Thomson Acquires CrossBorder Solutions
Thomson Tax & Accounting to expand offerings in fast-growing segments of corporate tax market
STAMFORD, Conn., and NEW YORK, March 9 -- The Thomson Corporation (NYSE: TOC; TSX: TOC), a leading provider of information solutions to business and professional customers worldwide, today announced that it has acquired CrossBorder Solutions, a leading tax software company, whose products are relied upon by many of the world's largest corporations for their planning and compliance needs. Financial terms of the transaction were not disclosed.
Based in New York and London, CrossBorder Solutions will now become part of Thomson Tax & Accounting. The acquisition will enable Thomson Tax & Accounting to expand into the transfer pricing/tax market and enhance its offerings in the tax provisions market -- two fast-growing markets in the corporate tax segment. As an international tax solutions provider, CrossBorder Solutions' products facilitate transfer pricing documentation and FAS 109 compliance to multinational, publicly-traded companies based in the United States and Europe.
"CrossBorder Solutions' innovative product line and strong customer partnerships directly complement Thomson Tax & Accounting's best-of-breed software and service offerings. This acquisition will greatly expand the range of products and services that we can provide to our corporate tax customers, particularly in the income tax market where we have already established a leading position with our InSource® products," said Roy M. Martin, Jr., president and chief executive officer, Thomson Tax & Accounting. "We look forward to building on their legacy and ours to provide exceptional products and services to tax compliance and planning customers."
"We see this transaction as a natural step for our company in continuing to provide our customers with the most innovative and intuitive tax software available," said Donald Scherer, CEO, CrossBorder Solutions. "By combining CrossBorder Solutions with Thomson Tax & Accounting, we will be able to leverage the expertise of both companies to create even greater opportunities for growth."
The Thomson Corporation
The Thomson Corporation (www.thomson.com) is a global leader in providing essential electronic workflow solutions to business and professional customers. With operational headquarters in Stamford, Conn., Thomson provides value-added information, software tools and applications to professionals in the fields of law, tax, accounting, financial services, scientific research and healthcare. The Corporation's common shares are listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
Thomson Tax & Accounting, a business segment of The Thomson Corporation, is a leading provider of technology and integrated information solutions to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government. Thomson Tax & Accounting includes the Professional Software & Services, Corporate Software & Services, and Research & Guidance businesses.
Source: The Thomson Corporation
CONTACT:
Kathy Lofland,
Senior Director,
Communications,
of Thomson Tax & Accounting,
+1-972-250-8843,
kathy.lofland@thomson.com,
Jason Stewart,
Vice President,
Media Relations,
+1-203-539-8339,
jason.stewart@thomson.com,
Investor Contact,
Frank J. Golden,
Vice President,
Investor Relations,
+1-203-539-8470,
frank.golden@thomson.com,
Web site: http://www.thomson.com/
