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Thomson Reuters Corporation (NYSE/TSX: TRI) is a global content and technology leader, delivering trusted intelligence, technology, and human expertise to professionals. With a focus on the financial and risk, legal, tax and accounting, and media markets, Thomson Reuters empowers professionals to make the decisions that matter most, supported by the world's most trusted news organization.
The company is the result of a $17.6 billion merger in 2008 between Canada's Thomson and the UK's Reuters Group. Thomson Reuters' core segments include Legal Professionals, Tax and Accounting, and Corporates, collectively contributing to the majority of its revenue and adjusted EBITDA. The Legal Professionals segment, which generates around 42% of the firm's revenue, offers solutions that enable legal professionals to enhance productivity, manage risk, and drive efficient compliance. Meanwhile, the Tax and Accounting segment, making up about 20-25% of the firm's revenue, provides software and services that assist professionals in managing tax compliance, planning, and financial reporting.
Thomson Reuters has diversified into strategic partnerships and acquisitions to bolster its market presence and expand its service offerings. Recent notable acquisitions include Pagero Group AB, a leader in e-invoicing and indirect tax solutions, and World Business Media Limited, a provider of editorial coverage for the insurance industry. These acquisitions align with Thomson Reuters' strategic vision to offer a comprehensive suite of global indirect tax, reporting, and e-invoicing solutions.
The company's financial condition remains robust, with strong revenue growth, strategic capital allocation, and consistent shareholder returns. In recent years, Thomson Reuters has focused on delivering innovative solutions powered by Generative AI, enhancing its product portfolio, and driving digital transformation across its client base. The firm鈥檚 commitment to innovation is evident through launches like AI-Assisted Research on Westlaw Precision and various AI-driven enhancements across its product suite.
Thomson Reuters is listed on the Toronto and New York Stock Exchanges, and its extensive product line reaches a global customer base. The company's revenue streams are well-diversified across its primary segments, ensuring stability and growth potential. The firm's strategic focus on expanding compliance, automation, and digital solutions positions it well to navigate the evolving regulatory and technological landscape.
Thomson Reuters (NYSE/TSX: TRI) has acquired SafeSend for $600 million in cash. SafeSend is a US-based cloud-native technology provider for tax and accounting professionals that automates the 'last-mile' of tax returns, including assembly, review, taxpayer e-signature, and delivery. The company serves 70% of the top 500 US accounting firms and has 235 employees.
SafeSend is projected to generate approximately $60 million in revenue in 2025 and is expected to grow over 25% annually in the coming years. The acquisition aligns with Thomson Reuters' vision to advance efficiency in tax workflows and will continue to support interoperability with multiple vendors across the tax software ecosystem.
Thomson Reuters (TSX/NYSE: TRI) announced that W. Edmund Clark will complete his 10-year service on the company's Board of Directors at the 2025 Annual General Meeting (AGM). Clark, who has served as a representative of principal shareholder Woodbridge since 2015, chaired the Human Resources Committee and served on the Corporate Governance Committee.
Woodbridge and Thomson Reuters are working to identify two new director candidates to serve as Woodbridge representatives for nomination at the AGM. The announcement includes an early warning disclosure regarding Woodbridge and Thomson Investments 's ownership of Thomson Reuters shares, with TIL beneficially owning 69.7% (313,465,179 shares) and Woodbridge owning 66.8% (300,508,139 shares) of outstanding common shares.
Thomson Reuters (NYSE/TSX: TRI) has been recognized as a Leader in two IDC MarketScape reports for 2024: SaaS and Cloud-Enabled Sales and Use Tax Automation Software for Enterprise, and Value-Added Tax Management Applications. The company's ONESOURCE platform serves over 205 countries and territories, providing comprehensive tax compliance solutions with automated tax return preparation and filing capabilities.
The platform features edge computing for enhanced tax calculations and has recently integrated CoCounsel, a generative AI assistant. Thomson Reuters' subsidiary, Pagero, was also named a Leader in European Compliant e-Invoicing 2024 Vendor Assessment, strengthening the company's position in global tax automation solutions.
