Thomson Reuters mulls sale of corporate services unit

The business, which is worth about $100 million, is part of the investors segment of the group’s financial and risk division. The investors segment saw revenues decline one per cent in the second quarter of this year, compared to a year earlier. The division’s global managing director, Steve Roycroft, departed earlier this year, the WSJ said.

Several other parts of Thomson Reuters are already on the sales block. In February, the company announced it planned to sell its tax and accounting division’s property tax services, its legal division’s law school publishing business and its financial and risk division’s eXimius business, a workflow application that is part of its retail wealth management organisation. Together, these businesses had $155 million in revenues in 2011.

Thomson Reuters announced earlier on Wednesday that it had entered into a binding agreement to sell the property tax services division to Ryan, a US tax services firm. Terms of the deal were not disclosed.

“Property Tax Services is a profitable segment with great potential for continued growth. However, as we announced earlier this year, its consulting model does not fit within our strategy for the larger Tax & Accounting business,” said Brian Peccarelli, president of the Tax & Accounting business. “We feel confident that Ryan will continue to develop the Property Tax Services business – creating an offering to its customers that is innovative and brings value to the market.”

The other two businesses remain unsold. ■