Thomson Reuters acquires Materia, an AI assistant for tax, audit, & accounting

• Thomson Reuters has acquired Materia, a US-based startup that specializes in the development of an agentic AI assistant for the tax, audit, and accounting profession.
• While the terms of the acquisition remain under wraps, this partnership promises to reshape how the accounting profession tackles its biggest challenges.

About Materia

Founded in 2022 by Kevin Merlini and Lucas Adams, Materia focuses on:

• Automating research and workflows
• Cutting out low-value
• Repetitive tasks.

Materia is laser-focused on transforming how accounting professionals work.

Their AI assistant doesn’t just automate – it elevates. It takes care of repetitive tasks, boosts efficiency, and lets accountants spend more time on the big-picture stuff – like advising clients and adding real value.

Materia had raised $6.3 million in funding from top-tier investors like:

• Spark Capital, Haystack
• Thomson Reuters Ventures
• the Allen Institute for Artificial Intelligence
• Exponent Founders Capital.

The startup’s success caught the attention of industry leaders, making this acquisition a natural next step.

Also read: CEO of Klarna stopped hiring a year ago….because of AI!

Why the acquisition matters

David Wong, Chief Product Officer at Thomson Reuters, explained why this partnership is such a big deal:

“Our vision is to provide each professional we serve with a Gen AI assistant.

Materia accelerates this vision for our tax, audit, and accounting customers.

Once fully integrated, it will transform workflows and unify the customer experience across our portfolio.”

Kevin Merlini, CEO of Materia, shared his excitement:

“Materia is defining the future for how agentic AI can enhance the accounting profession.

Our vision is to eliminate tedious tasks, increase quality, and free up accounting teams for higher-value work.

Joining Thomson Reuters accelerates this vision and opens doors to deliver highly-requested solutions for our customers.”

Also read: ‘AI coworker’ for CFOs startup raises $8.7 Mn

What’s Next?

By merging Materia’s innovative AI with Thomson Reuters’ vast content and expertise, this collaboration is set to revolutionize the industry.

With smarter tools and a seamless experience, the future looks brighter—and more efficient—for tax, audit, and accounting professionals.

It’s a bold step toward a future where accounting teams can focus on strategy, not spreadsheets.