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CCH Axcess: Double-Digit Growth

Arrow forward handOrganic 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.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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