Thomson Reuters Strengths, Domain Expertise, and Key Differentiators
Thomson Reuters is a provider of business information services. Its product portfolio includes specialized information-enabled software and tools for legal, tax, accounting, and compliance professionals.
In July 2021, Thomson Reuters Elite launched ProLaw 2021.1. The new capabilities added to ProLaw Workspace (formerly ProLaw Portal) let users complete more tasks and discover actionable insights. When fee earners log into Workspace, they now see a Billing Analytics window displaying their current billing stats, allowing them to view their monthly and yearly performance at a glance. The new Finances tab under Matters reveals critical financial information at the individual matter level. The new Events tab under Contacts lets users track all deadlines and meetings associated with a specific contact. And finally, a new Status column displays the status of a time entry (Batch, WIP, or Billed) when a query is run within the Time module.
Thomson Reuters Recent Developments
In November 2023, Thomson Reuters introduced enhanced AI and automation features in its tax products, aiming to boost efficiency for both firms and multinationals. The latest advancements in SurePrep TaxCaddy, Cloud Audit Suite, and OneSource contribute to the automation of tax workflows, offering time-saving benefits for professionals in both firm settings and corporate tax departments. Additionally, Thomson Reuters disclosed its initiative to integrate generative AI-powered capabilities into key tax products such as Checkpoint Edge and ONESOURCE Global Trade Management.
In 2021, Thomson Reuters launched the new TR Ventures Fund, which plans to invest up to $100 million in investments to support companies that are building innovations to allow professionals to operate more productively and with greater insights.
In January 2021, Thomson Reuters closed the sale of Refinitiv to London Stock Exchange Group plc in an all-share transaction. Refinitiv is Thomson Reuters former Financial & Risk business, a majority interest in which was sold to Blackstone’s consortium in October 2018. Thomson Reuters and Blackstone’s consortium subsequently agreed to sell Refinitiv to LSEG in August 2019.
Thomson Reuters Mergers and Acquisitions (M&A) Activities
In January 2024, Thomson Reuters acquired World Business Media Limited, a cross-platform, subscription-based provider of editorial coverage for the (re)insurance industry. This acquisition is in line with Reuter's priority to provide must-have news and insight for new customer markets and professional verticals. The business will be operated as part of the Reuters News division of Thomson Reuters and report to Reuters Professional.
Thomson Reuters Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Thomson Reuters applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Thomson Reuters and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified CLEAR, CLEAR Risk Inform, PeopleMap, HighQ, HighQ Contract Analysis, Digital Evidence Center, Case Center, Pondera Solutions, Checkpoint, Checkpoint Edge (U.S. & Canada), FindLaw, 3E 3E Cloud, ProLaw, Legal One, Firm Central customers.
Thomson Reuters Overview
333 Bay Street, Suite 300
Toronto, ON, M5H 2R2, Canada
1 647 480 7000
https://www.thomsonreuters.com/
Ownership: - TSX: TRI
Number of Employees: 25200
Functional Markets: Analytics and BI, Collaboration, Content Management, CRM, EPM, ERP Financial, ERP Services and Operations, PPM, TRM,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communications, Construction, Real Estate, Consumer Packaged Goods, Distribution, K12, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Hospitality, Life Sciences, Manufacturing, Media, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Thomson Reuters Key Enterprise and Cloud Applications
CLEAR, CLEAR Risk Inform, PeopleMap, HighQ, HighQ Contract Analysis, Digital Evidence Center, Case Center, Pondera Solutions, Checkpoint, Checkpoint Edge (U.S. & Canada), FindLaw, 3E 3E Cloud, ProLaw, Legal One, Firm Central
Thomson Reuters Revenues, $M:
| Type/Year | 2022 | 2023 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Thomson Reuters Revenue Breakdown By Type, $M:
Thomson Reuters Enterprise Applications Revenues By Functional Markets, $M:
Thomson Reuters Enterprise Applications Revenues By Verticals, $M:
Thomson Reuters Revenues By Region, $M
| Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 Enterprise Applications Revenues, $M | 2023 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
Thomson Reuters Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Thomson Reuters Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Thomson Reuters Customers
No. of Thomson Reuters Customers: 500000
No. of Thomson Reuters Enterprise Applications Customers: x
No. of Thomson Reuters Cloud Customers: x
No. of Thomson Reuters Cloud Subscribers: x
Thomson Reuters has more than 500,000 customers all around the world. Among its customers are: Allen&Overy, Anderson Strathern, Andrews&Kurth, Arent, Fox, Kintner, Plotkin&Kahn, Baker&Botts, Baker&Daniels, Bank of America, Barnes&Thornburg, Bass, Berry&Sims, Birch, Stewart, Kolasch&Birch, Borton, Petrini&Conron, Bowles Rice McDavid Graff&Love, Brown&Bain, Butzel Long, Carlton Fields, Cameron McKenna, Choate, Hall&Stewart, Clark Hill P.L.C., Connell, Foley&Geiser, Cooley Godward Kronish LLP, Cox, Castle&Nicholson, Coudert Brothers, Crosby, Heafey, and many others.
