Thomson Reuters has made a substantial offer of $627 million to acquire Pagero, a Swedish company specializing in e-invoicing and tax solutions. This move comes as Thomson Reuters seeks to bolster its presence in the digital financial landscape, surpassing a prior bid from U.S. tax technology firm Vertex.
The proposed deal involves Thomson Reuters paying 40 crowns in cash for each Pagero share, representing an 11% premium over the stock’s closing price on the preceding Wednesday. Notably, this offer exceeds Vertex’s bid of 36 crowns per share.
Pagero, known for its expertise in digitizing and automating accounting processes, has seen a shift in the recommendation of its independent bid committee. Initially favoring Vertex’s proposal, the committee now endorses Thomson Reuters’ bid.
Thomson Reuters, already a key player with services like the Checkpoint tax and accounting platform, aims to leverage Pagero’s e-invoicing compliance capabilities to enhance its indirect tax offerings.
This acquisition aligns with Thomson Reuters’ strategy of expanding its portfolio through mergers and acquisitions. In recent years, the company has been actively involved in various deals, including the acquisition of Imagen, a UK-based digital content asset management company, and Casetext, a California-based firm specializing in AI-driven legal research and document preparation, for $650 million.
In 2022, Thomson Reuters further strengthened its position by acquiring SurePrep LLC, a U.S.-based provider of tax automation software and services, for $500 million in cash.
The acceptance period for the Pagero offer is slated to commence around January 12 and conclude approximately on February 9, according to Thomson Reuters. With this strategic move, the company continues to shape its presence in the evolving landscape of financial and legal services. ($1 = 10.2084 Swedish crowns)
