Wolters Kluwer Acquires Pacs Software Inc. Leading Practice Management Software Will Become Part Of CCH Tax Compliance

(CHICAGO, July 14, 1999) – Wolters Kluwer U.S. said today that it has purchased PACS Software, Inc. (PACS), an Atlanta-based provider of practice management software for the professional accounting market. PACS will become part of CCH Tax Compliance (CCH), Torrance, Calif., which produces the industry’s leading tax preparation software, ProSystem fx. Terms of the deal were not disclosed.

The acquisition allows CCH to expand its presence on the accountant’s desktop with a broader range of integrated compliance, accounting, office productivity and research software. PACS provides specialized software that helps U.S. and Canadian accounting professionals manage their practices. Most prominent is its time and billing software, which includes components for time management, invoice production, accounts receivable, and management and staff productivity reporting.

"Both companies are considered industry leaders and innovators, especially in bringing sophisticated Windowsâ and 32-bit technology successfully to the accounting market," said Gene Landoe, president, CCH Tax Compliance. "In addition, each company fulfills important strategic needs for the other: PACS clients now benefit from CCH’s industry leading technical support, while the ProSystem fx Suite is complimented perfectly by a leading-edge practice management system."

In addition to ProSystem fx, CCH Tax Compliance markets trial balance and tax planning software, and its products provide seamless integration with CCH INCORPORATED’s extensive tax research product line.

PACS had 1998 revenues of approximately $3 million and has approximately 35 employees.

Wolters Kluwer U.S., headquartered in Chicago, is a unit of Wolters Kluwer nv, Amsterdam. Its North American operations include a number of highly respected companies specializing in tax, legal, and regulatory publishing, services, and software, including Aspen Publishers, CCH Canadian, CCH INCORPORATED, CCH Tax Compliance, and Legal Information Services.

www.prosystemfx.com | www.pacsusa.com

-- # # # --