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Wolters Kluwer North America Acquires Gainskeeper
Tax Lot Accounting Services and Portfolio Management
Tools Provider Becomes
Part of CCH INCORPORATED
(NEW YORK, December 10,
2002) – Further strengthening its objective to become the leader in
offering integrated solutions of content and expert tools to its
customers, Wolters Kluwer North America announced today that it has
acquired GainsKeeper, Inc., with a product line that includes what BusinessWeek
called, "a capital gains miracle worker." GainsKeeper will
become part of CCH INCORPORATED (CCH), a leading provider of tax and
business law information and software and a Wolters Kluwer company.
As a part of CCH’s Business and Finance Group (BFG),
GainsKeeper’s software products will contribute valuable functionality
to CCH’s authoritative Capital Changes corporate action content.
Securities, tax and investment professionals rely on CCH Capital Changes’
comprehensive information to compute a security holder’s adjusted tax
basis or the gain or loss resulting from corporate actions of publicly
traded equities. Content includes federal tax consequences resulting
from reorganizations, mergers, exchanges, rights offerings, spin-offs,
distributions, liquidations and other changes in capital structure. This
proprietary database spans over 100 years of corporate action
information and provides detail on over 100,000 companies.
With accurate tax basis information as the foundation of
successful investing, CCH Capital Changes content together with
GainsKeeper's powerful tax lot accounting system will provide a superior
tool for its customers. This combination of expertise will allow retail
and institutional investors to correctly measure performance, make smart
trading decisions and file accurate federal income tax returns.
Specifically, GainsKeeper’s GainsTracker product
automatically adjusts holdings for the effects of corporate actions,
adjusts cost basis and deferrals for wash sales, matches sell
transactions against appropriate tax-lots to adjust positions, and
calculates and summarizes capital gains and losses for filing Schedule
D. The company’s GainsAdvisor suite of decision and analysis tools
simulate tax effects of hypothetical transactions in order to make
better-informed investment decisions.
Wolters Kluwer also intends the GainsKeeper
functionality to be integrated into products offered by CCH Tax
Compliance, another Wolters Kluwer company, allowing accounting and tax
professionals to use the GainsKeeper products in conjunction with CCH
Tax Compliance’s ProSystem fx product suite.
"CCH Capital Changes has a sterling reputation
among institutional investors, major brokerage houses and trust
companies for providing the authoritative tax basis adjustments and fair
market value information these professionals need to accurately
calculate the tax consequences of corporate actions on their
portfolios," said Susan Berry, Associate Publisher. "Adding
tools that automatically perform these calculations as well as
incorporate sophisticated advisory techniques provide the powerful new
functionality that our customers are looking for."
GainsKeeper was founded in 1998 with offices based in
Quincy, Mass. It is located on the Web at www.gainskeeper.com
for individual investors and www.GKIS.net
About Wolters Kluwer
Wolters Kluwer North America, headquartered in New York,
is a unit of Wolters Kluwer nv, Amsterdam. It is comprised of a number
of highly respected legal, tax and business information, software and
service companies, including Aspen Publishers, Inc., New York
City/Gaithersburg, Md.; Bankers Systems, Inc., St. Cloud, Minn.; CCH
Canadian, Toronto, Ontario; CCH INCORPORATED, Riverwoods, Ill.; CCH
Legal Information Services, New York City; and CCH Tax Compliance,
Wolters Kluwer nv (www.wolterskluwer.com)
is a multinational information services company with annual sales of
more than EUR 3.8 billion, employing approximately 20,000 people in
Europe, North America and Asia Pacific. The company's core activities
are Legal & Regulatory, Health, and Education. The financial results
for the year 2002 will be announced on March 11, 2003; preliminary
results will be announced in January 2003.
Wolters Kluwer was recently recognized by Forbes
Magazine's highly esteemed global "Best Big Companies"
business survey as the world's leading global media organization.
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