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Wolters Kluwer Tax & Accounting Closes Tax Compliance Software Acquisition
Tax Compliance Software Acquisition Extends CCH’s Global Reach of Corporate Tax Solutions
(SYDNEY, AUSTRALIA, June 30, 2010) – Wolters Kluwer Tax & Accounting today announced that it has completed the acquisition of the Tax Compliance Software (TCS) products: Tax Integrator, Fringe Benefits Tax Organiser and Global Tax Integrator from Ernst & Young Australia. The acquisition advances Wolters Kluwer’s strategy to expand its presence in the global corporate market, serving tax and accounting professionals with best-of-breed solutions. Wolters Kluwer Tax & Accounting, a division of Wolters Kluwer, is the leading global provider of tax, accounting and audit information, software and solutions.
The acquired products are market-leading software solutions that have been developed in close consultation with clients to help streamline the corporate tax compliance workflow process. The products will be marketed worldwide under the CCH brand.
The Tax Integrators are comprehensive solutions designed to streamline the corporate tax compliance workflow process through data gathering, analysis, provisioning, reporting and, in some cases, filing. Integrators help corporations to manage their tax function more efficiently by focusing on reducing effort, reducing risk and increasing integrity.
“The acquisition of these products is very exciting for Wolters Kluwer as they extend our ability to deliver leading global corporate tax and accounting solutions,” said Wolters Kluwer Tax & Accounting CEO Kevin Robert. “We’re confident that corporate tax professionals and their advisors around the world will quickly realize the value of these products to them, and their clients. In fact, the recent signing of an agreement that will see the Global Tax Integrator used in up to 140 countries is a great example of the global scope and value these solutions offer.”
Plans to acquire TCS were announced on April 27, 2010. Terms of the acquisition were not disclosed.
About Wolters Kluwer Tax & Accounting
Wolters Kluwer Tax & Accounting, a division of Wolters Kluwer, is the preferred provider of premier information, research, and software tools in the global tax and accounting arena. Tax, accounting, and audit professionals who serve as trusted advisors to clients and businesses worldwide rely on authoritative content and integrated workflow solutions from global leader Wolters Kluwer Tax & Accounting. Its market leading solutions include CCH®, ProSystem fx® Suite, CorpSystem®, CCH® IntelliConnect™. Its headquarters are in Riverwoods, Illinois.
Wolters Kluwer is a market-leading global information services company. Professionals in the areas of legal, business, tax, accounting, finance, audit, risk, compliance, and healthcare rely on Wolters Kluwer’s leading, information-enabled tools and solutions to manage their business efficiently, deliver results to their clients, and succeed in an ever more dynamic world. Wolters Kluwer has 2009 annual revenues of €3.4 billion ($4.8 billion/£3.0 billion), employs approximately 19,300 people worldwide, and maintains operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
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This press release contains forward-looking statements. These statements may be identified by words such as “expect,” “should,” “could,” “shall,” and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; behavior of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer’s businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.