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Wolters Kluwer NV (AMS:WLSN) Leading Tax Software Perfect Complement to Integrated Offerings Wolters Kluwer Germany
Amsterdam (September 16, 2008) - Wolters Kluwer Legal, Tax & Regulatory Europe today announced it has reached an agreement to acquire Addison Software and Service GmbH, a leading provider of software solutions for the German tax market, from HgCapital. This acquisition will strengthen Wolters Kluwer's leading position in Germany as professional information solutions provider for advisors in tax, accounting, and human resources. Addison's annual revenues in 2007 were approximately €48 million. The terms of the agreement were not released.
"The addition of Addison's essential software and services for tax professionals to the German portfolio of Wolters Kluwer Legal, Tax & Regulatory Europe is another important step to extending our position as a leading and innovative information solutions provider", states Rolv Eide, CEO of Wolters Kluwer Legal, Tax & Regulatory Europe. "Addison will further expand our growth opportunities and our ability to provide innovative solutions and bring added value to our customers in Germany."
Addison is a premier provider of software solutions for tax advisors, CPAs, and medium-sized companies. Addison has successfully established its position during the last decade as an innovative leader and provider of software and services for the German tax market. Tax advisory offices that are looking for significant efficiency increases combined with the highest quality for their clients see Addison as their first choice given its extensive market experience. Dr. Ulrich Hermann, CEO of Wolters Kluwer Germany, adds, "This acquisition is in line with Wolters Kluwer Germany's focus on innovative technologies and providing clients with full suite offerings from specialist books and journals to databases and integrated software solutions. The acquisition of Addison will add valuable new modules and functionalities, as well as provide an integrated offering for the increasing number of combined tax and law offices."
Addison Software and Service GmbH has over 340 employees and it's headquartered in Ludwigsburg.
The transaction is subject to merger control clearance by the German Federal Cartel Office.
On behalf of Wolters Kluwer, Dresdner Kleinwort acted as sole financial advisor on the transaction, and Allen & Overy acted as legal advisor.
About Wolters Germany Wolters Kluwer Germany GmbH has existed in Germany for over 20 years. Today, the publishing houses Carl Heymanns, Luchterhand, Werner, Carl Link, CW Haarfeld, and the Deutsche Wirtschaftsdienst, the seminar provider, Dr. Grannemann & von Fürstenberg Verlagsgesellschaft GmbH and the Akademische Arbeitsgemeinschaft, as well as the software solution provider AnNoText belong to Wolters Kluwer Germany, an information solution provider, headquartered in Cologne. Approximately 650 employees are employed in the seven offices located across Germany. Additional information can be found at www.wolterskluwer.de.
About Wolters Kluwer Legal, Tax & Regulatory Europe Wolters Kluwer Legal, Tax & Regulatory Europe focuses on the growth potential of six customer segments: legal; fiscal/financial; human resources; public & government administration; health, safety & environment (HSE); and transport. With a well-established presence in over 18 countries, Wolters Kluwer Legal, Tax & Regulatory Europe offers a broad range of information, software, and services to law firms, accounting firms, corporations, and governments, and has annual revenues (2007) of €1,249 million and employs approximately 7,200 people.
Wolters Kluwer Legal, Tax & Regulatory Europe is a division of Wolters Kluwer, a leading global information services and publishing company with annual revenues (2007) of €3.4 billion and approximately 19,500 employees worldwide in over 33 countries. Visit www.wolterskluwer.com.
Forward-looking Statements 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.
