Thomson Reuters to buy tax software maker Sabrix

AP News
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Posted: Nov 16, 2009 1:56 PM

Thomson Reuters Corp. said Monday it has agreed to buy Sabrix Inc., a company that makes tax software.

The deal adds to a string of recent acquisitions and marks another step toward bolstering the company's Tax & Accounting unit, which has held up relatively well through the recession.

Thomson Reuters did not say how much it will pay for the privately held company, which is based in San Ramon, Calif. and has about 160 employees. It expects to close the acquisition in December.

Last month Thomson Reuters offered to buy the business news and commentary site Breakingviews.com. In September, it signed a deal for Hugin Group, a Norwegian provider investor relations and press distribution services.

It also expects to close a deal for suite of tax software products called Abacus Enterprise from Deloitte LLP.

Thomson Reuters was hit this year with the fallout from Wall Street's near collapse during the financial crisis. Belt tightening at the financial and law firms that use its services have cut into revenue.

Tax & Accounting, along with units that provide information to health care and science professionals, have faired better, posting revenue growth in the third quarter.

Thomson Reuters shares rose 27 cents to $31.90 in afternoon trading.