Thomson Reuters Corporation announced on Friday (November 11, 2022) that it would buy $500 million in cash for SurePrep LLC, a U.S.-based provider of tax automation software and services.

Since April, the information company has collaborated with SurePrep, a 20-year-old company whose products and solutions are used by over 23,000 tax professionals.

SurePrep is expected to generate $60 million in revenue in 2022 and to grow at a rate of more than 20% per year in the coming 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, the parent company of Reuters News, expects the transaction to close in the first quarter of 2023.