Dallas-based tax services firm Ryan announced it has acquired two product lines from Thomson Reuters. Specifically, it has bought OneSource Property Tax and OneSource Transfer Pricing.
Ryan — which already has a number of solutions focused on property tax, unclaimed property and U.S. and Canadian direct taxes — will not only be getting the software. With the deal will come 25 new team members who will transfer to the company, along with more than 600 clients on top of the 18,000 it already has.
Ryan chief technology officer Tim Wagner said in a statement that the company was already a heavy user of OneSource Transfer Pricing and OneSource Property Tax, and so felt it made sense to add the products to its own line of solutions.
"Bringing these two product lines to Ryan is a natural fit in many ways," said Wagner. "We are already a significant user of OneSource Property Tax and have many clients in common with the businesses that are in scope for this transaction. Our long-standing commitment to client service, as well as our award-winning work culture, will ensure a good home for clients and team members alike."
Ryan's chairman and CEO, G. Brint Ryan, said in a separate statement that the acquisition now makes his company the largest of its kind in North America.
"This acquisition supports Ryan's efforts to further develop and deploy comprehensive software solutions as part of our core property tax and transfer pricing offerings," said Ryan. "The advent of these two product lines puts Ryan in an even stronger position to provide our clients with an integrated suite of global tax services that combines best-in-class software and services capabilities. Notably, this acquisition makes Ryan the largest property tax software provider in North America. Combined with having the largest property tax services team in the world, Ryan is well-equipped to continue offering clients industry-leading results that minimize our clients' property tax burdens and free their capital to invest, grow, and thrive."
