Thomson Reuters has signed a definitive agreement to acquire Confirmation, a leading provider of secure audit confirmation services.
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.
The completion of the acquisition is subject to specified regulatory approvals and customary closing conditions, including the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act. Financial terms of the transaction were not disclosed.
Thomson Reuters said the 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 focuses on its core offerings in legal, tax, compliance and risk.
Charlotte Rushton, president, tax and accounting professionals at Thomson reuters said: “The audit industry is changing rapidly, with confirmations being a critical, yet previously challenging part of the process. New technologies and the widespread electronic storage of financial information are now making audit transformation possible.
“We believe that acquiring Confirmation will enable Thomson Reuters to: scale Confirmation by leveraging our extensive audit firm relationships and channel to accelerate cross-sell and adoption; better serve the needs of our audit customers, including providing them with additional capabilities as part of our Cloud Audit Suite; expand Confirmation globally, and use our existing customer relationships and capabilities to grow Non-Bank confirmations.”
Brian Fox, CPA, president and founder of Confirmation, who will join Thomson Reuters after the closing and continue in an executive role, added: “Accounting firms, banks and law firms use Confirmation’s technology to improve workflow, increase efficiency and reduce risk. We are extremely excited to expand our global footprint and leverage Thomson Reuters network to support and serve customers giving them access to world-class integrated workflow automation products and tools.”