Elite products are being used by 4,500 law firms in 42 countries. That included: 153 firms with Elite 3E; 270 firms with Business Development Premier; 211 firms with MatterSphere; 401 firms with eBillingHub and 3,161 firms with ProLaw. Within the legal field, Elite's 4,300 customers are mid- to large-sized law firms and corporate legal departments. Its customers are in 42 countries, with some 3300 customers in North America, about 900 in Europe (mostly in the U.K.) and about 200 in Asia and the Pacific (mostly in Australia).
Thomson Reuters Market Opportunities, M&A and Geo Expansions
In February 2024, Thomson Reuters acquired Pagero Group for a purchase price of approx. USD 800 million / SEK 8.1 billion. The acquisition marks the sixth deal closed by Thomson Reuters since January 1, 2023, with a total acquisition value of approximately $2.1 billion. This acquisition is the way for significant growth opportunities, accelerating the companies’ joint vision for a connected suite of e-invoicing and indirect tax solutions for customers across the globe.
In March 2022, Thomson Reuters acquired ThoughtTrace, a business that uses artificial intelligence and machine learning to read, organize and manage document workflows.ThoughtTrace and Thomson Reuters will work together to enhance products, expand into additional verticals, improve its digital offerings, and create new capabilities.
Thomson Reuters Risks and Challenges
Cybersecurity incidents, data breaches leading to unauthorized access or disclosure of information, and disruptive cyber-attacks that compromise the confidentiality, integrity, or availability of services and information systems, including personal data, pose a significant risk to Thomson Reuters. Such events have the potential to inflict harm on the company, erode customer confidence in its security measures, and adversely impact its overall business operations. The consequences of these incidents may extend beyond financial losses, affecting the reputation and trustworthiness of Thomson Reuters in the eyes of its clients and stakeholders. The company must prioritize robust cybersecurity measures to mitigate these risks and safeguard the integrity of its services and the data entrusted to it.
As of March 2022, Woodbridge owned approximately 67% of Thomson Reuters's common shares. Woodbridge controls its company and is in a position to affect its governance and operations.
Thomson Reuters Ecosystem, Partners, Resellers and SI
Thomson Reuters primarily sells its products and services directly to its customers. Some of its products and services are also sold through partners and authorized resellers. In 2021, Thomson Reuters formed a centralized team to manage partnerships.
Thomson Reuters Elite Product Partners include: Advanced Legal, ClickDimensions, ClientPay, Emerald Consulting, IBM, Innovation Software, OLAP Vision, OpenText, SAP, Zylpha.
Thomson Reuters Cloud Infrastructure Insights
Subscribe to read more about:
- Thomson Reuters Public Cloud and Infrastructure (IaaS)
- Thomson Reuters Platform (PaaS)
- Thomson Reuters Application Delivery
- Thomson Reuters Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
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