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Wolters Kluwer Acquires Execusite
Provider of Customized Web Sites for Accounting Professionals
Will be Integral Component of CCH Destination Site Strategy
(CHICAGO, December 5, 2001) Wolters Kluwer said today that it has
acquired Execusite, Irvine, Calif., the leading provider of quality web site solutions for
accounting and tax professionals. Execusite (execusite.com) will become part of CCH Tax
Compliance, Torrance, Calif., and have a critical place in the further development of
specialized applications for Tax.CCHGroup, the recently launched destination site
created by CCH Tax Compliance, CCH U.S. Publishing and Aspen Publishers, New York City.
Terms of the agreement were not disclosed.
CCH Tax Compliance and CCH U.S. Publishing have been business partners with Execusite
since 2000. Accounting professionals who use Execusite to build a web site for their
practice can select CCH tax news content, the CCH Tax Notebook client organizer and
CompleteTax Pro consumer tax preparation software for their sites. In addition, CCH
has been providing sales and marketing support for Execusite.
CCH will continue to offer Execusite web site services. However, the acquisition will
allow CCH to expand its strategic role as a supportive partner in the tax and accounting
professionals practice via Tax.CCHGroup.
"Execusite is a crucial step toward new integrated applications for a customizable
working level on Tax.CCHGroup," said Nancy McKinstry, CEO, Wolters
Kluwer North America. "It will become the platform for CPAs to conduct business with
clients, providing customizable tools for collaboration, practice management and client
"Accountants are moving beyond the typical brochure web site," said Lance
McCollough, CPA, co-founder of Execusite. "Only CCH could provide the value-added
content, tools and other integrated applications that will help strengthen the
accountants role as a trusted advisor. Were definitely going to raise
the bar on what a web site can do for both accounting professionals and their
The acquisition comes at an appropriate time for CCH which, as a premier provider of
web-based tax information, has been monitoring Internet adoption and use rates by
accountants since 1996. According to the Accountants on the Internet 2000 Survey,
conducted by Harris Interactive for CCH, accountants now routinely use the Internet for
business purposes and they have a growing interest in web-based applications to support
The Survey found that in the short term, the number of accountants web
sites were expected to increase from 30 percent to 50 percent among small firms, and to
increase approximately 18 percent among big firms. A full 73 percent of those planning to
build a web site said they would use the site to identify new business opportunities and
sell their services. Sixty-five percent said they would use the Internet to provide
customer service and 80 percent would use it to provide client contact.
The data bodes well for the strategic direction of Tax.CCHGroup. Launched in
October 2001, the destination site combines the substantial resources of the CCH Federal
and State Tax Group, CCH Tax Compliance and Aspen to facilitate the changing way
accounting, legal and financial and estate planning professionals are working, serving
their clients, generating practice revenue and managing their businesses.
About Wolters Kluwer
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.
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