The local fintech company has six branches and customers in 170 countries
The executives of one of Middle Tennessee’s greatest financial technology success stories have signed a sale to global business information giant Thomson Reuters.
The terms of the Thomson Reuters certification business, which markets secure test certification services, will not be disclosed. The local company was founded 19 years ago by Brian Fox and today – in addition to its headquarters in Maryland Farms – has offices in London, Tokyo, Mumbai, Melbourne and Johannesburg. The team works with more than 16,000 accounting firms, 4,000 financial institutions, and 5,000 law firms in 170 countries and helps review information worth more than $ 1 trillion annually.
Thomson Reuters officials said Friday they plan to further expand Confirmation’s global presence through its relationships with accounting firms and expand the business beyond banks. The purchase confirmation fits in with Thomson Reuters’ strategic drive to expand software and cloud-based offerings in the areas of legal, tax, compliance and risk – including the company’s Cloud Audit Suite.
“We will continue to invest in solutions that help our customers automate tasks in their daily workflow,” said Jim Smith, Thomson President and CEO. “Accepting the confirmation corresponds to this goal.”
Once the transaction receives the required regulatory approvals, Fox will remain in an executive role at Thomson Reuters. He and his team received $ 60 million in funding two and a half years ago from investment firm Great Hill Partners, which has also supported local players Passport Health Communications and Qualifacts Health Systems.
“This transaction is a testament to what Brian, Chris and the team at Confirmation built when they turned an idea into a vital technology platform for the global accounting industry,” said Matthew Vettel, managing partner at Great Hill, in a statement .