Today brings the news that Thomson Reuters has offered to buy Sweden's Pagero Group for 6.4 billion Swedish crowns (about $627 million). In the deal, Thomson Reuters acquires 100 percent of the shares of Pagero Group for SEK 40 in cash per share.
Update (09:53 CEST, January 15, 202t): Thomson Reuters revised its bid to approximately $789 million, with competitor Vertex withdrawing from the proceedings.
In December, American tax and compliance automation software maker Vertex launched a cash bid to acquire Sweden’s Pagero Group in a deal valued at $555 million. The per-share offer represented an approximately 71 percent premium to Pagero’s closing price on December 12, 2023.
it's estimated that 80 percent of companies worldwide will be forced by 2025 to evolve to e-invoicing, either by legislation or by customer-led requests from buyers and suppliers.
Pagero’s global business network for e-document communication simplifies e-invoicing and promotes digital transformation in finance by enabling multinationals to standardise and centralise invoice-handling processes.
It 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.
Thomson Reuters previously entered into a partnership announced in February 2023, in which Pagero and Thomson Reuters offer customers Pagero’s Smart Business Network for e-document exchange and CTC (Continuous Transaction Controls) compliance and Thomson Reuters’ ONESOURCE Indirect Tax products jointly.
According to Steve Hasker, President and CEO of Thomson Reuters:
"Pagero is a leading global provider of e-invoicing and indirect tax solutions, supporting customers as they navigate an ever-evolving regulatory and technology landscape.
Our successful commercial partnership with Pagero provides confidence in the strategic and cultural fit, and the opportunity to bring its e-invoicing capabilities together with our ONESOURCE indirect tax offerings - we're excited about the growth potential of this combination."
Completion of the Offer is not expected to entail any significant changes regarding Pagero’s employees and management (including their terms of employment) nor for the existing organisation and operations, including effects on the employment rate and the 30-plus sites where Pagero currently conducts business.
Lead image: Pagero. Photo: uncredited.