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Wolters Kluwer (WTKWY) is a global leader in digital knowledge solutions and cloud software for tax, finance, accounting, and legal professionals. With offerings like the SAP Document and Reporting Compliance solution integrated with the CCH SureTax solution, Wolters Kluwer helps multinational companies manage U.S. tax filing obligations efficiently. The company serves customers in over 180 countries and reported 2022 annual revenues of €5.5 billion.
Wolters Kluwer has finalized the divestment of its legal information units in France and Spain to Karnov, as announced on December 9, 2021. This strategic move aims to streamline operations and focus on core business areas. In 2021, Wolters Kluwer reported annual revenues of €4.8 billion and operates in over 40 countries with around 20,000 employees. The company is headquartered in the Netherlands and its shares are traded on Euronext Amsterdam (WKL) as well as in the U.S. as American Depositary Receipts (WTKWY).
The annual review by Wolters Kluwer Compliance Solutions highlights the top market conduct compliance issues facing U.S. insurers, emphasizing claims handling, underwriting, and marketing challenges. Key issues include failure to process claims within specified timeframes and improper documentation. This review serves as a compliance aid for insurers, providing a roadmap to address ongoing compliance risks. As the insurance landscape evolves, managing compliance remains critical for insurers to ensure adherence to regulatory requirements and mitigate risks associated with noncompliance.
The latest ELM Solutions' LegalVIEW Insights report reveals a significant rise in corporate legal department spending, with a 21% increase in median outside counsel costs and a 36% mean increase in 2021. As firms push for higher rates, in-house teams are encouraged to adopt legal spend management tools like LegalVIEW BillAnalyzer, which can yield up to 10% cost savings. The report, based on $155 billion in legal invoices, emphasizes the need for proactive rate management in the evolving legal landscape.
Wolters Kluwer Health has partnered with NEJM Group to become the exclusive digital distributor of various NEJM journals globally, including the New England Journal of Medicine, NEJM Evidence, NEJM Catalyst, and NEJM Journal Watch. This collaboration aims to enhance access for researchers and clinicians through the Ovid® medical research platform. The agreement is expected to have a positive but immaterial impact on Wolters Kluwer’s overall earnings. This distribution will bolster global research efforts and align with NEJM Group's mission to improve healthcare quality.
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