Wolters Kluwer Italy Signs OEM Agreement with UBmatrix To Deliver XBRL-Enabled Accounting Software

Wolters Kluwer Italy Will Be First to Offer Accounting Software that Allows Companies to Comply to Italian Government XBRL Reporting Requirements

PALO ALTO, CA and KIRKLAND, WA – June 26, 2007 – UBmatrix, Inc., the leading provider of XBRL information exchange solutions, and Wolters Kluwer in Italy, a division of the leading global information services and publishing company, announced today that the companies have signed an OEM agreement.  Under the terms of the agreement, Wolters Kluwer Italy will use UBmatrix XBRL technology in the Balance Sheet accounting software.

“Wolters Kluwer Italy takes it as a point of pride that the company will be the first to offer its accounting packages with an XBRL reporting component to meet the Italian government requirements that become effective at the end of the year,” said Donatella Treu, chief executive officer, Wolters Kluwer Italy.  “We have partnered with the leader in XBRL technology, UBmatrix, which has been intimately involved in the development of XBRL reporting programs.” 

Beginning in 2008, Italy adopts XBRL for the deposit of Annual Financial Statements. Under the provisions of the Italian civil code, more than 850.000, Italian Companies are subject to a mandatory deposit of their approved Annual Financial Statements to the Italian Business Register through the Chambers of Commerce network. Listed companies and companies who prepare consolidated accounts are bounds by IFRS, while all the others are subject to the provisions set by the civil code. A recent law decree (n. 223 of July 2006) provides for the mandatory deposit of annual financial statements related to the year 2007 via electronic support and with a processable format (XBRL) by March 2008. A working group, formed by the two Italian Accountants Professional bodies, the Union of the 103 Italian Chamber of Commerce, Industry and Handcraft with external support from Department of Computer and Management Sciences of the Trento University and the Association of Italian accounting software developers, has developed the taxonomy related to the Italian ‘civil code’ provisions. All Italian companies will therefore be able to deposit their annual accounts in XBRL format using the IFRS taxonomy or the Italian ‘civil code’ related taxonomy.

The required use of XBRL is growing because it allows companies and regulatory agencies to more efficiently and effectively generate, aggregate, validate, exchange and analyze business and financial information. 

“XBRL is rapidly becoming the international standard for financial information reporting and exchange,” said Sunir Kapoor, chief executive officer, UBmatrix, Inc.  “We expect broad and growing customer demand for XBRL solutions, and see our partnership with Wolters Kluwer as an opportunity to help broadly meet that market demand for XBRL software.”

With its agreement with UBmatrix, Inc., Wolters Kluwer Italy will become the first company to offer its accounting (balance-sheet) software with an XBRL reporting component for the creation, validation and rendering of XBRL instance documents.

Wolters Kluwer Italy offers a broad range of customer-specific sources of information, software, and services through the brands like Ipsoa, Osra, Pragma Software, Aterl. Wolters Kluwer Italy has established strong partnerships with its customers to enable innovative product development and delivery of integrated online and software.

“The Italian market is on the way in the adoption of XBRL as the financial reporting standard.  Wolters Kluwer Italy, as one of the Italian leading information services companies, is once again leading the way in product advancement to meet the needs of its customers,” said Thomas Reinemer, Vice President, Business Development, UBmatrix, Inc.

About Wolters Kluwer

Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has 2006 annual revenues of €3.7 billion, employs approximately 19,900 people worldwide and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.

About UBmatrix

UBmatrix, Inc. is the leading provider of XBRL-based information exchange solutions for global organizations and enterprises allowing them to more efficiently and effectively address the challenges of business and financial information management, exchange and reporting.  XBRL is fast becoming the standard for financial information exchange and reporting demonstrated by the XBRL programs being driven by the SEC, FDIC and the European Central Banks. UBmatrix XBRL solutions increase operational efficiency and financial transparency, and ensure reporting accuracy and regulatory compliance.  UBmatrix is based in Silicon Valley with development centers in Kirkland, WA, and New Delhi, India.  For further information, visit www.ubmatrix.com

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