Riverwoods-based Wolters Kluwer said it has acquired Prosoft Tecnologia S.A., a provider of tax and accounting software based in Sao Paulo, Brazil. Terms of the acquisition were nor announced.
The acquisition aligns with Wolters Kluwer's strategy to expand its leading, high growth positions, the company said in a release. Established in 1985, Prosoft is one of the largest tax and accounting software solutions providers in Brazil, with 250 employees.
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"Tax and accounting software is a leading, growing business for Wolters Kluwer, and this acquisition further expands our global position in this area to one of the world's faster-growing geographies," said Nancy McKinstry, CEO of Wolters Kluwer,
Prosoft offers a fully integrated suite of tax, accounting, payroll, document management, and filing software solutions and its products are used by more than 150,000 professional users. Prosoft solutions cover all aspects of the recently introduced electronic tax, accounting, payroll, and invoicing requirements under "SPED" (Sistema Publico de Escrituracao Digital), the country's new Public Digital Bookkeeping System, implemented by the government to improve compliance, auditing, and collection efficiency.
Brazil has an extensive and complex tax system and due to the government's increased emphasis on compliance, there is growing demand for solutions that streamline workflow and mitigate compliance risk. Terms of the acquisition were not disclosed.
Kevin Robert, CEO of Wolters Kluwer Tax & Accounting, added the acquisition "allows us to rapidly establish a significant presence in Brazil while at the same time also advancing our move into cloud-based collaborative solutions."
The management of Prosoft, led by CEO Carlos Meni, will stay with the company.
"We are very pleased to become part of Wolters Kluwer. The combination will allow Prosoft to remain focused on our customers, who are professionals in the fields of tax, accounting, and business. At the same time, with Wolters Kluwer's global reach and expertise in this field, we will be able to strengthen and build on our offerings to deliver even greater value."