Wolters Kluwer N.V. (WTKWY.PK), a Dutch professional information service provider, announced Monday that Wolters Kluwer Tax & Accounting or TAA has signed an agreement with Belgian fintech company Isabel Group to acquire its accountancy portfolio of cloud-based financial workflow and data exchange solutions for 325 million euros in cash.
The acquisition is expected to reach a return on invested capital at or above Wolters Kluwer's after tax weighted average cost of capital (8%) in its fifth full year of ownership.
In the near term, it is expected to have an immaterial impact on Wolters Kluwer adjusted earnings.
The transaction is subject to regulatory approvals and customary closing conditions and is expected to complete in the second half of 2024.
The acquisition includes CodaBox, ClearFacts, Clearnox, Zoomit, and Flowin.
According to the company, CodaBox, ClearFacts, Clearnox, Zoomit, and Flowin facilitate the seamless and secure transfer of bank statements, invoices, and other relevant data to optimize client collaboration.
These solutions, which help professionals increase efficiency and improve their clients' experience, are trusted by over 8,000 accounting professionals and 380,000 small-and-midsize enterprises or SMEs, and corporate clients, the firm said.
Wolters Kluwer expects the acquiring portfolio to complement its existing European tax and accounting solutions. The company will be able to provide end-to-end coverage of the accountants' workflow from pre-accounting to post-accounting.
Following the purchase, more than 130 FTEs, based in Belgium and France, will join Wolters Kluwer Tax & Accounting Europe, which spans ten countries in Europe.
In 2023, gross revenues of the acquired solutions grew 23% to reach 34 million euros. Around 90% of revenues is recurring in nature and the majority is derived from the Benelux and France.
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