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Wolters Kluwer Tax, Accounting & Legal Completes TaxWise Acquisition
CCH’s Suite of Tax and Accounting Solutions Expands Its Market-leading Position
(RIVERWOODS, ILL., October 11, 2006) – CCH, a Wolters Kluwer business and part of the Wolters Kluwer Tax, Accounting & Legal division, today announced that it has completed the acquisition of the stock of TaxWise Corporation. TaxWise and its subsidiary, Universal Tax Systems, Inc. (UTS), headquartered in Rome, Ga., provide tax and accounting software solutions to more than 9,300 CPAs, accounting professionals, enrolled agents and tax preparers across the U.S. CCH is a leading provider of tax and accounting law information, software and services (CCHGroup.com).
The acquisition will enhance CCH’s ability to meet a wider range of professionals’ needs across market segments and will further advance CCH as the professional’s first choice for premier tax and accounting solutions.
TaxWise serves the small- to mid-size tax and accounting markets with tax compliance software, efiling services, bank products and training, primarily marketed under the TaxWise® brand. CCH will maintain the TaxWise product offerings as a separate business line.
“This acquisition represents a significant opportunity for CCH to further grow its small- and mid-market position and to have the opportunity to serve as a strategic partner to an even broader range of professionals,” said Kevin Robert, CCH President and CEO.
“We’re very excited to have TaxWise products joining CCH’s portfolio of market-leading research and software solutions and look forward to continuing to serve our customers’ special needs as part of CCH,” said Bill Anderson, TaxWise President.
TaxWise has 300 full-time employees and annual revenues of approximately $53 million. Plans to acquire the stock of TaxWise were announced on September 4, 2006. Terms of the acquisition were not disclosed.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business (CCHGroup.com) is a leading provider of tax and accounting law information, software and services. It has served tax, accounting and business professionals and their clients since 1913. Among its market-leading products are The ProSystem fx® Office, CCH® Tax Research NetWork™, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill.
About Wolters Kluwer
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory, and education sectors. Wolters Kluwer has annual revenues (2005) of €3.4 billion, employs approximately 18,400 people worldwide and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
This press release contains forward-looking statements. These statements may be identified by words such as "expect", "should", "could", "shall", and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions, conditions in the markets in which Wolters Kluwer is engaged, behavior of customers, suppliers and competitors, technological developments, the implementation and execution of new ICT systems or outsourcing, legal -, tax -, and regulatory rules affecting Wolters Kluwer's businesses, as well as risks related to mergers, acquisitions and divestments. In addition, financial risks, such as currency movements, interest rate fluctuations, liquidity and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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