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Wolters Kluwer Positions Bankers
Systems As A Separate Operating Company To Penetrate New Growth Markets In Banking
Compliance Software And Services
(Wolters Kluwer nv, September 25, 2001) In a move to
further enhance its position in the banking, insurance and securities services business,
Wolters Kluwer nv announced today that Bankers Systems Inc. (BSI), of St. Cloud,
Minnesota, will become a separate operating company within Wolters Kluwer Legal, Tax &
Business North America. By positioning Bankers Systems as a freestanding operating company
outside of CCH INCORPORATED, Wolters Kluwer will leverage its current position in the
growing markets of banking compliance software and services.
After Wolters Kluwer acquired Bankers Systems in 1999, the company became a unit of CCH
INCORPORATED, a leading provider of tax, banking and business law information and
software, and Wolters Kluwers largest operating company. Wolters Kluwer further
strengthened the growth potential of Bankers Systems with the acquisition this year of CBF
Systems and TSoft Financial Software. These two acquisitions allowed Bankers Systems to
expand its core product lines to include a broader range of software and document
automation solutions for mortgage lenders, banks and other financial service providers.
Bankers Systems currently has annual sales of EUR 155 million and employs some 950 people.
Bob White, who currently heads the unit, will remain as President and CEO of Bankers
Systems Inc. Mr. White will now report directly to Nancy McKinstry, a Member of the
Executive Board of Wolters Kluwer who is also responsible for Legal, Tax & Business
With the positioning of Bankers Systems as a separate company we underline our
growth expectations in this area alongside those of our existing core activities,
said Nancy McKinstry. For years Bankers Systems has been a very successful and
profitable business, and given its increase in size, its substantial revenues and its
growth through recent acquisitions, BSI is clearly large enough to stand on its own. In
addition, the move allows CCH to continue focusing on its core strengths
information and software tools for legal, tax and other business professionals.
Bob White of BSI added. The change will support Bankers Systems plans for
continued growth. With our new position within Wolters Kluwer we will be well aligned for
further growth in the broader financial services marketplace.
Note for the editor: Bankers Systems Inc, a Wolters Kluwer company, is a leading
provider of compliance resource solutions for financial institutions and their legal
counsel. The companys deposit, lending and IRA (Individual Retirement Accounts)
software, documents, disclosures, training and support services are used by more than
12,000 financial institutions, including 83 percent of banks in the United States. In
addition, over 70 leading core processors and software developers use Bankers
Systems compliance related documents and other components in their solutions.
Wolters Kluwer is a multinational information services company with annual sales of
approximately EUR 3.7 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. The financial results for the year 2001 will be
announced on March 19, 2002.
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