Thomson Reuters acquires Sabrix indirect tax technology
Sunday, 29 November 2009
Source: Thomson Reuters website
Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today (16th Nov) 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.”
SG comment: This acquisition follows Thomson Reuters taking over Digita and Abacus in the UK, and previously acquiring CrossBorder (transfer pricing software) in the US in 2007. This now makes Thomson Reuters the largest provider (by far) of tax software and technology in the UK.
Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today (16th Nov) 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.”
SG comment: This acquisition follows Thomson Reuters taking over Digita and Abacus in the UK, and previously acquiring CrossBorder (transfer pricing software) in the US in 2007. This now makes Thomson Reuters the largest provider (by far) of tax software and technology in the UK.
Labels: company news, tax compliance, tax software, technology, transfer pricing
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posted by Simon Godley
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