TAXWORKS ACQUIRED TaxWorks, a Kaysville, Utah-based software vendor, has changed its name to Red Gear Technologies on the heels of its March acquisition by tax giant H&R Block.
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Red Gear will operate as a separate entity, said spokesperson Alan Haacke. However, he said the company had decided that because it will be marketing products such as its ArkWorks and eGWorks products outside the tax preparation industries, it would change its name from TaxWorks.
THOMSON REPLACES HISTORIC NAMES
Thomson has completed a rebranding of its units and products in the tax and accounting market with the name Thomson Tax & Accounting replacing several historic names, including Creative Solutions and Practitioners Publishing.
TTA is now comprised by three organizations: Professional Software & Services, that includes the Creative Solutions and GoSystem lines, the Corporate Software & Services Group encompassing the Fast-Tax and InSource lines, and the Research & Guidance business which has the RIA and PPC brands.
CCH'S WOLFE MOVES
Catherine Wolfe, who had served as CCH's vice president of tax and accounting publishing, has been named CEO of Wolters Kluwer U.K., a unit of Wolters Kluwer Law & Business.
Wolfe has spent 20 years with CCH, which is owned by Wolters Kluwer. Before joining the tax and accounting unit, she had served as publisher of CCH Health and Human Resources.
MORNINGSTAR NET JUMPS
Morningstar saw its net income rise to $15.8 million for the first quarter ended March 31, up 17.9 percent from $13.4 million in last year's corresponding period as revenue shot up 36 percent.
First quarter revenue was $95.4 million, compared to $70.1 million a year earlier. The results included $12.2 million from acquisitions made in 2006 and 2007. Revenue for the advisor segment, largely from sales of the Advisor Workstation, hit $26 million, up $21.8 million in last year's first quarter while the segment's operating income rose to $6.9 million, up 13 percent from $6.1 million.
ADP CITES PAYROLL REVENUE
Payroll processor ADP said that it will recognize about $12 million in revenue this year from payroll operations that it has acquired from Intuit.
Intuit sold its Premier products and part of its Complete Payroll line to ADP for up to $125 million, with the final price contingent on how many of the affected 25,000 customers stick with ADP. Intuit built the business with its 1999 purchase of the former Computer Resources and the 2002 acquisition of CBS Payroll.
ADVENT NET DROPS
Net income for Advent Software fell sharply for the first quarter ended March 31 as an 11.7 percent increase in expenses outstripped a 10 percent rise in revenue.
Earnings dropped to $439,000 for the most recently ended period, down from $3.4 million a year earlier, as revenue hit $48 million, up from $43.7 million in last year's corresponding period. The rise in expenses produced a $50,000 operating loss, compared to operating income of just over $1 million a year earlier. Meanwhile, interest and other income fell to $518,000, down from $1.3 million. Last year's first quarter also reflected an income tax benefit of just over $1 million.
EFILE WOES HIT INTUIT
Software problems in two different systems jammed up Intuit's electronic filing for both its consumer and professional tax business during the last days of the 2007 tax season.
In a letter to customers, Sasan Goodarzi, VP Intuit professional tax business, said two separate database errors caused the problem. Intuit promised Lacerte and ProSeries customers that Intuit would reimburse e-file fees and pay penalties for any affected returns.
CCH SPREADS TAXWISE PRODUCTS TO ATX
CCH has been spreading its products to ATX from its TaxWise operations to broaden the ATX offerings.
The TaxWise document management, fixed asset and trial balance lines are now being offered through ATX, says Jeff Gramlich, president of small firm services, the unit that CCH created to handle the lines that it acquired last year.
"We are also levagering the write-up product from CCH," says Gramlich. But he said his group will largely build its own applications to complete the product line.