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.