Thomson Reuters Sells Outsourcing Businesses to EY
By Jason Bramwell, Staff Writer
New York-based Thomson Reuters  sold its US tax preparation and court accounting outsourcing businesses to Ernst & Young LLP (EY) , the two companies announced on December 17.
Financial terms of the agreement were not announced on Tuesday; however, EY noted that 175 Thomson Reuters employees will join the Big Four firm.
The move enables the Tax & Accounting business  of Thomson Reuters to put more resources into its core software and implementation services businesses, officials said, while the acquisition will allow EY to “continue growing these full-service outsourcing businesses,” as it looks to expand its service offerings to financial services organizations and law firms.
Kate Barton, EY Americas vice chair of tax services, said the transaction is the latest example of the firm’s commitment to offering the most advanced technology and services available to its clients.
“EY and Thomson Reuters share a strong cooperative relationship, working closely in connection with these outsourcing capabilities, and we will continue to be a software customer of Thomson Reuters,” she said in a written statement. “We have a great deal of respect for Thomson Reuters, and we’re excited about welcoming these new professionals to EY.”
Brian Peccarelli, president of Thomson Reuters Tax & Accounting, said the business can best execute and deliver value to its customers through its software platform. As part of the transaction, the software businesses of ONESOURCE Trust Tax and ONESOURCE Trust & Estate Administration will remain a part of Thomson Reuters Tax & Accounting.
“We have determined that an accounting and consulting organization like EY can better serve our customers’ full-service outsourced tax preparation needs,” Peccarelli said in a written statement. “We will continue to work closely with EY and will license our ONESOURCE Trust Tax and ONESOURCE Trust & Estate Administration software to them so that our customers have a seamless transition.”