Wolters Kluwer to Acquire XCM Solutions

Nachrichtenquelle: globenewswire
14.09.2020, 08:00  |  152   |   |   

 Wolters Kluwer to Acquire XCM Solutions

September 14, 2020 – Wolters Kluwer Tax & Accounting announces today that it has entered into an agreement to acquire XCM Solutions, a cloud-based workflow solutions provider for professional tax and accounting firms. The acquisition offers integration opportunities with CCH Axcess, our cloud-based software suite for professional firms in North America.

Wolters Kluwer Tax & Accounting North America has had a longstanding strategic partnership with XCM Solutions since 2006, enabling firms to integrate XCM workflow tools with CCH ProSystem fx on-premise software and, since 2012, with CCH Axcess, our cloud-based, modular software platform. Wolters Kluwer and XCM share a common approach to providing innovative, cloud-based solutions that drive productivity for customers.

Founded in 2002, XCM today serves professional tax & accounting firms of all sizes across the U.S. and Canada. XCM solutions help firms control their workflow processes and allocate their resources in order to achieve greater efficiency, productivity and profitability. The company’s main product is XCMworkflow, a cloud-based system that aligns with a firm’s existing systems and helps them manage all types of work across multiple clients, projects, and offices, streamlining workflows between systems and facilitating a more open and collaborative way of working.

XCM recorded revenues of €19 million in calendar year 2019 (un-audited). Approximately 75% of XCM 2019 revenues were from cloud-based software, of which the majority was subscription-driven. XCM also provides outsourcing and technology-enabled services to support clients during the tax season. The transaction values XCM Solutions at €136 million. With revenue and cost synergies anticipated over the medium to long term, we expect the acquisition to achieve a return on invested capital above our after-tax weighted average cost of capital (8%) within 3 to 5 years. The near-term impact on Wolters Kluwer adjusted net profit is positive but immaterial. Headquartered in Quincy, Massachusetts, XCM has approximately 440 employees located in the U.S. and India. The transaction is expected to close in the next few weeks once customary closing conditions have been met. 

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