Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, has acquired the tax software business of Fast Facts, a leading tax software provider based in Mumbai, India.

Fast Fact’s tax software solutions are used by businesses in India to help streamline processes and manage the growing number of legislative changes.

Headquartered in Mumbai, Fast Facts is the leading withholding tax software provider in India. It serves approximately 10,000 professionals and small firms, including the Big 4 accounting firms, banks and multinational corporations (MNCs). Fast Facts has an experienced software development team and sales distribution partners in 10 cities throughout India.

“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, cofounder 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.”

“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.

“This is an exciting time for the Tax & Accounting business as we add products which complement and expand our current offering.  We can now provide our customers with one of the largest portfolios of automated tax management products and services, irrespective of sector, size or location.”

The terms of the transaction were not disclosed.