In a move designed to bolster its global transaction tax offerings, Thomson Reuters Tax & Accounting has agreed to acquire San Ramon, Calif.-based Sabrix, a provider of tax transaction software, for an undisclosed amount.
The deal is expected to close next month.
All 160 Sabrix employees will be transferred to Thomson Reuters Tax & Accounting unit.
"This acquisition fulfills our vision of delivering a comprehensive global solution for corporations in the area of transaction tax, especially companies with a multinational presence, said Roy M. Martin, Jr., president and chief executive of Tax & Accounting. "Sabrix offerings, which cover rates and rules for 170 countries, will be integrated with our existing local transaction tax software and services to form a total solution for corporate customers in the U.S., the U.K. and Europe.
Transaction tax is also known globally as indirect tax, VAT, GST, or sales and use tax.
Back in March, Sabrix debuted Taxcast, an online interactive tool detailing sales and use tax obligations from 13,253 U.S. taxing jurisdictions. Just a week ago, the company released the fall 2009 version of its outsourced sales tax system The Sabrix Managed Tax Service.
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