Ernst & Young has finally managed to sell its tax compliance software to Wolters Kluwer Tax & Accounting after the ACCC opposed a deal with Thompson Reuters last year.
The deal, finalised today, sees Wolters Kluwer acquire the Tax Integrator, Fringe Benefits Tax Organiser and Global Integrator products from Ernst & Young Australia for an undisclosed amount.
The competition regulator opposed the original deal between Ernst & Young and Thompson Reuters after it was deemed likely to discourage the entry of new software to market.
"The acquisition of these products is very exciting for Wolters Kluwer as they extend our ability to deliver leading global corporate tax and accounting solutions," Kevin Robert, CEO of Wolters Kluwer Tax & Accounting.
The tax compliance software will be distributed worldwide by Wolters Kluwer through its subsidiary company, CCH.