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Wolters Kluwer, the parent of CCH, is moving heavily into providing analytical products that draw upon the data the company has gathered in its operations. That plan was briefly outlined by Chief Executive Nancy McKinstry as the company reported that net income was up 2 percent and revenue up 4 percent, both in constant currencies, for the year ended December 31.
"We sit on a vast amount of data that can be insightful for our customers," McKinstry said in today's webcast of 2011 results. She noted last year's launch of the Corporate Legal Analytics product line. "It mines legal billing information that we have," she said, continuing that the new product is utilized by corporate general counsels to manage outside legal spend. While McKinstry did not provide information on possible product launches in the tax and accounting space, her comments suggested that Wolters Kluwer would seek to introduce analytical applications in all areas.
For 2011, the company reported about $587 million in profit, a 2-percent increase, and $4.4 billion in revenue, a 4-percent rise. The tax and accounting operations had EBITA of about $340 million, down 1 percent, and roughly $931 million in revenue, a 2-percent rise. The percentage changes were calculated based on results in euros.
No products were singled out by name for their contribution to the growth in tax and accounting. However, McKinstry said strong growth in the sales of tax software contributed to an improvement in organic growth. She also discussed the growth of the tax and accounting lines internationally. Wolters Kluwer has been building out facilities in India and is also expanding in China.
