Date Posted: 6/14/2011
Wolters Kluwer Tax & Accounting Expands European Online Software Solutions with Acquisition of Twinfield
SaaS-based Solutions Advance Software Offerings
(RIVERWOODS, ILL., June 14, 2011) – Wolters Kluwer Tax & Accounting today announced the acquisition of Twinfield, a Dutch-based pioneer and market leader in online accounting software, serving professionals in the Netherlands, United Kingdom and Scandinavia. Through this acquisition, Wolters Kluwer expands and complements its existing offering of advanced software solutions for accountants and finance professionals in SMEs in all the western European markets it serves. Twinfield will become part of the European activities of Wolters Kluwer Tax & Accounting, the global market leader in tax, accounting and audit solutions and services.
With more than 80,000 administrations managed online via Twinfield software, it is an undisputed leader in online, SaaS-based collaborative accounting solutions in Europe. The acquisition further advances Wolters Kluwer Tax & Accounting’s strategy to expand its offering of software solutions that contribute to the productivity of accountants and SMEs in Europe. It also responds to the growing demand for ‘Software as a Service’ (SaaS) applications, enabling Wolters Kluwer to further build out its SaaS business model to meet customer demand.
“Through continuous investment and innovation, Wolters Kluwer has advanced its position as the European market leader in information and software solutions for finance professionals and SMEs,” says Henri Van Engelen, Managing Director of Wolters Kluwer Tax & Accounting Europe. “This acquisition strategically expands our offering of state-of-the-art accounting software solutions. It also uniquely positions us as the only provider today capable of offering both information and software solutions to accountants and SMEs in the Dutch market.”
"We are very pleased to be joining Wolters Kluwer. This acquisition allows Twinfield to remain focused on our core competency: offering accountants and finance professionals in SMEs the best online accounting solution. At the same time, with Wolters Kluwer’s global reach and commitment, we can further strengthen and expand the Twinfield product offerings and SaaS delivery,” said André Kwakernaat, Founder of Twinfield.
Terms of the acquisition are not being disclosed. Twinfield was founded in 2000. The company’s head office is in the Netherlands and it has two branches in the United Kingdom and the Ukraine. Twinfield has 75 employees.
About Wolters Kluwer Tax & Accounting
Wolters Kluwer Tax & Accounting, a division of Wolters Kluwer, is the global leading provider of tax, accounting and audit information, software and services. Tax, accounting, and audit professionals who serve as trusted advisors to clients and businesses worldwide rely on authoritative content and integrated workflow solutions from global leader Wolters Kluwer Tax & Accounting. Wolters Kluwer had 2010 annual revenues of €3.6 billion, employs approximately 19,000 people worldwide, and maintains operations across Europe, North America, Asia Pacific, and Latin America, serving customers globally. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Visit our website, YouTube, follow @Wolters_Kluwer on Twitter, or look up Wolters Kluwer on Facebook for more for information about our customers, market positions, brands, and organization.
Forward-looking Statements
This press release contains forward-looking statements. These statements may be identified by words such as “expect,” “should,” “could,” “shall,” and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; behavior of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer’s businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise
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