Wolters Kluwer has acquired Prosoft Tecnologia, a provider of tax and accounting software based in Sao Paolo, Brazil.
The acquisition is part of Wolters Kluwer’s strategy to expand its lead in the tax and accounting software industry. The Netherlands-based company also owns CCH in the United States. Terms of the acquisition were not disclosed.
“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 Wolters Kluwer CEO Nancy McKinstry in a statement.
Established in 1985, Prosoft is one of the largest tax and accounting software solutions providers in Brazil, with 250 employees, and serving all 27 states.
Wolters Kluwer Tax & Accounting CEO Kevin Robert commented, “Prosoft 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 remain with the company. “We are very pleased to become part of Wolters Kluwer,” Meni said in a statement. “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.”
Prosoft offers a suite of tax, accounting, payroll, document management, and filing software. Its products are used by over 150,000 professional users today. Prosoft products cover all aspects of the recently introduced electronic tax, accounting, payroll and invoicing requirements under “SPED” (Sistema Público de Escrituração Digital), Brazil’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.
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