Expanding Fast With Our New Fast Facts Business
On April 9, we announced the acquisition of Fast Facts, a provider of corporate tax software solutions in India. The acquisition was a collaborative effort between Global Growth & Operations and Tax & Accounting. Fast Facts represents our initial entry into the tax software market in India and provides one of the key foundations for our Tax & Accounting business that we will be growing rapidly in India.
Headquartered in Mumbai, India with 35 employees, Fast Facts is the leading tax withholding software provider in India. Fast Facts’ tax software solutions are used by businesses in India to help streamline processes and manage the growing number of legislative changes. With approximately 10,000 customers that include small firms, multi-national corporations and the Big 4 (KPMG, Deloitte, Ernst & Young, PricewaterhouseCoopers), the acquisition of Fast Facts is an exciting venture for Tax & Accounting as it marks our initial entry into the growing tax software market in India.
As the tax and accounting industry continues to break global boundaries and companies look to expand into new and emerging markets, they need the information and local expertise to stay in compliance. Fast Facts, now with the resources of Tax & Accounting and Thomson Reuters, will look to capitalize on this new industry trend and continue to provide sophisticated tax software solutions to multi-national corporations.
Thomson Reuters has always viewed India as a growing market and a vital contributor to our success. Outside of the U.S., India represents our second largest location within Thomson Reuters with over 10,000 employees – 800 of those employees dedicated to Tax & Accounting operations.
“This acquisition gives us an opportunity to build on our well-established presence in India, one of the fastest growing economies in the world,” said Swarup Choudhury, Thomson Reuters managing director, India.
“It’s very exciting to enter into this new market and integrate Fast Facts with the Tax & Accounting suite of products,” said Charlotte Rushton, managing director of the Asia Pacific business in Tax & Accounting.
“I would like to express my sincerest gratitude to all the individuals involved in this acquisition,” said Sandeep Khurana , head of strategy & business development, Tax & Accounting – India. “It was a collaborative effort that included many employees across four continents.”
“Your services and support will remain unchanged. The same Fast Facts tax solutions you’ve relied on will continue to be available to you,” said Sanjeev Garg, Executive Director, Fast Facts.
Future plans for Fast Facts will include integration with ONESOURCE, our leading tax compliance platform, to introduce new localized solutions to the Indian market.