Thomson Reuters, a Toronto, Ontario-based leading mass media and information company, as per recent reports, has announced its decision to acquire Confirmation, a Nashville, Tennessee-based secure audit confirmation firm.
Thomson has signed a definitive agreement to go ahead with the Confirmation acquisition. Financial details of this acquisition were not disclosed.
The closing of the acquisition deal is subject to specified regulatory approvals and other customary closing conditions, which includes 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,” states Jim Smith, President & CEO, 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,” states Brian Fox, Founder & President, Confirmation, who post completion will be joining Thomson Reuters and continuing in an executive role.
The acquisition is directly in line with Thomson’s strategic objective to expand on its software and cloud-based offerings, aligning with its core – legal, tax, compliance, & risk – offerings.
Confirmation, with its 19-year prior history of providing digital confirmation services to over 16,000 audit firms, 4,000 banks and departments and 5,000 law firms across 170 countries all around the world, is a trusted global network to quickly and securely verify financial data.