Wolters Kluwer to acquire Tagetik
Wolters Kluwer Tax & Accounting announced in March that it had reached an agreement to acquire Tagetik, a “leading global provider of corporate performance management software and services to mid- and large size corporations”. The agreement will see Wolters Kluwer pay €300 million in cash to expand its existing tax compliance and internal audit offerings.
Wolters Kluwer’s share is up 15% so far this year
SOURCE: Yahoo Finance
Tagetik has almost 1,000 corporate customers, representing 75,000 users in more than 35 countries. The company has a 30-year legacy of providing financial modeling, analytics, reporting services, and more. Last year, it brought in revenues of about €57 million, with around 35% of that number coming from recurring business. Wolters Kluwer expect a small but positive impact from the acquisition within a year, but think it will really turn profitable in 3 to 5.
Karen Abramson, CEO of Wolters Kluwer’s tax and accounting division, said:
"The acquisition of Tagetik tightly aligns with our vision to expand our position in the faster growing areas of the corporate tax and accounting market. The combination of Tagetik and Wolters Kluwer Tax & Accounting strengthens our strategic partnership with the Office of the CFO by offering a clearer and more comprehensive view of their business performance from a single provider. Together, Wolters Kluwer and Tagetik will continue to deliver Tagetik's leading solutions to customers, leveraging Wolters Kluwer's global reach and commitment to further strengthen and expand Tagetik offerings around the world".
Dominion holds Wolters Kluwer in its Global Trends Managed Fund.
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