Slightly off topic but? interesting to see that WK are getting into acquistions of more “sophisticated” businesses in the PRC.
As we don’t know SASGAS we wonder if it’s the services or access to client base they are buying?
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Wolters Kluwer Financial Services, has announced it has acquired SASGAS, a Chinese provider of regulatory and risk management solutions for the financial services industry.
We are told in the press release? that the move continues a global expansion by Wolters Kluwer in the world financial services market. Last spring, the company concluded an expansion of services in Europe ? including opening an office in Frankfurt, Germany.
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Here’s the remainder of the PR
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SASGAS provides financial reporting software solutions to the foreign and domestic bank market in China. Wolters Kluwer used its subsidiary, FRSGlobal Business, to make the acquisition.
SASGAS, founded in 2002, also helps foreign banks with branches in China and domestic banks address regulatory requirements. It has offices in Shanghai, Beijing, Guangzhou and Shenzhen in China.
With the acquisition, Wolters Kluwer provides services to 64 foreign banks, representing 56 percent of the Chinese market ? including 21 of the top 50 banks. The company has almost doubled its investment in China during the past five years.
Financial terms of the acquisition were not disclosed.
Wolters Kluwer has 30 offices in 20 countries and a total of 19,000 employees.
