Wolters Kluwer Tax & Accounting recently announced that is has reached agreement on the acquisition of Tagetik for €300 million in cash. The acquisition expands the division’s existing portfolio of corporate tax compliance and internal audit solutions.
Founded in 1986, Tagetik is a global provider of corporate performance management software and services to mid- and large size corporations. Tagetik supports the workflow of the Office of the CFO, including financial and operational budgeting and planning, consolidation and close process, financial modeling, analytics and reporting. Relied upon by nearly 1,000 corporate customers and 75,000 users in over 35 countries, Tagetik’s highly configurable, modular software suite seamlessly integrates with most ERP systems, including SAP, Oracle, and Microsoft. The solution can be deployed on-premise, in the cloud, or in a hybrid manner.
The acquisition is subject to customary closing conditions. Upon completion, Wolters Kluwer Tax & Accounting will bring together its corporate offerings, including its internal audit solution, TeamMate, with Tagetik to create a new business unit: Corporate Performance Solutions. This new global business unit will be led by Ian Rhind, who has led the global expansion of TeamMate; Marco Pierallini and Manuel Vellutini, Tagetik’s current leaders, will join the executive team.
“The acquisition of Tagetik tightly aligns with our vision to expand our position in the faster growing areas of the corporate tax and accounting market,” said Tax & Accounting Division CEO Karen Abramson. “The combination of Tagetik and Wolters Kluwer Tax & Accounting strengthens our strategic partnership with the Office of the CFO by offering a clearer and more comprehensive view of their business performance from a single provider.”
The company has approximately 450 employees and is headquartered in Lucca, Italy with a North American head office in Stamford, Connecticut.