Information solutions provider Thomson is acquiring the Deloitte US property tax services (PTS) business.
Thomson has signed a definitive agreement to acquire the division. The closing of the acquisition is subject to a number of customary conditions, including regulatory approvals. Financial terms of the transaction have not been disclosed.
The PTS business employs more than 420 professionals. It is a national provider of property tax compliance outsourcing and consulting services, such as real estate appeals and complex property valuation.
When the acquisition is complete, PTS will merge with Thomson’s tax and accounting segment. The segment provides technology and integrated information solutions to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government.
Thomson revealed that the acquisition will enable it to expand its offering to its clients and to “provide the breadth and depth of compliance software and services they need to address all types of property tax issues”.
PTS was part of Deloitte’s tax division. Deloitte tax chairman and chief executive Chet Wood said the tax group “realised that PTS could best be served by a leading industry provider of tax and accounting software and service solutions.
“Thomson tax and accounting offers the best solution and vision for growing the property tax business and investing further in PTS and its people.”
Thomson tax and accounting president and chief executive Roy Martin said: “We believe this will be an extraordinary opportunity for Thomson tax and accounting to combine the expertise of the PTS national network of providers with our own innovative ePropertyTax software and services to provide a broader, richer offering to the clients we both serve today.”
Thomson tax and accounting corporate software and services president Brian Peccarelli added that the transaction “will further enable us to fulfil Thomson tax and accounting’s overall growth strategy”.