Expands Thomson Tax & Accounting's service offering to corporations
STAMFORD, Conn., and NEW YORK, Sept. 4 /CNW/ -- The Thomson Corporation
(NYSE: TOC; TSX: TOC), a leading provider of information solutions to business
and professional customers worldwide, today announced that it has signed a
definitive agreement to acquire the Deloitte Tax LLP Property Tax Services
business (PTS). PTS is a national provider of property tax compliance
outsourcing and consulting services, such as real estate appeals and complex
property valuation, and employs an expansive network of more than 420
(Logo: http://www.newscom.com/cgi-bin/prnh/20020227/NYW014LOGO )
Upon the closing of the acquisition, PTS will become part of the Tax &
Accounting segment of Thomson, which provides leading technology and
integrated information solutions to accounting, tax and corporate finance
professionals in accounting firms, corporations, law firms and government.
This acquisition will enable Thomson Tax & Accounting to expand its offerings
to clients and provide the breadth and depth of compliance software and
services they need to address all types of property tax issues.
"We believe this will be an extraordinary opportunity for Thomson Tax &
Accounting to combine the expertise of the PTS national network of providers
with our own innovative ePropertyTax(R) software and services to provide a
broader, richer offering to the clients we both serve today," said Roy M.
Martin, Jr., President and Chief Executive Officer, Thomson Tax & Accounting.
Thomson Tax & Accounting's ePropertyTax business in Scottsdale, AZ offers
corporate tax departments solutions to manage their property tax compliance
needs, ranging from licensing of its proprietary Web-native property tax
software system to compliance outsourcing services. PTS will enhance the
ePropertyTax compliance outsourcing service line with its value-added
consulting services for real estate property tax appeals and complex property
valuation, as well as its national reach in the market.
"Deloitte Tax LLP realized that PTS could best be served by a leading
industry provider of tax and accounting software and service solutions," said
Chet Wood, Chairman and CEO, Deloitte Tax LLP. "Thomson Tax & Accounting
offers the best solution and vision for growing the property tax business and
investing further in PTS and its people."
"This transaction will further enable us to fulfill Thomson Tax &
Accounting's overall growth strategy to serve our corporate tax clients with a
full-range of technology, information and service solutions," said Brian
Peccarelli, President, Thomson Tax & Accounting's Corporate Software &
The closing of the acquisition is subject to a number of customary
conditions, including regulatory approvals. Financial terms of the transaction
were not disclosed.
The Thomson Corporation
The Thomson Corporation (www.thomson.com) is a global leader in providing
essential electronic workflow solutions to business and professional
customers. With operational headquarters in Stamford, Conn., Thomson provides
value-added information, software tools and applications to professionals in
the fields of law, tax, accounting, financial services, scientific research
and healthcare. The Corporation's common shares are listed on the New York
and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
Thomson Tax & Accounting, a segment of Thomson, is a leading provider of
technology and integrated information solutions to accounting, tax and
corporate finance professionals in accounting firms, corporations, law firms
and government. Thomson Tax & Accounting includes the Professional Software &
Services, Corporate Software & Services, and Research & Guidance businesses.
ePropertyTax is a brand of the Corporate Software & Services business.
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss
Verein, its member firms and their respective subsidiaries and affiliates. As
a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its
member firms has any liability for each other's acts or omissions. Each of the
member firms is a separate and independent legal entity operating under the
names "Deloitte", "Deloitte & Touche", "Deloitte Touche Tohmatsu" or other
related names. Services are provided by the member firms or their subsidiaries
or affiliates and not by the Deloitte Touche Tohmatsu Verein.
Deloitte & Touche USA LLP is the U.S. member firm of Deloitte Touche
Tohmatsu. In the United States, services are provided by the subsidiaries of
Deloitte & Touche USA LLP (Deloitte & Touche LLP, Deloitte Consulting LLP,
Deloitte Financial Advisory Services LLP, Deloitte Tax LLP and their
subsidiaries), and not by Deloitte & Touche USA LLP.
This news release includes forward-looking statements which are based on
certain assumptions and reflect The Thomson Corporation's current
expectations. All forward-looking statements in this news release are subject
to a number of risks and uncertainties that could cause actual results or
events to differ materially from current expectations. Some of the factors
that could cause actual results to differ materially from current expectations
include the need to obtain regulatory approvals and satisfy conditions to
closing, risks related to Thomson Tax & Accounting's ability to successfully
integrate the Deloitte Tax LLP Property Tax Services business after the
closing, and actions of Thomson Tax & Accounting's competitors. Additional
factors are discussed in the Corporation's materials filed with the securities
regulatory authorities in Canada and the United States from time to time,
including the Corporation's latest annual information form, which is contained
in its most recently filed annual report on Form 40-F. The Corporation
disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, other than as required by law.
Media Contact: Investor Contact:
Fred Hawrysh Frank J. Golden
Global Director, Vice President, Investor Relation
External Communications (203) 539-8470
(203) 539-8314 email@example.com
Sr. Director, Corporate Communications
Thomson Tax & Accounting
For further information:
For further information: Fred Hawrysh Global Director, External
Communications, +1-203-539-8314, firstname.lastname@example.org, or Kathy Lofland,
Sr. Director, Corporate Communications, Thomson Tax & Accounting,
+1-972-250-8843, email@example.com, or Investors, Frank J. Golden,
Vice President, Investor Relation, +1-203-539-8470, firstname.lastname@example.org,
all of The Thomson Corporation Web Site: http://www.thomson.com