Wolters Kluwer Governance, Risk & Compliance Signs Agreement to Divest Corsearch
(Thomson Reuters ONE) -
Wolters Kluwer Governance, Risk & Compliance Signs Agreement to Divest Corsearch
October 23, 2017 - Wolters Kluwer Governance, Risk & Compliance (GRC) announces
that, following a strategic review, it has agreed to sell Corsearch, its
trademark solutions business, to Audax Private Equity for $140 million in cash.
On April 24, 2017, Wolters Kluwer announced a review of strategic alternatives
for Corsearch, our trademark solutions unit that is part of GRC (Legal
Services).
The industry in which Corsearch operates is evolving from providing traditional
trademark clearance and protection services to delivering end-to-end digital
solutions for brand management and marketing professionals. Although this
presents new opportunities for Corsearch, Wolters Kluwer GRC has decided to
focus its investment on developing its core regulatory compliance and risk
management software and services for corporations, financial institutions, and
law firms.
Tobias Hartmann, General Manager of Corsearch, said, "I am proud of all that
Corsearch has achieved with Wolters Kluwer. We are excited to be partnering with
Audax as their vision aligns strongly with Corsearch's existing business and
growth strategy. Audax' operational and international experience will be a
valued resource to us in the next stage of our growth."
Geoffrey Rehnert, Co-Chief Executive Officer, Audax Group, said, "Corsearch is a
leader in the trademark solutions field and has significant opportunities to
capitalize on favorable industry dynamics and a healthy market environment. We
look forward to working with Tobias Hartmann and the Corsearch team to build a
leading platform through organic growth and add-on acquisitions."
The transaction, which is subject to customary closing conditions, is expected
to be completed prior to the end of 2017. Corsearch had revenues of
approximately ?50 million in 2016 and employs 211 FTEs in 9 countries. As
previously indicated, Wolters Kluwer intends to mitigate the expected dilution
to adjusted earnings per share by way of share buybacks.
Audax Private Equity has a track record of investing in - and building - middle
market platform companies, fueling their revenue growth, optimizing their
operations, and significantly increasing their long-term value.
About Wolters Kluwer
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and
solutions for professionals in the health, tax and accounting, finance, risk and
compliance, and legal sectors. We help our customers make critical decisions
every day by providing expert solutions that combine deep domain knowledge with
specialized technology and services.
Wolters Kluwer reported 2016 annual revenues of ?4.3 billion. The company,
headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over
180 countries, maintains operations in over 40 countries, and employs 19,000
people worldwide.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in
the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1
American Depositary Receipt program. The ADRs are traded on the over-the-counter
market in the U.S. (WTKWY).
For more information about our solutions and organization, visit
www.wolterskluwer.com, follow us on Twitter, Facebook, LinkedIn, and YouTube.
Media
Annemarije Dérogée-Pikaar Charles Miller
Global Brand & Communications Corporate Marketing & Communications
t + 31 172 641 470 Wolters Kluwer Governance, Risk &
annemarije.pikaar(at)wolterskluwer.com Compliance
+1-320 240 5457
charles.miller(at)wolterskluwer.com
Investors/Analysts
Meg Geldens
Investor Relations
t + 31 172 641 407
ir(at)wolterskluwer.com
Forward-looking Statements and Other Important Legal Information
This report 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.
This press release contains information which is to be made publicly available
under Regulation (EU) 596/2014.
PDF version of Press Release:
http://hugin.info/130682/R/2142860/821317.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Wolters Kluwer N.V. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
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Datum: 23.10.2017 - 08:00 Uhr
Sprache: Deutsch
News-ID 564679
Anzahl Zeichen: 6382
contact information:
Town:
Alphen aan den Rijn
Kategorie:
Business News
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