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WK: Axcess Growing Rapidly

Nancy McKinstry, Wolters KluwerThe cloud-based CCH Axcess software line is growing organically at double digits, according to Wolters Kluwer's executives. The statement was made recently by CEO Nancy McKinstry in the company’s webcast for earnings for the year ended December 31.

The product is “driving double-digit organic growth,” McKinistry said during the event. She noted the tax and accounting line is also attracting new customers but did not characterize the rate.

Earnings reached about $827.1 million for 2017, an increase of 37 percent from the prior year. Revenue increased to $5.45 billion, a rise of 3 percent from 2016. North American revenue was 61 percent of the total for 2017, representing 4-percent organic growth.

Worldwide tax and accounting revenue was roughly $1.55 billion, up 10.4 percent, while operating profit of $417.9, was up 8 percent from a year ago, 10 percent in constant currencies and 5 percent organically. North American tax and accounting revenue was 53 percent of the division total.

One area of strong growth was the new Corporate Performance Solutions unit, which includes TeamMate, the company’s audit software.The company said growth is moving from the high single digits into double-digit growth. A focus on growing the sales force worldwide is one of the factors driving revenue.

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