Thomson Reuters (TSX/NYSE: TRI) announced testing a custom version of their CoCounsel GenAI assistant built on OpenAI's o1-mini model. The custom model, developed in collaboration with OpenAI, leverages 'chain of thought' reasoning for enhanced analytical capabilities. CoCounsel, which saw a 1,400% increase in users in less than a year, is implementing a multi-model strategy, testing LLMs from various providers including Anthropic's Claude 3.5 and Google's Gemini 1.5 Pro. The company is also training its own models following the acquisition of Safe Sign Technologies and partnering with AWS and Microsoft for infrastructure and integration support.
Thomson Reuters (TSX/NYSE: TRI) announced its participation in the upcoming JP Morgan Ultimate Services Investor Conference. Steve Hasker, president and CEO, and Mike Eastwood, CFO, will deliver a presentation on Thursday, November 14, 2024, at 3:10 p.m. ET.
Thomson Reuters reported strong Q3 2024 results with total revenues up 8% and organic revenues up 7%. The company's 'Big 3' segments (Legal Professionals, Corporates, and Tax & Accounting Professionals) showed 9% organic growth. Revenue growth was driven by 8% increase in recurring revenues and 12% growth in transactions revenues. However, operating profit decreased 6% and adjusted EBITDA declined 4% due to higher costs and investments. The company raised its full-year organic revenue growth outlook to approximately 7% and 'Big 3' segments outlook to approximately 8.5%. Notable investments include over $200 million in AI initiatives and strategic acquisitions of Safe Sign Technologies and Materia.
Thomson Reuters (TSX/NYSE: TRI) has launched its AI for Justice Legal Aid program, featuring the Legal Innovators Incubator and subsidized pricing for legal nonprofits. The inaugural incubator class includes The Innocence Center, National Center for Missing and Exploited Children, and Lawyers Alliance for New York. Participants receive free access to CoCounsel, Thomson Reuters' GenAI legal assistant, for one year. The company also announced an AI Policy Consortium for Law and Courts in partnership with the National Center for State Courts (NCSC). Additionally, Thomson Reuters is developing custom GenAI applications for courts, with projects underway at the Massachusetts Court of Appeals and Pennsylvania courts.
Thomson Reuters (TSX/NYSE: TRI) has acquired Materia, a US-based startup specializing in agentic AI for the tax, audit, and accounting profession. This acquisition aligns with Thomson Reuters' AI roadmap and accelerates its vision to provide generative AI tools to professionals. Materia's AI assistant automates research and workflows, enhancing efficiency and value for accountants.
David Wong, Chief Product Officer at Thomson Reuters, emphasized the goal of providing each professional with a Gen AI assistant. The integration of Materia is expected to transform work and unify customer experience across Thomson Reuters' tax, audit, and accounting portfolio. Kevin Merlini, CEO of Materia, highlighted the potential to eliminate tedious tasks and increase focus on higher-value advisory work.
Thomson Reuters Ventures, an early investor in Materia, led a successful proof-of-concept initiative with select Checkpoint Edge users, demonstrating the potential value of combining Materia's AI capabilities with Thomson Reuters' content and solutions.
Thomson Reuters (TSX/NYSE: TRI) has announced a definitive agreement to sell its FindLaw business to Internet Brands, pending regulatory approvals. The transaction is expected to close in the fourth quarter of 2024. FindLaw, established over 20 years ago, is a premier destination for legal assistance and a key marketing platform for law firms.
Internet Brands, a fully integrated online media and software services company, operates digital platforms in high-value vertical categories, including Health and Legal. This sale will allow both Thomson Reuters and Internet Brands to focus on their strategic priorities, while ensuring continued top-tier service for FindLaw customers.
Centerview Partners served as financial advisor to Thomson Reuters for this transaction.
Thomson Reuters (TSX/NYSE: TRI) has announced that it will release its third-quarter 2024 earnings on Tuesday, November 5, 2024. The company will host a conference call and simultaneous webcast at 8:30 a.m. EST on the same day. Steve Hasker, president and CEO, and Mike Eastwood, CFO, will lead the call. The discussion is expected to cover forward-looking information and non-IFRS financial measures.
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