Thomson Reuters counting on Abacus

UK: Thomson Reuters Corp has said its tax and accounting business agreed to buy the Abacus Enterprise range of software and related business operations from Deloitte LLP.

The news and financial data publisher did not disclose the financial terms of the deal.

London-based Abacus provides software that helps companies plan, comply and remit income taxes and value added taxes (VAT).

About 40 employees will be transferred with the business, which will continue to be based in London, Thomson Reuters said in a statement.

Thomson Reuters said Abacus' products will be integrated with its tax planning, transfer pricing, provisions and workflow management and will fill a gap in its overall portfolio in the UK market.

Abacus also has a strategic distribution relationship in the UK with software provider Sage, which will be retained by Thomson Reuters, the statement said.

Reuters