Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

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Summary of Acquisition Activity

Acquisition activity

Acquisition consideration is as follows:


			Year ended December 31,
(millions of U.S. dollars)			2025		2024
Businesses acquired, net of cash			741		555
Investments in businesses			54		37
Asset acquisitions			13		15
Deferred and contingent consideration payments			35		15
Total			843		622

Summary of Brief Description of the Most Significant Acquisition

The following provides a brief description of the most significant acquisitions completed during 2025 and 2024:


Date		Company		Acquiring Segments		Description
September 2025		Additive AI, Inc. ("Additive")		Tax, Audit & Accounting Professionals		Uses AI to automate tax document processing for tax and accounting professionals. Additive's GenAI-native platform ingests and parses complex U.S. federal tax forms, including schedule K-1, during tax preparation.
January 2025		cPaperless, LLC ("SafeSend")		Tax, Audit & Accounting Professionals		A U.S. based cloud-native provider of technology for tax and accounting professionals. SafeSend automates the “last-mile” of the tax return, including assembly, review, taxpayer e-signature, and delivery.
October 2024		Credere Technologies, Inc., doing business as Materia		Tax, Audit & Accounting Professionals		Specializes in the development of an agentic AI assistant for the tax, audit and accounting profession.
January 2024		Pagero Group AB (publ) (“Pagero”)		Corporates		A global leader in e-invoicing and indirect tax solutions, which it delivers through its Smart Business Network.
January 2024		World Business Media Limited (“The Insurer”)		Reuters		A cross-platform, subscription-based provider of editorial coverage for the global P&C and specialty (re)insurance industry.

Summary of Net Assets Acquired

The details of net assets acquired, including purchase price adjustments, are as follows:


(millions of U.S. dollars)				2025
			SafeSend	Other	Total
Cash and cash equivalents			14	6	20
Trade receivables			12	1	13
Prepaid expenses and other current assets			2	-	2
Current assets			28	7	35
Property and equipment			1	-	1
Software			225	63	288
Other identifiable intangible assets			38	6	44
Other non-current assets			1	-	1
Total assets			293	76	369
Payables and accruals			(4)	-	(4)
Deferred revenue(1)			(16)	(2)	(18)
Current liabilities			(20)	(2)	(22)
Other financial liabilities			(1)	-	(1)
Deferred tax			(49)	(14)	(63)
Total liabilities			(70)	(16)	(86)
Net assets acquired			223	60	283
Goodwill			376	102	478
Total			599	162	761
Businesses acquired, net of cash			585	156	741


(millions of U.S. dollars)				2024
			Pagero	Other	Total
Cash and cash equivalents			10	6	16
Trade receivables			21	3	24
Prepaid expenses and other current assets			6	1	7
Current assets			37	10	47
Property and equipment			8	-	8
Software			255	51	306
Other identifiable intangible assets			30	18	48
Equity method investments			45	-	45
Other non-current assets			4	-	4
Total assets			379	79	458
Payables and accruals			(39)	(1)	(40)
Current taxes payable			(1)	(1)	(2)
Deferred revenue(1)			(17)	(5)	(22)
Other financial liabilities			(2)	(6)	(8)
Current liabilities			(59)	(13)	(72)
Long-term indebtedness			(48)	-	(48)
Provisions and other non-current liabilities			(1)	-	(1)
Other financial liabilities			(14)	(23)	(37)
Deferred tax			(33)	(17)	(50)
Total liabilities			(155)	(53)	(208)
Net assets acquired			224	26	250
Goodwill			573	141	714
Less: Fair value of previously held financial asset through other comprehensive income			-	(5)	(5)
Total			797	162	959
Businesses acquired, net of cash			399	156	555
Non-controlling interests			388	-	388

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