Thomson Reuters is expanding its audit offering with the acquisition of Confirmation, a provider of secure audit confirmation services, primarily for banking and financial services.
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.
Confirmation provides digital confirmation services to financial services and banking clients, as well as audit firms.
The Confirmation acquisition will strengthen offerings to our core tax, accounting and audit customers,’ said Jim Smith, president and CEO, Thomson Reuters. ‘We will continue to invest in solutions that help our customers automate tasks in their daily workflow. The Confirmation acquisition fits that objective.
Charlotte Rushton, president, tax & accounting professionals, Thomson Reuters added: ‘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, expand Confirmation globally, and use our existing customer relationships and capabilities to grow non-bank confirmations.’
This acquisition will expand on the company’s objective to provide more software and cloud-based offerings.
‘Accounting firms, banks and law firms use Confirmation’s technology to improve workflow, increase efficiency and reduce risk,’ said Brian Fox, CPA, president and founder of Confirmation, who will join Thomson Reuters when the deal is completed and will take up an executive role.