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Wolters Kluwer issues news about its global professional information, software, and services business, represented in the U.S. by the WTKWY sponsored Level 1 ADR. Updates commonly cover healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG solutions.
Recurring items include trading updates by business area, annual report and AGM materials, Supervisory Board and executive changes, dividend proposals, portfolio actions, and technology investments. Company announcements also track AI-enabled offerings and platforms such as FAB, Expert AI capabilities in CCH Axcess and UpToDate, legal technology products including Legisway and Kleos, and cloud automation tools such as CodaBox, ClearFacts, Kyte, and Flowin.
Wolters Kluwer has signed a binding agreement to divest its U.S. legal education business to Transom Capital Group for $88 million in cash. This unit, which generated $33 million in revenue in 2020, specializes in textbooks and digital educational solutions for law students. Proceeds from the sale will be utilized for share repurchases to counter adjusted EPS dilution. The transaction, expected to yield a one-time capital gain, is subject to customary closing conditions and will take several months to finalize.
Wolters Kluwer Compliance Solutions has achieved notable success at the 2021 International Business Awards, securing nine awards including a Gold-level accolade for OneSumX® for Compliance Program Management. The awards highlight product innovation and customer service excellence, with numerous distinctions across various categories, such as Best Artificial Intelligence/Machine Learning Solution and Best FinTech Solution. The accolades reflect the company's commitment to addressing customer pain points in compliance and risk management, enhancing overall service delivery.
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Wolters Kluwer's Ann Roberson has been named the inaugural Technology Operations Executive Leader of the Year by Corporate Vision in its 2021 Technology Innovator Awards. As Vice President of Operations for the Governance, Risk & Compliance division, Roberson's leadership is commended for driving innovation and excellence. This recognition highlights the importance of her team's role in managing legal documentation and compliance for financial institutions. Wolters Kluwer reported annual revenues of €4.6 billion in 2020, emphasizing its global leadership in information services.
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The CDC has announced a substantial $2.1 billion investment to enhance infection prevention and control across the U.S. healthcare system. This funding aims to assist healthcare workers through specialized training and resources, targeting 6,000 hospitals, 15,400 nursing homes, and various outpatient settings. Notable allocations include $500 million for staffing strike teams and $385 million to bolster laboratory capacity. This initiative seeks to address public health challenges exacerbated by the COVID-19 pandemic.
Wolters Kluwer ELM Solutions launched its podcast series, Legal Leaders Exchange, discussing insights from its latest LegalVIEW Insights report. The report revealed significant volatility in legal spending, with nearly one-third of companies experiencing a 90% variation in annual spend since 2016. Strategies for managing these costs and investments in technology were also emphasized.
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Wolters Kluwer Tax & Accounting announced its cloud-based TeamMate+ Agile Audit solution has received the Gold Globee® Award in the New Product or Service of the Year category from the 2021 American Best in Business Awards. This award recognizes innovations in the audit sector, emphasizing agile methodologies to improve efficiency and risk management. Jim Dunham, Executive Vice President, highlighted the need for agile solutions in modern audit practices. Wolters Kluwer continues to lead in providing expert solutions across various sectors.