Wolters Kluwer Tax and Accounting to Acquire TeamMate(TM)
Internal Auditors to Benefit from Expanded Suite of Leading Solutions
and Services from CCH
(Riverwoods, Ill. October 17, 2007) - Wolters Kluwer Tax and
Accounting has signed an agreement to acquire from
PricewaterhouseCoopers LLP, TeamMate - the leading integrated audit
productivity software suite serving corporate internal audit
departments and government agencies in 96 countries. Wolters Kluwer
Tax and Accounting, a unit of Wolters Kluwer, is a leading provider
of tax and accounting information, services and software solutions
serving professionals worldwide under the CCH brand name.
Over 56,000 auditors from more than 1,500 organizations worldwide use
TeamMate to increase the efficiency and productivity of the entire
audit process including risk assessment, scheduling and timekeeping,
workpaper preparation and review, report generation and audit issue
tracking. Customers include Fortune 100 and Fortune 500 corporations,
small- and medium-size enterprises and government agencies.
"The acquisition will be great news for internal audit professionals
worldwide," said Wolters Kluwer Tax and Accounting CEO Kevin Robert.
"TeamMate customers will benefit from CCH's premiere content,
software and support as we build on the product excellence with which
PricewaterhouseCoopers has served them, and also expand the range of
services provided as part of the TeamMate suite. We are truly excited
about the opportunity we have to extend our long history of tax and
accounting leadership to internal audit professionals."
"We're pleased that TeamMate is now part of the CCH family," said
Anton van Wyk, PricewaterhouseCoopers' Global Internal Audit Services
Leader. "Following completion of the sale, PricewaterhouseCoopers
will continue to use TeamMate as a component of our global Internal
Audit practice and - given the size of our internal audit business -
will become one of CCH's largest TeamMate customers. Our clients will
benefit from CCH's ability to further develop and enhance TeamMate to
retain the product's world class status and meet market demand."
CCH holds longstanding leadership in serving tax and accounting
professionals around the world. The TeamMate acquisition will further
advance CCH as the professional's first choice for authoritative and
innovative solutions and services in the corporate and government
"TeamMate is an excellent fit for CCH businesses worldwide," said
Robert. "The acquisition advances our strategy to further grow in the
corporate and government segments by offering a global suite of
solutions to serve the internal audit market."
The TeamMate suite consists of five key products that can be used
independently or with other components of the suite. Those products
are: TeamMate EWP, electronic workpaper system; TeamCentral, audit
issues tracking; TeamRisk, risk assessment tool; TeamSchedule,
advanced scheduling; and TeamMate TEC, time and expense tracking.
TeamMate will join CCH's portfolio of market-leading research and
software solutions as a distinct product line.
There are approximately 40 PricewaterhouseCoopers employees who are
dedicated to the TeamMate suite, and they are expected to join the
Wolters Kluwer Tax and Accounting organization when the transaction
"We are very excited about joining the CCH family," said Mike Gowell,
managing director for the TeamMate practice. "We're bringing over the
whole team and look forward to taking TeamMate to the next level by
leveraging the content and technology of CCH in TeamMate."
Closing of the acquisition is subject to a number of customary
conditions, including satisfaction of all regulatory requirements.
The parties expect the acquisition to be consummated during the next
30-60 days. Terms of the acquisition were not disclosed.
About Wolters Kluwer Tax and Accounting
Wolters Kluwer Tax and Accounting, a unit of Wolters Kluwer, is a
leading provider of tax, audit and accounting research and compliance
information, services and software solutions. Serving professionals
in the U.S., Canada and Asia Pacific, Wolters Kluwer Tax and
Accounting operates in the market as CCH, a Wolters Kluwer business.
Customers include professionals in small, medium and large accounting
firms and corporate tax and auditing departments. CCH has served tax,
accounting and business professionals and their clients since 1913.
Wolters Kluwer is a leading global information services and
publishing company. The company provides products and services for
professionals in the health, tax, accounting, corporate, financial
services, legal and regulatory sectors. Wolters Kluwer has annual
revenues (2006) of ¤3.4 billion, employs approximately 18,450 people
worldwide, and maintains operations across Europe, North America, and
Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the
Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL)
and are included in the AEX and Euronext 100 indices. For more
information, visit www.wolterskluwer.com.
PricewaterhouseCoopers (www.pwc.com) provides industry-focused
assurance, tax and advisory services to build public trust and
enhance value for its clients and their stakeholders. More than
146,000 people in 150 countries across our network share their
thinking, experience and solutions to develop fresh perspectives and
"PricewaterhouseCoopers" refers to the network of member firms of
PricewaterhouseCoopers International Limited, each of which is a
separate and independent legal entity.
Contact PricewaterhouseCoopers LLP: Kathryn Oliver, +1 860 241 7333,
Contact: Leslie Bonacum Kevin Entricken
Director of Communications Vice President,
Wolters Kluwer Tax, Accounting & Investor Relations
Legal Wolters Kluwer nv
+ 1 847 267 7153 + 31 (0)20 6070 407
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