Thomson Buys TaxStream

Published February 01, 2008, 12:00 a.m. EST

1 Min Read

Thomson has acquired TaxStream, a software provider that helps companies comply with income tax demands.

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TaxStream employs approximately 100 people and will become part of Thomson Tax & Accounting.

The company's Web-based tax-provisioning software allows multinational companies to estimate their tax expenses around the world. The acquisition will enable Thomson Tax & Accounting to enhance its software-as-a-service offerings through Web-based Financial Accounting Standard 109 compliance software, as well as FASB Interpretation 48 compliance modules and data collection workflow tools.

TaxStream is used by nine of the 10 largest accounting firms and one-third of Fortune 500 companies. The company's products facilitate compliance for multinational, publicly traded companies based in the U.S. and Europe.

Financial terms of the transaction were not disclosed.

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