Thomson Reuters (NSDQ: TRIN) has bought London-based tax software provider Abacus Enterprise (via FT.com) in a sign the company still highly values Britain despite its de-listing from the London Stock Exchange.
Abacus, owned by accountancy giant Deloite, provides tax planning and compliance products to some 400 European companies including half the firms in the blue chip FTSE100 index. The amount is not disclosed, though the company says it is “less than” $50 million (£30 million).
Until now Abacus has refrained from selling to Deloitte’s rival accountancy companies, but TR has no such qualms and will be “aggressively” targeting the entire market, according to tax & accounting division CEO Roy Martin. Deloitte itself will continue to use the technology under licence. Martin tells FT.com the demand for complex tax software was linked to increasingly complex government regulations and that TR would look to “knit together global products with local products” in the sector. The acquisition brings the company’s UK tax division to 150 staff, after having none just two years ago.

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