TORONTO, Oct. 23, 2018 /PRNewswire/ -- Thomson Reuters today announced that it has signed a definitive agreement to acquire Integration Point, an international leader in global trade management (GTM) operations. The completion of the acquisition is subject to customary regulatory approvals and closing conditions. Terms of the transaction were not disclosed.
"Recent debate over trade agreements like TPP, the United States-Mexico-Canada Agreement and Brexit illustrate the complexity of multilateral trade and the related compliance requirements our customers face," said Jim Smith, president and chief executive officer, Thomson Reuters. "This acquisition will further strengthen our offerings in the high-growth global trade management space and support our leading position at the intersection of regulation and commerce."
Following the sale of a 55 percent interest in its Financial & Risk division, Thomson Reuters is focused on supporting its core offerings in the legal, tax, regulatory and media markets.
This acquisition complements the company's ONESOURCE global tax compliance operations and expands its commitment to software and cloud-based offerings. Integration Point's technology platform will allow Thomson Reuters to provide a single, scalable GTM platform and serve customers with an enhanced trade-management solution.
"This year has been a record-breaking year for Integration Point across many fronts," said Tom Barnes, CEO, Integration Point. "As I look toward the future, I'm excited about the opportunities that will be created for our customers and for our team when combining Integration Point's global platform and trade-compliance expertise with the Thomson Reuters brand, resources and global footprint."
Barnes will provide transitional support to Thomson Reuters for an interim period following the close of the deal. Robert Bahash, head of business development for the Corporates customer market for Thomson Reuters, will lead the transition and operations of the business following the close.
Integration Point offers a comprehensive suite of global trade management products encompassing almost all industries, geographies and trade programs. By delivering visibility and localized knowledge for more than 200 countries and territories on a single web-based platform, Integration Point enables companies to achieve global compliance while maximizing supply chain savings. Integration Point provides solutions for import/export management, product classification, free trade agreement qualification, export screening, drawback, foreign-trade zones, supply chain security and post-entry validation.
Thomson Reuters is the world's leading provider of news and information-based tools to professionals. Our worldwide network of journalists and specialist editors keep customers up to speed on global developments, with a particular focus on legal, regulatory and tax changes. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information on Thomson Reuters, visit tr.com and for the latest world news, reuters.com.
SOURCE Thomson Reuters