Founded over two decades ago, Confirmation has built one of the most widely used audit workflow process tools in the world. Its software platform enables over one million users and 16,000 audit firms to confirm financial details of a client in a streamlined fashion drastically reducing both the time and cost previously associated with the confirmation process. Recently, Thomas Reuters announced it would acquire the Company from private equity firm Great Hill Partners.
According to Jim Smith, president and CEO of Thomson Reuters, “The Confirmation acquisition will strengthen offerings to our core tax, accounting and audit customers,” adding, “We will continue to invest in solutions that help our customers automate tasks in their daily workflow. The Confirmation acquisition fits that objective.”
Thomson Reuters is a news and business information powerhouse supported by over 25,000 employees worldwide. It was founded in 1799 and is headquartered in Toronto, Canada. The company is publicly traded with a market capitalization of over $32 billion.
In response to being acquired, Brian Fox, president and founder of Confirmation comments, “Accounting firms, banks and law firms use Confirmation’s technology to improve workflow, increase efficiency and reduce risk.” Brian will join Thomson Reuters after the closing and continue in an executive role.
He continues, “We are extremely excited to expand our global footprint and leverage Thomson Reuters network to support and serve customers giving them access to world-class integrated workflow automation products and tools.”
At Thomson Reuters, Confirmation will be housed within its Tax & Accounting Professionals division. Charlotte Rushton, division president, added ,“The audit industry is changing rapidly, with confirmations being a critical, yet previously challenging part of the process. New technologies and the widespread electronic storage of financial information are now making audit transformation possible. We believe that acquiring Confirmation will enable Thomson Reuters to: scale Confirmation by leveraging our extensive audit firm relationships and channel to accelerate cross-sell and adoption; better serve the needs of our audit customers, including providing them with additional capabilities as part of our Cloud Audit Suite; expand Confirmation globally, and use our existing customer relationships and capabilities to grow Non-Bank confirmations.”
Private equity firm Great Hill Partners had invested $60 million for a minority equity stake in Confirmation in November 2016.
