Leading the way in Web 3.0, Wolters Kluwer Tax & Accounting purchases virtual land

Rhea-AI Summary

Wolters Kluwer Tax & Accounting has entered the Metaverse by acquiring virtual land in Decentraland and Somnium Space. This initiative aims to enhance collaboration among global teams and customers using virtual meetings and events. CEO Karen Abramson highlighted that the Metaverse could reshape business models and improve productivity and revenue opportunities for clients. The company is positioning itself as a leader in technology within the tax and accounting sector, already having released a Blockchain-based bank confirmation solution earlier this year.

Positive

• Acquisition of virtual land in Decentraland and Somnium Space enhances collaboration potential.
• Positioning as a leader in technology within the tax and accounting sector.

Negative

• None.

 

NEW YORK--(BUSINESS WIRE)-- Wolters Kluwer Tax & Accounting recently staked its first claims on virtual land in the Metaverse, purchasing virtual real estate on Blockchain-based platforms Decentraland and Somnium Space.

The Future is Here: Wolters Kluwer Tax & Accounting enters the Metaverse. (Graphic: Business Wire)

Wolters Kluwer Tax and Accounting initially plans to utilize its new virtual land parcels in the metaverse to create new, more engaging ways for its global teams to collaborate with each other and with customers – via virtual meetings and customer events. The company also plans to conduct research and explore the development of products and services that can help its clients transform work and collaboration processes while improving productivity and efficiency.

“The metaverse will very likely reshape business models, product portfolios, and the way people collaborate,” said Karen Abramson, CEO of Wolters Kluwer Tax and Accounting. “Ultimately, our leadership in this next technology revolution will enable increased productivity and revenue opportunities for our customers.”

These virtual real estate purchases further build Wolters Kluwer’s position as the technology leader in the tax and accounting domain. Earlier this year, Wolters Kluwer released a Blockchain-based bank confirmation solution, CCH Axcess Validate, for external auditors, that uses a patented Blockchain-based algorithm to exchange requests and replies between the parties, providing a certified audit trail showing proof of all interactions and identities of the involved parties.

Wolters Kluwer joins other forward-thinking, technology-savvy companies – including, in the finance, tax and accounting realm, Accenture, JPMorgan Chase, PwC and Prager Metis, among others – that have staked their leadership claims in defining how Web 3.0 will shape their industries and serve their clients.

Decentraland and Somnium Space are decentralized, 3D virtual platforms powered by the Ethereum Blockchain, where users can create, experience, and monetize content and applications. Together with other, competitive, decentralized 3D virtual platforms, Decentraland and Somnium space are defining the next paradigm shift in the evolution of the Internet, often called “Web 3.0,” which will interconnect people, places, and things in real and digital worlds in new and transformative ways.

About Wolters Kluwer

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with advanced technology and services.

Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

For more information, visit www.wolterskluwer.com, follow us on Twitter, Facebook, LinkedIn, and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220919005257/en/

KELLY DE CASTRO

Wolters Kluwer Tax & Accounting

+1 614-288-5640

kelly.decastro@wolterskluwer.com

Source: Wolters Kluwer Tax & Accounting

FAQ

What did Wolters Kluwer announce on September 19, 2022 regarding the Metaverse?

Wolters Kluwer announced its entry into the Metaverse by purchasing virtual land in Decentraland and Somnium Space.

How does Wolters Kluwer plan to use its virtual land?

Wolters Kluwer plans to use its virtual land to improve collaboration through virtual meetings and customer events.

What is the stock symbol for Wolters Kluwer in the US?

Wolters Kluwer's stock symbol in the US is WTKWY.

What are the benefits of Wolters Kluwer's acquisition of virtual land in the Metaverse?

The acquisition aims to enhance productivity and revenue opportunities for clients through innovative collaboration methods.