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Thomson Reuters to buy tax software company Sabrix

Thomson Reuters Corp said on Monday that it would buy Sabrix, a company that makes transaction tax management software.

Sabrix, based in San Ramon, California, makes software that helps companies process sales and use taxes, as well as value-added taxes (VAT) and other kinds of transaction taxes, in 170 countries.

Thomson Reuters said it would add Sabrix and its 160 employees to its tax and accounting business. The news and data provider expects the transaction to close in December.

Thomson Reuters declined to provide terms of the deal.

Sabrix products help companies process transactions and reduce the cost of complying with transaction taxes, Thomson Reuters said in a statement.

Thomson Reuters said in September that it would buy the Abacus Enterprise software and business operations from Deloitte. Abacus's software also helps companies plan, comply and remit income and value-added taxes. (Reuters)