Wolters Kluwer Tax & Accounting (TAA) has agreed to acquire Belgian fintech company Isabel Group’s accountancy portfolio of European cloud-based financial workflow automation and data exchange solutions in an all-cash deal worth €325m.
Under the terms of the agreement, Wolters Kluwer TAA will snap up Isabel Group’s CodaBox, Clearnox, ClearFacts, Flowin, and Zoomit.
Codabox is a bank account statements, credit card statements, payroll data and e-invoices solution while ClearFacts facilitates digitalisation of the document flow between accountants and entrepreneurs.
The fintech firm’s Clearnox is an accounts receivable management solution while Flowin is an e-invoicing application programming interface (API).
All these cloud-based solutions ensure the secure and frictionless transfer of bank statements, invoices, and other relevant data. This enhances client collaboration and helps accounting firms and their clients meet e-invoicing compliance needs throughout Europe.
Isabel Group board of directors chairman Bram Somers said: “We are proud to have built such strong products and services for the accounting sector with Isabel Group.
“We are convinced that Wolters Kluwer Tax & Accounting is the ideal partner to further build on the success of these services.”
The solutions are said to be leveraged by more than 8,000 accounting professionals, 380,000 small-and-midsize enterprises (SMEs), and corporate clients. They help professionals boost efficiency and enhance their clients’ experience.
Through the acquisition, Wolters Kluwer TAA aims to bolster its existing European tax and accounting solutions. The deal will also enable the firm to provide end-to-end coverage of the accountants’ workflow from pre-accounting to post-accounting.
Wolters Kluwer TAA CEO Jason Marx said: “Isabel Group’s portfolio of leading accountancy solutions aligns perfectly with our vision to enable tax and accounting professionals and businesses of all sizes to drive productivity, navigate change, and deliver better outcomes.
“This acquisition, which complements the services we provide to Wolters Kluwer customers today, will deliver innovative platforms that deepen the collaboration between accountants and SMEs.”
Subject to regulatory approvals and customary conditions, the transaction is anticipated to be completed in the second half of 2024.
