Information and news reporting giant, Thomson Reuters (NYSE: TRI) has announced that it has signed a definitive agreement to acquire global trade management (GTM) and operations company, Integration Point. Thomson Reuters has not disclosed the terms of the deal and the acquisition is subject to various regulatory approvals and closing conditions.
The company in its recent days has increased its focuses on strengthening its core operation that includes legal, tax, regulatory and media market. Recently Thomson Reuters has sold its 55 per cent interest in its Financial and Risk Division. The acquisition complements the company’s ONESOURCE global tax compliance operations and expands its commitment to software and cloud-based offerings.
Integration Point will enable Thomson Reuters to provide single scalable GTM platform and offer customers with an enhanced trade-management solution. Speaking about the acquisition, Jim Smith, President and Chief Executive Officer of Thomson Reuters said:
“The recent debate over trade agreements like TPP, the United States-Mexico-Canada Agreement and Brexit illustrate the complexity of multilateral trade and the related compliance requirements our customers face. This acquisition will further strengthen our offerings in the high-growth global trade management space and support our leading position at the intersection of regulation and commerce.”
Tom Barnes, CEO, Integration Point added:
“This year has been a record-breaking year for Integration Point across many fronts. As I look toward the future, I’m excited about the opportunities that will be created for our customers and for our team when combining Integration Point’s global platform and trade-compliance expertise with the Thomson Reuters brand, resources and global footprint.”
Following the close of the deal, Robert Bahash, Head of Business Development for the Corporates customer market for Thomson Reuters will lead the transition and operations and Tom Barnes will provide transitional support for an interim period of time.