NEW YORK, Dec. 17, 2013 /PRNewswire/ -- Ernst & Young LLP has acquired the Tax Preparation and Court Accounting Outsourcing businesses of Thomson Reuters in the US, the two companies announced today. Approximately 175 employees will join EY.
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The transaction benefits the long-term strategies of both organizations. Ernst & Young LLP and the global EY organization plan to continue growing these full-service outsourcing businesses, focusing on expanding service offerings to financial services organizations and law firms. Meanwhile, the Tax & Accounting business of Thomson Reuters will focus resources on its core software and implementation services businesses.
"This is just the latest example of EY's commitment to offering the most advanced technology and services available to our clients," said Kate Barton, EY Americas Vice Chair of Tax Services. "EY and Thomson Reuters share a strong cooperative relationship, working closely in connection with these outsourcing capabilities, and we will continue to be a software customer of Thomson Reuters. We have a great deal of respect for Thomson Reuters, and we're excited about welcoming these new professionals to EY."
The software businesses of ONESOURCE Trust Tax and ONESOURCE Trust & Estate Administration will remain with the Tax & Accounting business of Thomson Reuters.
"We are focused on delivering value to our customers and believe we can best execute through our software platform. We have determined that an accounting and consulting organization like EY can better serve our customers' full-service outsourced tax preparation needs," said Brian Peccarelli, President of the Tax & Accounting business of Thomson Reuters. "We will continue to work closely with EY and will license our ONESOURCE Trust Tax and ONESOURCE Trust & Estate Administration software to them so that our customers have a seamless transition."
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by Ernst & Young LLP, a member firm of EY serving clients in the US.
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for governments, businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs approximately 60,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the New York Stock Exchange (NYSE: TRI); Toronto Stock Exchange (TSX: TRI); London Stock Exchange (LSE: TRIL); and Nasdaq (NASDAQ: TRIN). For more information, go to www.thomsonreuters.com.
SOURCE Ernst & Young LLP