Wolters Kluwer will bring together four of its global enterprise software businesses to form a new division, Corporate Performance & ESG. This is to meet the growing demand from corporations and banks for integrated financial, operational, and ESG performance management and reporting solutions. The news was announced earlier today as part of the company’s annual results, which were €5,453 million for 2022, up 6% organically.
This new division will be comprised of these global software units: Corporate Performance (CCH Tagetik; including U.S. Corporate Tax); EHS/ORM Software (Enablon); Finance, Risk & Reporting and Internal Audit Solutions (TeamMate).
“All four businesses serve global corporations and banks with cloud and on-premise solutions and have leading market positions in their specific areas of expertise,” the company said in a statement. “Combining these assets will allow Wolters Kluwer to accelerate synergies and leverage their combined global strengths to pursue a growing market opportunity.” The company also confirmed the division would be home to approximately 2,500 professionals globally.
Corporate Performance & ESG will be led by Karen Abramson, CEO of Wolters Kluwer’s Tax & Accounting division for the past nine years. Jason Marx, currently CEO of Wolters Kluwer Tax & Accounting, North America, will be appointed CEO of the Tax & Accounting division.
The Governance, Risk & Compliance (GRC) division will become Financial & Corporate Compliance and will comprise CT Corporation and Compliance Solutions, which provide legal services and banking compliance software, content, and lien solutions to mainly U.S. businesses. Steve Meirink, Executive Vice President and General Manager of Compliance Solutions, will be appointed CEO of Financial & Corporate Compliance.
Among the businesses migrating to the new division is Wolters Kluwer FRR. The unit describes itself as “a global market leader in the provision of integrated regulatory compliance and reporting solutions. These solutions support regulated financial institutions in meeting their obligations to external regulators and their own boards of directors.”
As previously reported Caixa Geral de Depósitos (CGD), the Portuguese state-owned banking corporation, and the largest bank in Portugal, recently chose to implement award-winning regulatory reporting software from the company.
OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. This service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.
Another notable client announcement came just last month, when Wolters Kluwer said Electricité de France (EDF) is to implement CCH Tagetik Budgeting, Planning, & Forecasting software “to strengthen its financial accounting standards and help support its digital transformation.”
“CCH Tagetik Budgeting, Planning, and Forecasting software allows companies to go beyond basic planning by connecting granular financial and operational data to empower users to plan more often and more in-depth,” Wolters Kluwer said at the time. “With CCH Tagetik, EDF will create more accurate forecasts and anticipate change with increased agility.”