- The parent of the Reuters news agency, Thomson Reuters, has offered to buy Swedish e-invoicing and tax solutions company Pagero
- The global content and technology company made the offer for 6.4 billion crowns (about US$627 million), beating an earlier offer from U.S. tax technology firm Vertex
- This move comes as more than 80 countries have recently announced, or introduced, legal requirements for e-invoicing and continuous transaction control regulations
- Thomson Reuters Corp. closed trading at C$193.10 per share
The parent of the Reuters news agency, Thomson Reuters (TSX:TRI), has offered to buy Swedish e-invoicing and tax solutions company Pagero.
The global content and technology company made the offer for 6.4 billion crowns (about US$627 million), beating an earlier offer from U.S. tax technology firm Vertex.
Pagero’s Smart Business Network links customers, suppliers and institutions, allowing for the automated, compliant, and secure exchange of digital orders, invoices, and other business documents. The network links its 90,000 customers with more than 14 million connected companies. Its e-invoicing compliance capabilities is expected to complement and expand Thomson Reuters’ indirect tax offerings and provide enhanced compliance and workflow automation benefits to customers. The company also touted Pagero’s high-quality revenue mix (87 per cent recurring) and track record of double-digit revenue growth.
This move comes as more than 80 countries have recently announced, or introduced, legal requirements for e-invoicing and continuous transaction control regulations with the aim of ensuring tax compliance and increased transparency.
“Pagero is a leading global provider of e-invoicing and indirect tax solutions, supporting customers as they navigate an ever-evolving regulatory and technology landscape,” Thomson Reuters President and CEO Steve Hasker said in a news release. “Our successful commercial partnership with Pagero provides confidence in the strategic and cultural fit, and the opportunity to bring its e-invoicing capabilities together with our ONESOURCE indirect tax offerings – we’re excited about the growth potential of this combination.”
The offer is conditioned by acceptance by more than 90 per cent of the company’s shareholders. The acceptance period of the offer is expected to commence on or around Friday and end on or around Feb. 9, 2024.
Thomson Reuters Corp. provides business information services. Reuters News supplies business, financial and global news to media organizations, professionals and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products and the Refinitiv business of LSEG, a global financial markets infrastructure and data provider.
Thomson Reuters stock is up 23.17 per cent since this time last year and closed trading at C$193.10 per share.
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