Thomson Reuters Corporation (“Thomson Reuters”) (NYSE / TSX: TRI) announced today it has signed a definitive agreement to acquire SurePrep, LLC (“SurePrep”), a US-based leader in 1040 tax automation software and services, for $500 million in cash (the “Proposed Transaction”).
Founded in 2002, SurePrep is focused on helping accounting firms increase productivity and profitability while promoting a completely digital tax workflow. SurePrep’s products and solutions are used by over 23,000 tax professionals at CPA firms, wealth management firms and others. Closing of the transaction is subject to specified regulatory approvals and customary closing conditions and is anticipated to occur in the first quarter of 2023.
- Thomson Reuters expects to receive an estimated tax benefit with a net present value at the time of purchase of approximately $60 million as part of the transaction.
- SurePrep is expected to generate approximately $60 million of revenue in 2022 and grow in excess of 20% annually in the next few years.
- Acquired deferred revenue is expected to be a modest free cash flow drag in the first year.
Thomson Reuters will continue its open ecosystem strategy after acquiring SurePrep. The combined entity will provide an enhanced foundation for accelerated investment in automation and customer experiences. “This transaction builds on our existing partnership/reseller arrangement to deliver our vision of end-to-end tax automation,” Dave Wyle, CEO at SurePrep said.
SAS is lauded as an insurance fraud detection Luminary in Celent’s inaugural trio of SolutionScape reports evaluating anti-fraud solutions across insurance market segments.
- Celent analyzed a total of 13 vendors’ fraud detection offerings in three markets, evaluating each for its level of advanced technology and breadth of functionality.
- Only one vendor, SAS, earned Celent’s Luminary designation in all three reports.
- To keep pace with ever more sophisticated fraudsters, Celent recommends that insurers choose vendors strong in the following categories: technology; functional capabilities; vendor stability, knowledge and investment in the solution; and implementation and support capabilities and experience.
Notably, SAS was the only vendor to earn Celent’s Luminary designation in all three of its Insurance Fraud-Detection Solutions, 2022 Edition reports:
- Property and Casualty Insurance.
- Health Insurance.
- Life Insurance.
SAS’ insurance fraud solutions on SAS Viya check all the boxes:
- Industry-tailored solutions deliver a single, end-to-end framework that uses layered defenses incorporating predictive modeling, text mining, network link analysis and more to better identify fraudulent activity before claims are paid.
- Built-in case handling streamlines and facilitates investigations via a configurable workflow.
- Beyond fraud detection, SAS’ holistic approach to insurance technology topples operational silos and boosts efficiency.
Thrive Acquires Custard Technical Services to Further Extend Dedicated U.K. Services
- The acquisition will enable clients of Custard to benefit from Thrive’s next-generation managed cybersecurity, Cloud services, and automation platform.
- Known for their client dedication to service, Custard provides a comprehensive range of IT solutions including consultation, managed services, disaster recovery planning, IT security backup solutions, and ongoing software and hardware support and maintenance.
Kognito, an experiential learning company announced the release of Protecting our Youth, a new simulation for PK-12 educators and administrators as well as college faculty and staff. This interactive simulation gives educators the skills and knowledge to recognize child abuse, neglect & human trafficking as well as make the appropriate referral for support.
The CDC states that at least 1 in 7 children experience neglect or abuse annually in the U.S. In 2020 it was estimated that 1,750 children died because of abuse. Protecting Our Youth has been developed in collaboration with experts. It helps the learner hone the skills critical for identifying, approaching, and referring students whom they believe have been impacted by abuse, neglect, or human trafficking.” Nadia Stamp, Product Manager, Kognito.
Piano, a leading digital experience platform, announced that Mark Flaharty has joined the organization as the chief revenue officer. Piano’s previous CRO, David Gosen, has retired after three years of distinguished service building the company’s revenue team. He’ll lead a high-performing sales team distributed across three continents, setting the standard of best-in-class sales and revenue goal setting and achievement.
“As Piano continues to grow so quickly, we knew we needed a leader not just to rally our sales team but to engage in strategic planning,” said Piano CEO Trevor Kaufman. “Mark has great wisdom about him but also has a palpable enthusiasm for the Piano brand and the broad spectrum of opportunities ahead of us. I’m thrilled to have him as a part of the team as we enter the next growth phase.”
Kaletra, a rapidly growing omnichannel business communications platform and member of Oracle PartnerNetwork, today announced that many of its upcoming services being launched in late 2022 would be powered by Oracle Cloud Infrastructure OCI. This deeper partnership will allow Kaleyra to extend its existing partnership with Oracle to reach thousands of customers more effectively. To serve this massive market, Kaleyra has selected Oracle Cloud to power some of its newer services due to its superior performance, cost efficiency, improved security, global availability, and on-demand scalability.
Source: PRNews Wire
