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Thomson Reuters has announced the acquisition of Pagero for $800m (£630m) to support multinational customers with simplified e-invoicing compliance.
The news comes as more than 80 countries have mandated e-invoicing or continuous transaction control requirements.
As a result, multinational companies have identified worldwide e-invoicing regulations to be an escalating challenge, as governments sharpen their focus on tax reform and real-time reporting.
Following the acquisition, Thomson Reuters will merge its Onesource suite with Pagero’s e-invoicing solutions to bring customers enhanced compliance, automates end-to-end workflows and global scale.
Ray Grove, head of corporate tax and trade at Thomson Reuters, said: “Compliance is the next big challenge for multinational corporations. Today, e-invoicing compliance is a major priority. Non-compliance poses significant financial and reputational risks – risks that companies cannot afford to take in today’s competitive trading environment.
“Getting compliance right takes an organisation-wide effort, from the C-suite to the finance, tax and IT teams. The challenges around e-invoicing compliance are not limited to one department.”
He added: “Regulations vary significantly across regions and having the right technology in place is critical to reducing compliance errors, costs, and helping multinationals to meet compliance obligations accurately, efficiently and confidently.”
