Thomson Reuters has acquired 60 percent of the shares of Pagero, a Swedish company that markets software for the e-invoicing, which is increasingly required by countries around the world. The growing importance of e-invoicing was underscored by a press released from Avalara, which withdrew its bid for Pagero last week.“E-invoicing is the clear direction for the future of compliance. It’s important to remember that countries that don’t have mandatory e-invoicing requirements now will have them in the future,” Alex Baulf, VP of E-Invoicing at Avalara, said in a prepared statement .
Thomson beat out two rivals in the indirect tax software space, Vertex and Avalara.
The value of Thomson’s purchase of 53.8 percent of the Pagero has been estimated at $627 million. However, since it won the bid, the stake has been raised to 60 percent of Pagero shares, Thomson CEO Steve Hasker said ina recent investor webcast.
Thomson noted that more than 80 countries have required or announced plans for e-invoicing, which gives governments greater insight into the amount of revenue and indirect taxes generated by sales.
