“Wolters Kluwer’s big tech purchase in Europe is a game-changer.”

TLDR:

Wolters Kluwer has acquired the accountancy portfolio of cloud-based financial workflow and data exchange solutions from Isabel Group in Europe for €325 million. This acquisition includes various software providers and complements Wolters Kluwer’s existing European tax and accounting solutions. The move comes as more countries in the European Union mandate electronic invoicing, and other companies are preparing for compliance.

Key Elements:

• Wolters Kluwer acquires accountancy portfolio from Isabel Group for €325 million.
• Acquisition includes software providers like CodaBox, ClearFacts, Clearnox, Zoomit, and Flowin.
• Portfolio complements Wolters Kluwer’s existing European tax and accounting solutions, offering end-to-end coverage of accountants’ workflow.
• The move follows the release of CCH Tagetik Tax Provision & Reporting for multinationals.
• European countries are mandating electronic invoicing following a 2014 directive for financial system interoperability.
• Other companies, like Thomson Reuters, are also preparing for electronic invoicing mandates.
• The U.S. is also showing interest in electronic invoicing with successful invoice transmission over the DBNAlliance network.

Wolters Kluwer’s acquisition of Isabel Group’s accountancy portfolio in Europe for €325 million marks a significant move in the tech industry. The purchase includes several key software providers, enhancing Wolters Kluwer’s existing tax and accounting solutions in Europe. This acquisition allows Wolters Kluwer to offer end-to-end coverage of the accountants’ workflow from pre-accounting to post-accounting, strengthening its position in the market.

This acquisition comes at a time when more European countries are mandating electronic invoicing to enhance financial system interoperability. Companies like Thomson Reuters are also gearing up for these mandates, ensuring compliance with electronic invoicing requirements. The U.S. is also catching up on electronic invoicing, with successful transactions over the DBNAlliance network showcasing the growing interest in this technology.

In summary, Wolters Kluwer’s acquisition of Isabel Group’s accountancy portfolio reflects the evolving landscape of accounting technology in Europe. As electronic invoicing becomes more prevalent, companies are adapting to stay compliant with new regulations, ensuring seamless financial operations.