January 13, 2012
Thomson Reuters enters Canadian tax and accounting software industry with acquisition of Dr Tax Software Inc.
NEW YORK and MONTREAL--The Tax & Accounting business of Thomson Reuters has acquired Dr Tax, Canada's largest independently owned developer of income tax software for accounting firms and consumers.
"Thomson Reuters has deep roots in Canada and decades of experience as a technology leader serving the tax and accounting profession. We're excited to enter the tax and accounting software market in Canada – and we couldn't ask for a better partner than Dr Tax," said Jon Baron, president of the professional unit within the Tax & Accounting business of Thomson Reuters. "Dr Tax has nearly a quarter century of experience in the Canadian tax sector, excellent customer relationships, and popular, easy-to-use applications. Combining our strengths will bring real value to customers."
Dr Tax is known in Canada for its DT MAX tax compliance software, used by more than 3,000 Canadian accounting firms, and for its UFile and ImpotExpert consumer software lines, which are sold online and through retail outlets. The company is headquartered in, and will continue to operate from, Montreal.
Thomson Reuters will retain Dr Tax's product lines and facilities after the acquisition.
"Customers should expect the same exemplary products they are accustomed to, managed by the same development team and supported by the same customer service team," Baron said. "For Dr Tax customers, it will be business as usual."
"This is good news for Dr Tax customers and employees, because Thomson Reuters delivers sophisticated technology, innovative products, and a focus on customers' needs," said Malcolm Campbell, vice president & general manager, Dr Tax Software Inc. "As we contemplated our future in the tax software market, we decided it was in the best interest of our customers to join with a company that can provide the resources to take our offerings to the next level."
Financial terms of the acquisition are not being released.