Wolters Kluwer Completes Acquisition of Remaining 62% of Third Coast Holdings
07 Avril 2014 - 8:04AM
Wolters Kluwer today announced that, following regulatory
approval, it has completed the acquisition of the 62% of Third
Coast Holdings, Inc. which it did not already own
for approximately $180 million (excluding acquired cash).
Third Coast Holdings is the parent company of Datacert, one of
the world's leading providers of enterprise legal management (ELM)
solutions, including legal billing and matter management solutions,
serving corporate general counsel and law firms. Datacert serves
more than 120 corporations in over 140 countries.
Datacert will be combined with Wolters Kluwer Corporate Legal
Services' fast-growing ELM business, TyMetrix. The combination will
establish an enhanced leadership position from which to offer
broad, innovative solutions, accelerate international expansion,
and create operating efficiencies.
This acquisition is in line with Wolters Kluwer's strategy of
focusing its capital on its market-leading, high-growth businesses.
Datacert had revenues of $57 million in 2013, of which over 80% is
subscription based. Including integration benefits, Datacert is
expected to deliver a return on total investment above Wolters
Kluwer's after tax cost of capital (8%) within 3 to 5 years. The
transaction is expected to be slightly earnings enhancing in the
first full year. Wolters Kluwer is expected to record a non-cash
book profit of approximately $100 million on its minority
investment at the time of closing, subject to accounting
adjustments.
"This acquisition is in line with our strategy to continue to
invest capital to extend our leading, growing businesses, of which
Corporate Legal Services is one", said Nancy McKinstry, CEO and
Chairman of the Executive Board of Wolters Kluwer. "The combination
of these two great companies will enable us to deliver a broad
range of solutions for the legal services community," said Richard
Flynn, Group President and CEO, Wolters Kluwer Corporate Legal
Services.
About Wolters Kluwer Wolters
Kluwer is a global leader in professional information services.
Professionals in the areas of legal, business, tax, accounting,
finance, audit, risk, compliance and healthcare rely on Wolters
Kluwer's market leading information-enabled tools and software
solutions to manage their business efficiently, deliver results to
their clients, and succeed in an ever more dynamic world.
Wolters Kluwer reported 2013 annual revenues of €3.6 billion.
The group serves customers in over 150 countries, and employs over
19,000 people worldwide. The company is headquartered in Alphen aan
den Rijn, the Netherlands.
Wolters Kluwer shares are listed on NYSE 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 products and organization, visit
www.wolterskluwer.com, follow @Wolters_Kluwer on Twitter, like us
on Facebook, follow us on LinkedIn, or follow WoltersKluwerComms on
YouTube.
Media |
Investors/Analysts |
Caroline Wouters |
Meg Geldens |
Corporate
Communications |
Investor Relations |
t + 31 (0)653 328 879 |
t + 31 (0)172 641 407 |
press@wolterskluwer.com |
ir@wolterskluwer.com |
Forward-looking Statements 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.
PDF version of Press Release
http://hugin.info/130682/R/1774871/605111.pdf
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