global transaction tax
Thomson Reuters (NYSE: TRI;TSX: TRI), the world’s leading source of intelligent information for businesses and professionals, today announced that its Tax & Accounting business has signed a definitive agreement to acquire Sabrix, Inc, a leading global provider of transaction tax management software applications and related services. Headquartered in San Ramon, CA, with additional operations in Oregon and London, all 160 Sabrix employees will transfer into Tax & Accounting upon the close of the transaction, which is expected in December 2009.
“This acquisition fulfills our vision of delivering a comprehensive global solution for corporations in the area of transaction tax, especially companies with a multinational presence” said Roy M. Martin, Jr., President and CEO of Tax & Accounting. “Sabrix offerings, which cover rates and rules for 170 countries, will be integrated with our existing local transaction tax software and services to form a total solution for corporate customers in the U.S., the U.K. and Europe.”
Transaction tax, also known around the world as indirect tax, VAT, GST or sales & use tax, trails only corporate and personal income taxes in its pervasiveness among country governments.
“Sabrix applications can process an unlimited number of transactions, control audit exposure, and reduce the total cost of sales tax, use tax, and VAT compliance,” said Brian Peccarelli, president of Corporate Software & Services for Tax & Accounting. “Additionally, the Sabrix Managed Tax Service™ offers finance departments of small-to-medium sized businesses an outsourced transaction tax compliance service.”
“We have collaborated with Thomson Reuters for years,” said Steve Adams, president and CEO of Sabrix. “We look forward to working alongside the well-known and respected brands of the Tax & Accounting business, including ONESOURCE and Checkpoint®, so that Sabrix clients can continue to achieve compliance with confidence in the most efficient and effective manner possible.”
Terms of the transaction were not disclosed.
Thomson Reuters is the world’s leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world’s most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto Stock Exchange (TSX: TRI) and New York Stock Exchange (NYSE: TRI). For more information, go to www.thomsonreuters.com.
The Tax & Accounting business of Thomson Reuters is the leading provider of technology and information solutions, as well as integrated tax compliance software and services to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government. Tax & Accounting includes the Research & Guidance, Professional Software & Services, and Corporate Software & Services business groups.
Cautionary Note Concerning Factors That May Affect Future Results:
This news release includes forward-looking statements that are based on certain assumptions and reflect Thomson Reuters current expectations. Forward-looking statements are those that are not historical facts and include Thomson Reuters expectations about the proposed Sabrix acquisition. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of the factors that could cause actual results to differ materially from current expectations include the need to satisfy conditions to closing, risks related to Tax & Accounting’s ability to successfully integrate the Sabrix business after the closing, and actions of Tax & Accounting’s competitors. Additional factors are discussed in the materials filed by Thomson Reuters from time to time with securities regulatory authorities. Thomson Reuters disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law, rule or regulation.
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