Organic revenue for the CCH Axcess grew by double-digits for the year ended December 31, Wolters Kluwer has reported. That was part of the performance noted in the company’s tax and accounting business for 2022.Wolters Kluwer said Axcess results stem from “renewals, new sales and strong uptake of its Document, Practice, Workstream, and Engagement modules.”
Worldwide, the company’s Tax & Accounting segment had revenue of approximately $1.88 billion for 2022, an increase of 16 percent from 2021 and up 9 percent both organically and in constant currency. North America Professional Tax & Accounting, which represented 52 percent of divisional revenues, grew organically by 9 percent.
Profit for last year rose by 41 percent year-over-year to about $1.1 billion. WK reported revenue of roughly $5.83 billion in 2022, an increase of 6 percent year over 2021. The increase was 7 percent organically.
Tax & Accounting’s results were boosted by 15-percent organic growth in Corporate Performance products, with CCH Tagetik revenue increasing 19 percent year over year.
However, Tagetik is being placed in the new Corporate Performance & ESG division along with Enablon, Finance Risk & Reporting, and TeamMate.
Pro forma results reflecting the realignment shows Tax & Accounting revenue for the year would have been $1.49 billion, up 15 percent; 8 percent both in constant currencies and organically. The new division’s revenues would have been approximately. $736 million, rising 18 percent from 2021 and 12 percent in both constant currencies and organically. The switch would have reduced Tax & Accounting revenue by 18 percent.
