Wolter Kluwers will introduce its global audit cloud suite this year. The statement was made during the week’s webcast for the year ended December 31 by chief executive Nancy McKinstry.McKinstry noted “Europe is where we will start” with the introduction of the suite. She did not specify the elements of the suite nor any target dates for the implementation.
The discussion followed the company’s report that Teammate, its audit line, had double-digit growth for the most recent ended year. Numbers were not reported, but Teammate is part of the newly created Corporate Performance & ESG, division, which led Wolters Kluwers’ division in rate of growth.
TeamMate and Tagetik, the company’s corporate performance management line, were taken from the WK Tax and Accounting division for the creation of the new unit. Revenue for the new division was about $739 million for the most recently ended year, a 7-percent increase over 2022, up 9 percent each in constant currency and organically.
Tax and Accounting revenue was approximately $1.59 billion for the most recently ended year, up 5 percent, and 8 percent each in constant currency and organically. The North American part of the unit had an 8-percent organic increase in revenue year-over-year, up 10 percent on a pro forma basis. The North American operations produced 57 percent of the division’s revenue.
WK noted the results stemmed from a “strong uptake” in the CCH Axcess line and cited the Tax, Practice, Document and Workflow modules. It also said on-premise software saw slower organic growth.
Net income for 2023 was about $1.09 billion, down 27 percent from the prior year. Total revenue rose to about $6.04 billion, an increase of 2 percent, up 5 percent in constant currency and 6 percent organically.
