Wolters Kluwer Tax and Accounting Acquires Ci3

25 September 2008

Wolters Kluwer Tax and Accounting has acquired CI Consultancy Limited (Ci3), a leading international developer and supplier of operational risk control solutions to financial institutions and corporations worldwide. Wolters Kluwer Tax and Accounting, a unit of Wolters Kluwer, is a leading provider of tax, accounting and audit information, services and software solutions serving professionals in the U.S., Europe, Canada and Asia Pacific under the CCH brand name.

Ci3, based in Dublin, Ireland, serves over 3,000 users in Europe, North America and Asia Pacific, with enterprise risk management (ERM) software, governance, risk and compliance software and IT consulting services to provide corporations with a comprehensive view of operational risk in conjunction with audit activities.

Ci3's flagship product, SWORD, a leading ERM system, which provides financial institutions with a configurable system for measuring, monitoring and managing operational risk and compliance. Ci3 also develops and delivers complementary IT solutions in the fields of credit risk, market risk, portfolio and asset management and corporate banking, as well as general IT consulting services.

The acquisition of Ci3 will enable Wolters Kluwer Tax and Accounting to extend its audit strategy into the area of enterprise risk management. In 2007, Wolters Kluwer Tax and Accounting advanced its presence in the internal audit arena by acquiring from PricewaterhouseCoopers TeamMate, the leading integrated audit productivity software suite serving corporate internal audit departments and government agencies worldwide.

Wolters Kluwer Tax and Accounting will now leverage the CCH TeamMate internal audit management solution to further differentiate Ci3's SWORD application, and offer new integrated solutions to professionals.

"With CCH's existing strength in the corporate internal audit market, our expanding global footprint and the resources we can invest in product expansion, this acquisition will significantly advance our ability to meet the growing need for tightly integrated audit and risk management solutions across the full spectrum of the market," said Wolters Kluwer Tax and Accounting CEO Kevin Robert.

"We're very pleased that Ci3 is now part of the Wolters Kluwer family," said Seamus O'Farrell, Managing Director, Ci3. "The leverage and reach of the Ci3 SWORD ERM application and CCH TeamMate offers a compelling value proposition that will deliver new efficiencies and improve output for both audit and risk management processes, benefiting professionals worldwide."

Ci3 has 36 employees, and they will join the Wolters Kluwer Tax and Accounting organization. Ci3 will continue to operate out of Dublin as a stand-alone business line within Wolters Kluwer Tax and Accounting.

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