(30 January 2008 4:25 pm)

MUMBAI: The Thomson Corp, a leading provider of information solutions to business and professional customers worldwide, has acquired TaxStream, a leading software provider in income tax provisions.

TaxStream, which help corporations comply, plan and remit income taxes will now become part of Thomson Tax and Accounting.

TaxStream's web-based tax provisioning software enables multinational corporations to estimate their tax expense across multiple geographies and jurisdictions across the globe more accurately.

"TaxStream is a natural fit for Thomson Tax & Accounting. Their leading software and critical relationships with key partners are complementary to our position as a leader in tax software for corporations overall in the US, especially income tax," said Thomson Tax and Accounting's corporate software and services business president Brian Peccarelli.

TaxStream founder and CEO Kevin Brady said, "This transaction gives us an opportunity to more fully support our customer base by continuing to provide open systems, while offering clients access to Thomson Tax and Accounting's corporate tax solutions."

The acquisition will enable Thomson Tax and Accounting to enhance its offerings in the SaaS market through a web-based FAS109 compliance software platform, as well as FIN48 compliance modules and data collection workflow tools.

The TaxStream product line, which is used by nine of the 10 largest accounting firms and one-third of Fortune-500 companies, will continue to provide an open architecture that supports all major vendors in the tax compliance market.

As an international tax solutions provider, TaxStream's products facilitate compliance to multinational, publicly traded companies based in the US and Europe.