Software Equity Group's Client, KnowledgePoint, Acquired By CCH (a Division of Wolters Kluwer)
(CHICAGO, March 15, 2000) – Wolters Kluwer U.S. (WKUS), Chicago, and KnowledgePoint, Petaluma, Calif., said today that WKUS has acquired the international human resources management company. KnowledgePoint will become part of CCH INCORPORATED (CCH), Riverwoods, Ill., a leading provider of human resources management and employment law information and software, and a Wolters Kluwer U.S. company. Terms of the deal were not disclosed.
The agreement brings together two very prominent and respected names in the professional human resources (HR) marketplace. For more than 85 years, CCH’s Health and Human Resources group has provided HR professionals and attorneys with authoritative and timely information and software for understanding and complying with employment-related laws and regulations. KnowledgePoint is the trusted market leader in HR management software, as well as an innovative developer of Internet and specialized business solutions.
"KnowledgePoint will allow CCH to expand its existing presence in the human resources market, providing current and new customers with an extended range of software, customized tools and information," said Rebecca K. Hensley, president and CEO, CCH. "Most important, CCH can pursue further an integrated system of content, software applications and customized HR management systems delivered over corporate intranets. Acquiring KnowledgePoint propels CCH into a firm position of providing a business-to-business Internet portal with high sales growth potential."
Established in 1987, KnowledgePoint provides HR professionals and managers with customizable software that combines productivity tools with expert information. Among its most well-known Internet and software products are Performance Impact, the company’s popular performance management system; Performance Now for creating comprehensive employee performance appraisals; Descriptions Now, which helps managers develop job descriptions that comply with employment laws; Policies Now, which supports the development of policies and employee handbooks; and People Manager, an HR information system.
In addition, KnowledgePoint operates HRTools.com (www.hrtools.com), a virtual HR department on the Web, which presents an extensive selection of subscription-based and free HR applications and information for organizations. It reached more than 30,000 registered users in 1999 and CCH expects this to more than double by the end of the year. HRTools.com sales are expected to accelerate through incremental e-commerce revenue streams from related products and services of CCH and other Wolters Kluwer companies.
In recent years, KnowledgePoint has moved aggressively into providing enterprise performance management solutions that combine network, intranet and hosted applications to help large organizations effectively manage their employees’ performance. The company is a pioneer in hosted software, first offering online applications in 1997.
"Marrying CCH’s rich content with KnowledgePoint’s technology know-how opens up substantial new opportunities for customers of both companies," said Michael Troy, president, KnowledgePoint. "With CCH behind us, we’ll be able to move even more vigorously to develop and bring new and essential products and services to employers."
CCH tracks, reports, explains and analyzes law related to employment, worker safety, Social Security and pension and benefit administration. Its flagship products include Human Resources Management, CCH Pension Guide, U.S. Master Employee Benefits Guide and CCH Shared Learningä Training. In addition, the company operates the CCHâ Internet Research NetWorkä , a standard-setting Internet site for HR research and news.
CCH said the current line-up of KnowledgePoint products will remain under the KnowledgePoint brand name and product development will be accelerated.
"Under the new ownership, we will be able to greatly expand our product offerings sooner than anticipated," said Troy. "It put us in a rapid growth phase."
KnowledgePoint’s 2000 revenues are projected to be approximately $9.1 million. The company currently employs approximately 65 people in Petaluma.
Since 1987, KnowledgePoint has been a leading developer of knowledge-based human resource management systems. The company’s award-winning portfolio includes Windows-based, intranet, Web and hosted solutions for enterprise, small businesses and individual managers.
With the creation of HRTools.com, KnowledgePoint plans to provide the most comprehensive, trusted and widely distributed online business center helping small to mid-sized employers manage their employees. KnowledgePoint is at [email protected] or on the Web at www.knowledgepoint.com.
About CCH INCORPORATED
CCH INCORPORATED, founded in 1913, has served four generations of business professionals and their clients. The company produces approximately 700 print and electronic products for tax, legal, securities, human resources, health care and small business markets. CCH is a wholly owned subsidiary of Wolters Kluwer U.S. The CCH web site can be accessed at www.cch.com and its Human Resources Group web site can be accessed at http://hr.cch.com.
About Wolters Kluwer U.S.
Wolters Kluwer U.S., headquartered in Chicago, is a unit of Wolters Kluwer nv, Amsterdam. North American operations include a number of highly respected companies specializing in tax, legal and regulatory products and services, including Aspen Publishers, CCH Canadian, CCH INCORPORATED, CCH Legal Information Services and CCH Tax Compliance.