NEW YORK (Reuters) -Thomson Reuters Corp missed fourth-quarter earnings forecasts on Tuesday as the news and data provider stepped up investments it said would help deliver stronger-than-expected revenue growth this year and next.

The parent company behind Reuters News said adjusted earnings dropped to 43c per share, from 54cs a year ago. Refinitiv data shows that this figure was 3 cents lower than Wall Street estimates.

Toronto-based Westlaw, which is the legal database for Canada, and Checkpoint, the tax and accounting services, reported spending $25 million to increase sales, marketing and product development.

Steve Hasker, Chief Executive of the Company, stated that the company is in a good position to capitalize on the emerging trends in economic recovery following the COVID-19 pandemic.

“Customers (are) increasingly realizing the value of our content and tools in a hybrid working world that’s affected by accelerating complexity,” he said in an email to staff.

Refinitiv’s estimates show that total revenue rose 6.6% in quarter to $1.71Billion, exceeding analyst expectations.

Now, the company sees revenue growth around 5%, as opposed to 4-5% before. It expects to grow between 5.5-6.0% and 5-6% in 2023.

Thomson Reuters (NYSE:) are halfway through their $600 million two-year investment in a “Change Program”, which will transform the company from a holding firm of various businesses into a content-driven, technology-focused company.

Michael Eastwood, chief financial officer of the company, told Reuters that they will continue to explore acquisitions as a way to boost organic growth for 2022-2023. He also said that there were “billions” of employees.

The annual dividend was increased by 10% to $1.78 per shares.

The three main divisions – Legal Professionals, Tax & Accounting Professionals, and Corporates – reported quarterly sales up between 5% and 9%, but only the tax segment saw higher adjusted earnings before interest and other items (EBITDA).

Sales and adjusted EBITDA increased by double digits in the Reuters News division.

Due to increased costs, a rise in investment sales in the previous year and an increase in operating profits in the current quarter, the group posted a 36c diluted loss per share in the quarter.

Reuters News receives over half of its revenue by supplying news and information to Refinitiv. Refinitiv is a data company created from Thomson Reuters, now owned the London Stock Exchange. Thomson Reuters has a small stake in LSE after the deal. The company stated that the transaction was valued at approximately $7 billion.