Accelerating the companies' joint vision for a
connected suite of e-invoicing and indirect tax solutions for
customers across the globe.
TORONTO, Feb. 26,
2024 /CNW/ -- Thomson Reuters Corporation (NYSE /
TSX: TRI) ("Thomson Reuters") a global content and technology
company, previously announced the successful outcome of its
recommended public offer for Pagero Group AB (publ) (Nasdaq First
North Growth Market Stockholm: PAGERO) ("Pagero" or the "Company"),
for a purchase price of approx. USD 800
million / SEK 8.1
billion.
The acquisition marks the sixth deal closed by Thomson Reuters
since January 1, 2023, with a total
acquisition value of approximately $2.1
billion, contributing to a stronger, strategically aligned
portfolio with exciting growth prospects.
Pagero is a global leader in e-invoicing and indirect tax
solutions, which it delivers through its Smart Business Network.
The secure network connects customers to suppliers, customers and
authorities regardless of the system they use - linking 90,000
customers to a platform reaching 14 million companies. This enables
an automated, secure, and compliant exchange of invoices and other
documents that seamlessly integrates with customers' ERP
systems.
"Our successful commercial partnership with Pagero is a
testament to our strategic and cultural fit, and we are thrilled to
now be able to welcome the talented Pagero team to Thomson Reuters.
We are excited by the unique potential of Pagero's Smart Business
Network and fully recognize the significant value this open
ecosystem provides to customers, suppliers and authorities,"
said Steve Hasker, President and CEO of Thomson Reuters.
"We will continue to invest in Pagero as we work through a
thoughtful and gradual integration, bringing benefits to our shared
customers, partners and colleagues."
With over 80 countries planning or implementing e-invoicing
regulations, the acquisition is set to accelerate the companies'
shared vision for a globally connected suite of e-invoicing
capabilities. The network is compliant with the mandates in over 75
of these countries, with opportunity for growth.
Thomson Reuters acquisition of Pagero builds on the successful
strategic partnership between the two companies. Paving the way for
a smooth integration, this evolution allows Thomson Reuters to
efficiently capitalize on the combined expertise and resources
while recognizing Pagero's unique strengths and talented team. The
strategic fit of Pagero's e-invoicing solutions with the Thomson
Reuters ONESOURCE suite will bring meaningful customers benefits,
including enhanced compliance, end to end workflow automation and
global scale through a single trusted vendor.
"We are very excited to become part of Thomson Reuters. The
interest shown in Pagero is confirmation of both our market
position and the great products and service we deliver to our
customers and partners. Our joint forces and combined offering
create unparallelled value in the market and I am looking forward
to continuing our journey towards building the world's largest
business network for automated, secure and compliant business
transactions. The industry landscape continues to develop at pace
and together we are committed to helping our customers and partners
make buying and selling easy across all corners of the world",
says Bengt Nilsson, CEO of
Pagero.
Through the integration program and beyond, Thomson Reuters is
committed to ensuring continuity for customers, partners and
colleagues as they continue to offer Pagero as a market
solution.
Over time, Thomson Reuters sees further opportunities to
leverage Pagero's brand and advanced network to deliver additional
compliance offerings across various parts of its portfolio
including Global Trade Management, Supply Chain and Vendor
Risk.
Moving forward Pagero's CEO Bengt
Nilsson will report to Thomson Reuters' CEO Steve Hasker and the financial performance of
Pagero will be reported into Thomson Reuters Corporates
segment.
Pagero has a proven track record of double-digit revenue growth
and is highly profitable in its scaled markets. Thomson Reuters see
a pathway to robust overall profitability in the next few years as
Pagero's investment markets scale up. For more information on
Pagero's 2023 year-end report please click here
About Thomson Reuters
Thomson Reuters (NYSE / TSX: TRI) informs the way forward
by bringing together the trusted content and technology that people
and organizations need to make the right decisions. The company
serves professionals across legal, tax, accounting, compliance,
government, and media. Its products combine highly specialized
software and insights to empower professionals with the data,
intelligence, and solutions needed to make informed decisions, and
to help institutions in their pursuit of justice, truth, and
transparency. Reuters, part of Thomson Reuters, is a world leading
provider of trusted journalism and news. For more information,
visit tr.com.
About Pagero
Pagero provides a Smart Business Network that connects buyers
and sellers for automated, compliant, and secure exchange of
orders, invoices, payment instructions and other business
documents. With an open network and a wide range of value-added
apps, Pagero helps businesses streamline their order-to-cash and
purchase-to-pay processes while unlocking the full potential of
accurate and reliable business data. All of this, regardless of
location, industry, size or systems.
Forward-looking information
Certain statements in this news release are forward-looking,
including but not limited to the statements regarding future
performance, growth and other projections as well as the
anticipated benefits of the acquisition. The words "expect",
"believe", "should", "will" and similar expressions identify
forward-looking statements. While Thomson Reuters believes that it
has a reasonable basis for making forward-looking statements in
this news release, they are not a guarantee of future performance
or outcomes and there is no assurance that any of the other events
described in any forward-looking statement will materialize.
Forward-looking statements are subject to a number of risks,
uncertainties and assumptions that could cause actual results or
events to differ materially from current expectations. Many of
these risks, uncertainties and assumptions are beyond Thomson
Reuters's control and the effects of them can be difficult to
predict.
Some of the material risk factors that could cause actual
results or events to differ materially from those expressed in or
implied by forward-looking statements in this news release include,
but are not limited to, those discussed in the "Risk Factors"
section of the Thomson Reuters 2022 annual report. These and other
risk factors are discussed in materials that Thomson Reuters from
time-to-time files with, or furnishes to, the Canadian securities
regulatory authorities and the U.S. Securities and Exchange
Commission. Thomson Reuters annual and quarterly reports are also
available in the "Investor Relations" section of tr.com.
You are cautioned not to place undue reliance on
forward-looking statements which reflect expectations only as of
the date of this news release. Except as may be required by
applicable law, or rules Thomson Reuters disclaims any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Press contact
For all enquiries, please contact
julia.commons@thomsonreuters.com
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SOURCE Thomson Reuters