Norway-based Orkla selects Wolters Kluwer’s CCH Tagetik

By Megha Bhattacharya

CCH Tagetik, part of Wolters Kluwer Tax & Accounting, has signed an agreement with Norway-based Orkla in a bid to support them in replacing their legacy consolidation solution. The CCH Tagetik unified platform will replace their legacy systems and Orkla will utilize the platform for their statutory consolidation, management, and financial reporting, including IFRS 16 Lease Accounting and iXBRL.

“We are grateful for Orkla’s selection of the CCH Tagetik platform to drive their business-critical consolidation process. This selection adds another key customer in the Nordic region and further demonstrates the global trend we see of legacy system replacements. Customers are tired of the challenges they face because their old solutions don’t keep up with their needs. Luckily, CCH Tagetik provides an innovative yet proven alternative.” said Jonas Qvarfordt, Sales Director, CCH Tagetik Nordic at Wolters Kluwer.

According to CCH Tagetik, Orkla will have a flexible platform with built-in financial intelligence that is finance owned and maintained where modifications can be done without scripting or relying on IT. The company is a supplier of branded consumer goods to the grocery, out-of-home, specialized retail, pharmacy and bakery sectors.

“The CCH Tagetik Finance Transformation Platform is a strong, unified solution which is expandable, owned by finance, and has rich functionalities allowing us to continue to improve post-launch,” said Daniel Don Nilsen, Business System Controller, Orkla. “We were impressed with their competence, ability to mobilize internally and with their partner network. In addition, all the references reaffirmed our selection, and we got a broad set of perspectives on the platform.”

Recently, Wolters Kluwer Governance, Risk and Compliance (GRC) announced that it has signed an agreement to acquire digital lending software provider eOriginal for €231 million in cash. The acquisition is expected to extend GRC Compliance Solutions’ position in U.S. mortgage and loan document generation and analytics. Completion of the transaction is subject to customary closing conditions and expected before the end of 2020.