Thomson Reuters to acquire Confirmation
Thomson Reuters has signed a definitive agreement to acquire Confirmation, a provider of secure audit confirmation services. Financial terms of the transaction were not disclosed.
The completion of the acquisition is subject to specified regulatory approvals and closing conditions, including the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act.
“The Confirmation acquisition will strengthen offerings to our core tax, accounting and audit customers,” says Jim Smith, president and CEO at Thomson Reuters. “We will continue to invest in solutions that help our customers automate tasks in their daily workflow. The Confirmation acquisition fits that objective.”
“Accounting firms, banks and law firms use Confirmation’s technology to improve workflow, increase efficiency and reduce risk,” says Brian Fox, president and founder of Confirmation, who will join Thomson Reuters after the closing and continue in an executive role.
Charlotte Rushton, president of tax and accounting professionals at Thomson Reuters, believes that acquiring Confirmation will enable Thomson Reuters to: scale Confirmation by leveraging their extensive audit firm relationships and channels to accelerate cross-sell and adoption; better serve the needs of their audit customers, including providing them with additional capabilities as part of Thomson Reuter’s Cloud Audit Suite; expand Confirmation globally, and use existing customer relationships and capabilities to grow non-bank confirmations.
This acquisition will expand on the company’s strategic objective to provide more software and cloud-based offerings and will meet a growing market need for accounting professionals globally, aligning with Thomson Reuters focus on its core offerings in legal, tax, compliance and risk.
Confirmation has a 19-year history of providing digital confirmation services to more than 16,000 audit firms, 4,000 banks and departments and 5,000 law firms across 170 countries.