Thomson Reuters Corporation says it has signed a deal to acquire U.S. company SurePrep, LLC, in a transaction worth US$500 million.

Under the terms of the agreement, Thomson Reuters plans to purchase the tax automation software and services company in cash in the first quarter of next year.

It plans to receive an estimated tax benefit worth around $60 million as part of the transaction.

SurePrep is expected to generate approximately $60 million in revenue in 2022 and grow over 20 per cent annually in the next few years.

Thomson Reuters says it has partnered with SurePrep since April 2022, "providing complementary solutions" for tax and accounting professionals.

SurePrep's products and solutions are used by more than 23,000 tax professionals.