Thomson Reuters Corp. said Friday it has agreed to acquire tax automation software provider SurePrep LLC for $500 million in cash. The company is expecting to receive a tax benefit with a net present value of about $60 million as part of the deal. SurePrep was founded in 2002 and healps accounting firms boost profitability using a digital tax workflow, the financial data and news company said in a statement. SurePrep is expected to generate about $60 million of revenue in 2022 and to grow by more than 20% annually in the next few years. The deal is expected to close in the first quarter of 2023. Thomson Reuters shares were not active premarket, but are down about 8% in the year to date, while the S&P 500 has fallen 17%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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