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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 reported a strong performance for the first nine months of 2021, achieving 6% organic revenue growth. This growth is attributed to a rebound in non-recurring revenues, which rose 9% organically. Nine-month adjusted operating profit increased by 14% in constant currencies, while free cash flow surged 30%. The net debt-to-EBITDA ratio improved to 1.5x. The company is on track to complete a €350 million share buyback this year and has plans for an additional €50 million buyback in early 2022. The full-year outlook has been strengthened, anticipating a growth in diluted adjusted EPS in constant currencies.
Wolters Kluwer’s Compliance Solutions is hosting the 25th annual CRA & Fair Lending Colloquium virtually on November 16-17, 2021. Keynote speakers include Kristen Clarke, Assistant Attorney General, and Patrice Ficklin, CFPB Fair Lending Director, discussing critical fair lending and CRA compliance issues. This event, featuring prominent regulators and experts, aims to provide attendees with insights into evolving regulatory challenges. The Colloquium has been a key forum for banking professionals, enhancing understanding of compliance responsibilities.
Wolters Kluwer Legal & Regulatory U.S. launched VitalLaw, an enhanced legal platform previously known as Cheetah. This upgrade expands their primary source content by over 40%, offering a new dashboard that tracks comprehensive federal and state laws across all 50 states. The platform aims to streamline legal workflows, providing timely updates and expert insights in 38 practice areas. VitalLaw also features a public site, VitalLaw.com, offering valuable legal information beyond the paywall. Wolters Kluwer reported annual revenues of €4.6 billion in 2020 and seeks to empower legal professionals with efficient, actionable tools.
Wolters Kluwer has announced the acquisition of LicenseLogix, a U.S. provider of business licensing services, on October 29, 2021. This strategic move aims to enhance Wolters Kluwer's Governance, Risk & Compliance (GRC) portfolio, solidifying its leadership in the licensing market. LicenseLogix serves over 800 corporate clients and its services will integrate with CT Corporation's offerings. The acquisition is projected to yield a return on invested capital above 8% within three to five years, with minimal immediate impact on adjusted earnings.
The Independent Community Bankers of America (ICBA) has extended its partnership with Wolters Kluwer Compliance Solutions to include the iLien SaaS platform. This platform simplifies and automates lien, titling, and real property documentation for community banks. With features like UCC filings and full analytics, it aims to enhance accuracy and efficiency amidst increasing digitization. ICBA emphasizes the importance of such solutions for community banks in delivering exceptional service and managing risks effectively.
Wolters Kluwer Tax & Accounting has launched the CCH Axcess™ Marketplace, designed to provide technology integrators and tax firms with streamlined access to APIs for enhanced client service and automation. The developer portal offers integrations for firms already using CCH Axcess™, enabling improved efficiency by leveraging common client data. The partner program presents three tiers of API access, catering to different user needs, from entry-level testing to extensive support for software partners. This initiative aims to strengthen partnerships and drive innovation in the tax and accounting sector.
Wolters Kluwer Tax & Accounting has outlined various health care coverage options for taxpayers in 2022, emphasizing the tax implications of these choices. Recent changes from the American Rescue Plan Act, enacted in March 2021, aim to enhance health care plan attractiveness. Key enrollment periods include employer-sponsored health plans in Q4 2021 and the Health Insurance Marketplace from November 1, 2021 to January 15, 2022. Additionally, significant provisions like COBRA premium support and a permanent medical expense deduction threshold are also highlighted.
Wolters Kluwer Tax & Accounting has introduced CCH Axcess™ Validate, a cloud-based solution employing blockchain technology for efficient bank confirmations during audits. This innovation minimizes the manual and time-consuming processes auditors traditionally face, enhancing audit accuracy and reducing liability risks. The solution allows auditors to directly obtain transactional data from financial institutions, completing requests in under 5 minutes. By facilitating secure sharing of audit results, it aims to improve overall audit quality, aligning with AICPA standards.
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