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Wolters Kluwer Acquires CBF Systems
Provider of Electronic Mortgage Products Will Become Part of
CCHs Bankers Systems, Inc.
(CHICAGO, February 7, 2001) - Wolters Kluwer nv said
today that it has acquired CBF Systems, Inc., Fraser, Mich., a provider of mortgage
documents and document automation products for the financial services industry. CBF will
operate as part of Bankers Systems, Inc., based in St. Cloud, Minn. Bankers Systems is a
unit of CCH INCORPORATED (CCH), a leading provider of tax and business law information,
software and services and a Wolters Kluwer North America company. Terms of the agreement
were not disclosed.
"CBF will allow Bankers Systems to better meet specialized compliance needs of
lenders in the United States rapidly changing financial services regulatory environment and
marketplace," said Hugh Yarrington, member of the Executive Board of Wolters Kluwer
nv responsible for North America. "As a result, Bankers Systems, which serves over 80
percent of the nations banks, and CBF, whose products are used by 27 of the top 30
mortgage lenders, can move faster to market in delivering more complete, integrated
compliance solutions and software to current and future customers.
"CBF is a market leader in the mortgage industry with an excellent sales and
service infrastructure and leading proprietary document technology," he added.
"This acquisition will be a breakthrough opportunity for Bankers Systems to expand
its addressable market and to create significant cross selling opportunities. The
integration of CBF enables us to broaden our focus and to penetrate the growth markets of
the non-community banks, regional and national banks, credit unions, mortgage providers
and finance companies. CBF will clearly enhance our competitive power and we expect that
the acquisition will be cash EPS enhancing immediately."
CBF provides electronic forms and advanced form automation technology for inclusion,
creation, completion, delivery and archiving of forms and data for mortgage lenders,
commercial banks and other forms-intensive industries, such as insurance. Its VMP Mortgage
Forms division provides print forms to the secondary market lenders and electronic forms
for conventional and government mortgage loans, and other special loan programs.
In addition, CBFs ELF Solutions focuses on Windows-based products that allow for
the viewing, printing and merging of data on a form, retrieving data and forms from
multiple sources within a database network and then incorporating data into a printable
CBF had 2000 sales of approximately $21 million and has approximately 150 employees,
primarily located in Fraser.
Bankers Systems is the leading provider of compliance resource solutions that support
and document transactions for banks, credit unions, finance companies, trust organizations
and other financial services companies that operate within state and federal mandates. It
sells and licenses advanced software products that support loan and deposit documentation
and integrates compliance tools into the customers workflow. In addition, Bankers
Systems provides a comprehensive line of electronic and print forms for account, loan and
retirement plan transactions and disclosure.
CCH INCORPORATED (www.cch.com), a
Wolters Kluwer company headquartered in Riverwoods, Ill. was founded in 1913 and has
served four generations of business professionals and their clients. The company annually
produces more than 700 electronic and print products for the tax, legal, financial
services, securities, human resources, health care and small business markets.
Bankers Systems, Inc. (www.bankerssystem.com),
a CCH INCORPORATED company, is a leading national provider of compliance resource
solutions for financial institutions and their legal counsel.
Wolters Kluwer (www.wolterskluwer.com)
is a multinational information services company with annual sales of more than EUR 3
billion, employing approximately 19,000 people in Europe, North America and Asia Pacific.
The companys core activities are Legal, Tax & Business, International Health
& Science and Education. The Wolters Kluwer shares are quoted on the Euronext
Amsterdam. Financial results for
the year 2000 will be announced on March 27, 2001.
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