Thomson Moves into Indian Tax Market
Thomson Reuters has entered the tax and accounting market in India through the acquisition of Fast Facts. Fast Facts, based in Mumbai, produces tax software and claims about 10,000 professionals and small firms as users. Users also include Big Four accounting firms, banks and multinational corporations.
Fast Facts has 35 employees and operates through sales distribution partners in 10 cities in the country. Terms were not disclosed. The company's flagship product, TdsPac, integrates with accounting software. TDS, Tax deduction at source, is a method of collecting assessed taxes in India. The company also markets PayPac, a payroll application; FAMs for Fixed Assets Register and Depreciation Calculation; and an efiling application called eTDSWizard.
