WK EBITDA DIPS EBIDTA for Wolters Kluwer's Tax, Accounting & Legal Division, which includes the operations of CCH, dropped by 20.6 percent for the third quarter ended September 30.
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The Dutch company attributed the drop in EBITDA to $27 million from $34 million a year earlier to significant investments in new product development and sales and marketing. TAL revenue rose to $185 million for the most recently ended period, up 5.1 percent from $176 million a year earlier.
MORNINGSTAR PICKS UP IBBOTSON
Morningstar has acquired Ibbotson Associates for $83 million. Both companies market portfolio management systems.
Privately held Ibbotson had revenue of $37 million for fiscal 2005. The acquisition is aimed at strengthening Morningstar's institutional and advisor businesses.
BENNETT'S PAY RISES
Intuit raised the pay of CEO Steve Bennett to $3,762,000 in salary and cash bonus for the year ended April 30, up from $3,550,000 for fiscal 2004.
Bennett also received a restricted stock award of 2.5 million shares, compared to 936,000-share award a year earlier. Among other executives, Brad Smith, named as senior vice president and general manager of QuickBooks last year, saw his salary and bonus rise to $884,712, up from $500,858.
SMARTPROS CHAIRMAN RETIRES
SmartPros, which markets a variety of professional education products, has selected its CEO and vice chairman, Allen S. Greene, as its new chairman.
Greene replaces John F. Gamba. The company has also named John J. Gorman to fill the vacancy on the board of directors left by Gamba.
QB REVENUE JUMPS
Intuit says that its QuickBooks revenue jumped to $178.1 million for the first quarter ended October 30, up 22 percent from a year ago.
The combination of Quickbooks' Simple Start, Pro, and Basic editions rose to 203,000 units for the quarter, up from 152,000 a year earlier. The company sold 3,000 units of its mid-market product, QuickBooks Enterprise Solutions, during the quarter.
PAYCYCLE STARTS PRIVATE-LABEL PROGRAM
PayCycle, which provides Internet-based payroll processing, is giving accounting firms the ability to privately label client payroll.
Founder Rene Lacerte says new program features are firm-branded Web sites to provide payroll services and employee Web sites for retrieving payroll stubs. Meanwhile, Lacerte says he will leave the company to start other ventures.
KLEINROCK UPGRADES INTERFACE
ATX Kleinrock has introduced a CD interface for its tax research products that enables users to launch all of their subscribed products from a single icon.
The enhanced interface for the TaxExpert line eliminates the need for users to select from multiple products installed on the desktop. Also, all functions are now available from the main screen.
COMMERCE BANCORP BUYS EMONEY ADVISOR
Commerce Bancorp has purchased eMoney Advisor, a Conshohocken, Pa.-based company that markets an online financial planning system.
The banking corporation paid $32 million in stock for eMoney Advisor. Commerce said that it plans to dramatically expand the availability of the eMoney's AdvisorPlatform to financial planners.