KPMG Acquires Thomson Reuters’ U.S. Indirect Tax Managed Services Business
KPMG has acquired the U.S. assets of Thomson Reuters’ ONESOURCE Indirect Tax Managed Services business. As a result of the deal, approximately 300 people from Thomson Reuters will be joining KPMG. Financial terms of the transaction were not disclosed.
The sale includes Thomson Reuters’ Sales & Use Tax compliance operations, the Managed Tax Services operations (formerly known under the Sabrix brand), Business License Management, Telcom Tax Rating, TCS, Exemption Certificate Management, and TRACS support and maintenance operations, according to a Thomson Reuters spokesperson.
Thomson Reuters told customers last December that it intended to divest the unit to KPMG.
The service will become part of KPMG’s Indirect Tax Compliance Services, which is part of the U.S. firm’s existing State and Local Tax practice and KPMG’s Global Indirect Tax Service offering provided by KPMG member firms throughout the world.
KPMG will maintain an ongoing relationship with Thomson Reuters by continuing to use Thomson Reuters’ underlying technology to power the U.S.-based services.
“The acquisition underscores the benefits of KPMG’s growth strategy, in which the U.S. firm and other member firms focus on organic and inorganic opportunities to enhance their ability to serve clients with market-leading resources,” said KPMG LLP chairman and CEO John B. Veihmeyer in a statement.
The acquisition does not include the ONESOURCE Indirect Tax software line, which the Tax & Accounting business of Thomson Reuters still retains. Thomson Reuters still owns ONESOURCE Indirect Tax by Thomson Reuters - Sales and Use and VAT/GST Determination and Compliance Software. Content operations and content employees that support TRACS and ONESOURCE Indirect Tax will remain with Thomson Reuters. KPMG will license content from Thomson Reuters to support its business.
"Thomson Reuters will continue to own and update the ONESOURCE software that will be used by our new KPMG team members, whose knowledge and familiarity with the evolving indirect tax landscape will allow them to provide outstanding client service," said Brian Stromen, national service line leader for state and local tax at KPMG.
- Treasury Launches Investigation into Barriers Restricting Women in Business
- The Chief of Denmark Based Bank Quits Over £178bn Money Laundering
- Boss of a Recruitment Agency Sentenced to Serve Jail Period of 27 Months
- Former Trump Lobbyist Found Guilty of Tax Evasion and Bank Fraud
- Xero to Acquire HubDoc in Deal Worth $70m
- FRC Imposes Fine of £18m on Audit Firms during the Previous Year
- More than One Million Married and Civil Partnered couples Failed in taking Advantage of the Marriage Allowance