On January 2, 2025, Thomson Reuters Corporation, a leading global content and technology company, announced its acquisition of cPaperless, LLC, operating as SafeSend, for $600 million in cash.
SafeSend, a cloud-native technology provider based in the United States, specializes in solutions for tax and accounting professionals. Founded in 2008, SafeSend automates key aspects of the tax return process, including assembly, review, taxpayer e-signature, and delivery, streamlining tasks that would otherwise be time-consuming. Its software is widely used by accounting firms across the U.S., with 70% of the country’s top 500 firms relying on its solutions. SafeSend is headquartered in Michigan and employs 235 people.
This acquisition aligns with Thomson Reuters’ ongoing commitment to enhancing the efficiency of workflows for tax preparers and taxpayers nationwide. The company plans to continue offering SafeSend as a market solution, ensuring its integration with multiple vendors in the connected tax software ecosystem.
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Elizabeth Beastrom, president of Tax, Audit, and Accounting Professionals at Thomson Reuters, emphasized that the company’s decisions are driven by the needs of customers and their clients. She stated that this acquisition highlights their dedication to addressing the evolving challenges faced by tax professionals and taxpayers. By integrating SafeSend’s innovative technology with Thomson Reuters’ existing offerings, the goal is to simplify tax preparation workflows and meet the changing demands of businesses in an increasingly complex tax environment.
Steve Dusablon, co-founder of SafeSend, shared his excitement for the future, noting that joining Thomson Reuters will allow the company to accelerate its product development and move closer to its vision of providing an end-to-end tax workflow solution.
Andrew Hatfield, also co-founder of SafeSend, reflected on the company’s focus since its inception, which has always been to listen to customers and simplify the tax process. He expressed enthusiasm about continuing the journey alongside Thomson Reuters.
SafeSend is projected to generate approximately $60 million in revenue in 2025 before accounting for fair value adjustments to acquired deferred revenue, with growth expected to exceed 25% annually in the coming years.