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Wolters Kluwer this week said revenue from cloud products constitute about 10 percent of the total. The company did not specify the percentage of cloud revenue for tax and accounting products but said they are performing well.
The information was provided by CFO Kevin Entrickenduring the webcast for earnings for the year ended December 31 in answer to an analyst’s question. Although no divisional or product figures were provided, Entricken replied, “We are probably farthest along with the cloud in our tax and accounting group.”
The company’s Tax and Accounting division had revenue of about $1.54 billion for 2019, an increase of 9 percent over 2018, up 6 percent organically. North America Professional Tax & Accounting, which produced 51 percent of division revenue, had organic growth of 4 percent, compared to 6 percent in 2018. Executives said software solutions experienced 6 percent organic growth, led by the CCH Axcess suite.
Overall net profit was approximately $860 million for the most recently ended year, an increase of 9 percent in constant currencies. Revenue for 2019 was roughly $5.1 billion, rising 8 percent over the prior year, up 5 percent in constant currency and 4 percent organically.
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
