Materia, an AI-powered co-pilot for public accounting firms that automates research and workflows, has been acquired by Thomson Reuters. The terms of the transaction were not disclosed. “Materia is defining the future for how agentic AI can enhance the accounting profession. Our vision is to eliminate low-value, tedious tasks, and in doing so, both increase quality, and free up accounting teams to focus on higher value advisory work for their clients, remarked Kevin Merlini, CEO of Materia. “We are excited to join Thomson Reuters on this exciting journey toward our shared vision. By combining, we will be able to move more quickly toward this objective and will unlock new opportunities to deliver highly-requested solutions for our customers.”
Materia is defining the future for how agentic AI can enhance the accounting profession. Our vision is to eliminate low-value, tedious tasks, and in doing so, both increase quality, and free up accounting teams to focus on higher value advisory work for their clients. We are excited to join Thomson Reuters on this exciting journey toward our shared vision. By combining, we will be able to move more quickly toward this objective and will unlock new opportunities to deliver highly-requested solutions for our customers. – Kevin Merlini
Founded by Merlini and Lucas Adams in 2022, Materia had raised a total of $6.3M in reported funding. Investors in the company include Spark Capital, Haystack, Thomson Reuters Ventures, Allen Institute for Artificial Intelligence, and Exponent Founders Capital. AlleyWatch provided exclusive coverage of Materia’s Seed round earlier this year – Materia Raises $6.3M to Bring Robust Automation to Public Accounting Firms
“Our vision is to provide each professional we serve with a Gen AI assistant. Materia will further accelerate this vision for our tax, audit and accounting customers,” said David Wong, Chief Product Officer, Thomson Reuters. “Once fully integrated, Materia will transform work and unify the entire customer experience with applications across our tax, audit, and accounting portfolio. We are excited by the potential of combining Materia with Thomson Reuters content, know-how, and solutions.”
Our vision is to provide each professional we serve with a Gen AI assistant. Materia will further accelerate this vision for our tax, audit and accounting customers. Once fully integrated, Materia will transform work and unify the entire customer experience with applications across our tax, audit, and accounting portfolio. We are excited by the potential of combining Materia with Thomson Reuters content, know-how, and solutions. – David Wong
