Thomson Reuters has closed its acquisition of Confirmation, which will be fully complete once it has received regulatory approvals and closing conditions.
No financial terms of the deal were released.
Confirmation believes that “financial data should be easy to find,” which is why the company “invented electronic confirmation technology nearly 20 years ago,” according to a statement.
Tennessee-based Confirmation will become part of Thomson Reuters Tax & Accounting hub based in Carrollton. Thomson Reuters announced in June that it had signed a definitive agreement to acquire Confirmation.
“The audit industry is changing rapidly, and we want to help accounting, audit, and tax professionals stay ahead of these changes by providing them with ways to add more value to their clients,” Charlotte Rushton, president of the Tax & Accounting Professionals business of Thomson Reuters, told Dallas Innovates. “Our acquisition of Confirmation will further simplify the audit workflow for our customers by automating the confirmation process of an audit, which is inefficient and prone to fraud.”
The addition of Confirmation is expected to help Thomson Reuters enhance its Cloud Audit Suite, according to Rushton, who calls it “the most comprehensive cloud solution on the market,” in a statement.
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Making the two companies a cohesive team is now underway, according to Rushton.
“Now that the acquisition has closed, our collective teams are working together to integrate the Confirmation business into Thomson Reuters, and our Dallas-based team is leading that process,” Rushton said.
Confirmation provides digital confirmation services to more than 16,000 audit firms, 4,000 banks and departments, and 5,000 law firms across 170 countries, according to a statement.
The Confirmation deal comes on the heels of Thomson Reuters’ acquisition last week of HighQ, a leading collaboration legal tech platform for the legal and regulatory market.
HighQ is based in London with offices in the United States, Germany, the Netherlands, Australia, and India. It offers a secure cloud-based platform for business collaboration, workflow automation, and client engagement.
Thomson Reuters, a leading provider of business information services, offers products including highly specialized information-enabled software and tools for legal, tax, accounting, and compliance professionals combined with its global news service—Reuters.
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