Thomson Reuters has acquired the tax software business of Fast Facts, a Mumbai-based tax software provider, for an undisclosed amount. As a result of this, the business along with its rights and obligations will be transferred to Thomson Reuters South Asia Private Limited.
Thomson Reuters plans to invest further in the development of Fast Facts’ tax products and integrate them into its current tax and accounting product offerings.
Founded 25 years ago, Fast Facts Computer Systems Ltd develops and markets financial and tax related software products under the brand names; TdsPac, PayPac, FAMS, eTdsWizard, ITR Wizard and Digital Signer.
Its software serves the requirement of complete tax deducted at source (TDS) management, integration with accounting and enterprise resource planning system, to keep pace with changing legal requirements, to maintain payroll process, creating quarterly e-TDS statements and correction statements etc.
Fast Facts serves approximately 10,000 professionals and small firms besides the big four accounting firms, banks and MNCs.
“As businesses look to new markets and regions like India, they need the right information about the local tax system and the best tools to help them comply with tax laws,” said Dinesh Kumar Tejwani, founder and managing director, Fast Facts. “As a leader in the corporate and income tax technology sector within this market, we deliver this expertise on a wide scale and will continue to do so.”
Tejwani is the promoter director of the company and is a chartered accountant. He has had a brief stint with ONGC where he was instrumental in setting up a Centralised inventory managment and costing system in place. Since 1999, he is full time director for Fast Facts.
“The tax automation sector in India is a growing market and a natural fit with our strategy to improve workflow efficiency for our clients worldwide through innovative technology,” said Charlotte Rushton, managing director of the Asia Pacific region for the Tax & Accounting business of Thomson Reuters.
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