Thomson Reuters Corp., a leading global technology and information company, announced the purchase of Sweden's technology company, Pagero Group AB, for approximately $800 million, equivalent to 8.1 billion Swedish Kronor.
Pagero is known for providing e-invoicing and indirect tax solutions through its Smart Business Network. This highly secure platform connects businesses with their suppliers and corresponding authorities, currently reaching 14 million companies across its 90,000 strong customer base.
This move follows Thomson Reuters' recognition of Pagero's impressive financial performance, exhibited in its double-digit revenue growth, particularly within its key markets. With Pagero's investment markets expanding, Thomson Reuters is optimistic about the company's substantial profitability prospects in the coming years.
As part of the acquisition, Pagero's CEO Bengt Nilsson will be directly reporting to Thomson Reuters' CEO Steve Hasker. The financial performance of Pagero will be included within the Thomson Reuters Corporates segment data.
Thomson Reuters first announced a cash public tender offer for Pagero earlier in the year, with an initial valuation of about SEK 6.4 billion. This offer price was later revised in mid-January, resulting in the final value of 8.1 billion kronor.
In a statement, Steve Hasker, President and CEO of Thomson Reuters, expressed his excitement about the prospective future of Pagero's Smart Business Network and the significant value it provides to its customers, suppliers, and authorities. He committed to further investment in Pagero through a careful and progressive integration process which will benefit shared customers, partners, and employees.
