September 8, 2016 - Wolters Kluwer Governance,
Risk & Compliance (GRC) today announced it has signed an
agreement to sell its indirect loan origination solutions,
including the AppOne software platform, to The Reynolds and Reynolds
Company, a provider of software, documents, and professional
services to automotive retailers, for €32 million in cash.
Wolters Kluwer's intended divestment is in line
with the GRC division's strategy to focus its financial services
group of businesses on growing its market-leading compliance
content and expert solutions for banks and other financial
institutions globally.
The company's AppOne indirect loan origination
platform, compliance documents and risk mitigation services are
used primarily by automotive, marine, powersports and recreational
vehicle dealers across the U.S. to facilitate interaction with
lenders. Wolters Kluwer expects to report a €13 million book gain,
net of tax, on the divestment. Reynolds and Reynolds anticipates
extending offers of employment to 36 Wolters Kluwer employees as
part of the transaction.
"As a leader in automotive dealership solutions,
Reynolds and Reynolds is well-positioned to continue to support the
unique needs of indirect loan origination customers," said Richard
Flynn, CEO of Wolters Kluwer's GRC division. "Wolters Kluwer will
continue to invest in our core regulatory compliance business which
serves thousands of banks, credit unions, and mortgage lenders
globally."
"At the same time, we remain committed to
providing these banks and other licensed lenders with our proven
regulatory expertise, solutions and services for their mortgage,
consumer and commerical lending as well as investment and insurance
businesses," said Steven Meirink, Executive Vice President and
General Manager of the Compliance Solutions business unit for
Wolters Kluwer's GRC division.
"We continually look for ways to grow our
business," said Jerry Kirwan, Senior Vice President and General
Manager of Reynolds Document Services at Reynolds and Reynolds.
"Reynolds already offers an extensive documents product portfolio,
along with well-known expertise in business forms compliance for
dealerships. By acquiring these additional documents, software and
services business, Reynolds will be able to serve an even broader
set of markets and customers even more effectively."
The divestiture is expected to close by the end of
2016.
About Wolters Kluwer Governance,
Risk & Compliance
Wolters Kluwer Governance, Risk & Compliance (GRC) provides
legal, finance, risk and compliance professionals and small
business owners with a broad spectrum of solutions, services and
expertise needed to help manage myriad governance, risk and
compliance needs in dynamic markets and regulatory environments.
Its prominent brands include: AuthenticWeb(TM), Bankers
Systems®, BizFilings®, Capital Changes, CASH
Suite(TM), CT Corporation, CT Lien Solutions, ComplianceOne®,
Corsearch, Expere®, GainsKeeper®, LegalVIEW®, OneSumX®, Passport®,
TyMetrix® 360, Uniform Forms(TM), VMP® Mortgage
Solutions and Wiz®.
Wolters Kluwer N.V. (AEX: WKL) is a global leader
in information services and solutions for professionals in the
health, tax and accounting, risk and compliance, finance and legal
sectors. Wolters Kluwer reported 2015 annual revenues of €4.2
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.
For more information about our solutions and
organization, visit www.wolterskluwer.com, follow us on Twitter,
Facebook, LinkedIn, and YouTube.
About Reynolds and Reynolds
Reynolds and Reynolds is a leading provider of automobile
dealership software, services, and forms to help dealerships
deliver better business results and transform the customer
experience. The company is headquartered in Dayton, Ohio, with
major operations in Houston and College Station, Texas, and Celina,
Ohio. The company also serves automotive retailers in Canada,
United Kingdom, and several European countries.
(www.reyrey.com)
Media Contacts:
Annemarije Pikaar
Senior Manager, External Communications
Wolters Kluwer Global Corporate Communications
+31 172641470
press@wolterskluwer.com
Chuck Miller
Director,Corporate Communications
Wolters Kluwer Governance, Risk & Compliance
+1-320-217-9193
charles.miller@wolterskluwer.com
Thomas Schwartz
Director, Corporate Communications
Reynolds and Reynolds
+1-937-485-8109 (office)
+1-937-269-9569 (mobile)
thomas_schwartz@reyrey.com
Analysts/Investors
Contact:
Meg Geldens
Vice President, Investor Relations
Wolters Kluwer
+31172 641 407
meg.geldens@wolterskluwer.com
PDF version of Press
Release
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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 NV via Globenewswire
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