The Tax & Accounting business of Thomson Reuters has acquired Deloitte’s CorpSmart software unit, expanding the company into the African market.
CorpSmart provides multinational corporations in South Africa with corporate tax compliance software. Using this web-based system, multinationals are able to prepare monthly, quarterly and annual income tax computations as well as file South African IT14 tax returns. CorpSmart will be integrated into Thomson Reuters’ ONESOURCE line of software. Financial terms of the transaction were not disclosed.
“South Africa has created an impressive financial and regulatory structure to position itself as the singular hub for the continent, and as such, it rightly has the focus of multinational corporations and other major economic entities around the world,” said Brian Peccarelli, president of the Tax & Accounting business of Thomson Reuters, in a statement. “The CorpSmart acquisition is strategically and geographically important for the Tax & Accounting business as it marks the inaugural entry to the African market and will form part of our global offering.”
CorpSmart, along with Vatrax and Contractorsmart, will become a core component within Tax & Accounting and a strategic part of Thomson Reuters’ Europe, Middle East and Africa offering.
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