Wolters Kluwer Acquires Prosoft in Brazil
Wednesday, May 22, 2013
Posted by: Jon Hubbard
Acquisition extends Wolters Kluwer’s leading position in Tax & Accounting software
Alphen aan den Rijn and Riverwoods, Illinois. (May 20, 2013) — Wolters Kluwer announced today that it has acquired Prosoft Tecnologia S.A., a leading provider of tax and accounting software based in Sao Paolo, Brazil. The acquisition aligns with Wolters Kluwer’s strategy to expand its leading, high growth positions. Established in 1985, Prosoft is one of the largest tax and accounting software solutions providers in Brazil, with 250 employees, and serving all 27 states.
Nancy McKinstry, CEO of Wolters Kluwer, commented "Tax and accounting software is a leading, growing business for Wolters Kluwer, and this acquisition further expands our global position in this area to one of the world’s faster-growing geographies.”
Kevin Robert, CEO of Wolters Kluwer Tax & Accounting, commented "Prosoft allows us to rapidly establish a significant presence in Brazil while at the same time also advancing our move into cloud-based collaborative solutions.”
The management of Prosoft, led by CEO Carlos Meni, will stay with the company. Mr. Meni commented "We are very pleased to become part of Wolters Kluwer. The combination will allow Prosoft to remain focused on our customers, who are professionals in the fields of tax, accounting, and business. At the same time, with Wolters Kluwer’s global reach and expertise in this field, we will be able to strengthen and build on our offerings to deliver even greater value.”
Prosoft offers a fully integrated suite of tax, accounting, payroll, document management, and filing software solutions and its products are used by over 150,000 professional users today. Prosoft solutions cover all aspects of the recently introduced electronic tax, accounting, payroll, and invoicing requirements under "SPED” (Sistema Público de Escrituração Digital), the country’s new Public Digital Bookkeeping System, implemented by the government to improve compliance, auditing, and collection efficiency. Brazil has an extensive and complex tax system and due to the government’s increased emphasis on compliance, there is growing demand for solutions that streamline workflow and mitigate compliance risk. Terms of the acquisition were not disclosed.
About Wolters Kluwer
Wolters Kluwer (www.wolterskluwer.com) is a market-leading global information services company. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
Wolters Kluwer Tax & Accounting, a division of Wolters Kluwer, is the leading provider of premier information, research, and software tools in the global tax and accounting arena. Tax, accounting, and audit professionals who serve as trusted advisors to clients and businesses worldwide rely on authoritative content and integrated workflow solutions from global leader Wolters Kluwer Tax & Accounting. Its headquarters are in Riverwoods, Illinois.
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; and 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.