Finance & Beheer06 december, 2023

2023 Gartner® Magic Quadrant™ for Financial Close and Consolidation Solutions

Learn why Wolters Kluwer was recognized as a Leader for its CCH® Tagetik Financial Close and Consolidation software.

Following the recognition as a Leader in the 2019 Gartner Magic Quadrant for Financial Close and Consolidation solutions, we're pleased to share that Wolters Kluwer was once again recognized as a Leader in the 2023 Gartner® Magic Quadrant™* for its CCH Tagetik Financial Close and Consolidation Solution.

Wolters Kluwer’s Ability to Execute and Completeness of Vision are the reasons why it was named a Leader in the report.

According to Gartner®, Wolters Kluwer’s strengths are:

  • Product strategy: Wolters Kluwer provides an extensive product offering extending beyond core capabilities of close, consolidation and reporting, into adjacencies such as ESG and sustainability, tax and insurance. It also offers country-specific consolidation features for France and Japan. 
  • Innovation: Wolters Kluwer has embedded AI and ML across the solution, such as in anomaly detection, COA mapping and predictive insights. It has strong sources for innovation, including strategic co-innovation programs with its partners, allowing for intensive prototyping to identify new areas where AI/ML can be deployed.
  • Implementation support: Wolters Kluwer delivers one of the shortest implementation timelines for large and extra-large clients through its embedded batch loading capability that automates the configuration of legal entities and accounts. It also offers prebuilt financial statement templates that accelerate customer adoption of the solution.**

The CCH Tagetik Financial Close and Consolidation expert solution from Wolters Kluwer supports all close processes from data collection to disclosure, including:

  • Transaction Matching 
  • Account Reconciliation
  • Group Consolidation
  • Financial & Management Reporting 
  • ESG & Disclosure Management 
  • iXBRL  

This AI-based solution extends beyond the limits of traditional financial consolidation software, enabling finance leaders to automate-close adjacent processes while accelerating core processes. What’s more, the solution’s newest functionality, introduced in 2023, empowers users to incorporate corporate tax data, including Global Minimum Tax for BEPS Pillar Two calculations, into their financial close and consolidation processes. 

Through CCH Tagetik Financial Close and Consolidation, Wolters Kluwer:

  • Expands the core capabilities of close, consolidation, and reporting to adjacent processes such as ESG, sustainability, tax, and insurance reporting
  • Innovates transaction matching, anomaly detection, COA mapping, and predictive insights via embedded AI and machine learning
  • Supports fast implementation timelines even for the largest enterprises
Financial Close & Consolidation
Manage your financial close and consolidation with CCH Tagetik's software from local close to group consolidation to regulatory reporting and disclosure.

About CCH Tagetik Financial Close and Consolidation

Our mission is to provide you with tools that augment the scope, speed, and accuracy of the close. Learn how you can use our solutions to make sense of volumes of information and close the books faster. 

About the 2023 Gartner® Magic Quadrant™ for Financial Close and Consolidation Solutions 

Gartner Inc. is a US based research and advisory firm. Every year, they publish the Magic Quadrant. According to Gartner, “A Gartner Magic Quadrant is a culmination of research in a specific market, giving you a wide-angle view of the relative positions of the market's competitors. By applying a graphical treatment and a uniform set of evaluation criteria, a Magic Quadrant helps you quickly ascertain how well technology providers are executing their stated visions and how well they are performing against Gartner's market view.”

The Magic Quadrant places technology providers into a quadrant based on a series of criteria. The positions these providers can assume are described by Gartner as follows:

  • Leaders: execute well against their current vision and are well positioned for tomorrow.
  • Visionaries: understand where the market is going or have a vision for changing market rules, but do not yet execute well.
  • Niche Players: focus successfully on a small segment or are unfocused and do not out-innovate or outperform others.
  • Challengers: execute well today or may dominate a large segment, but do not demonstrate an understanding of market direction.


* Gartner® does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

** 2023 Gartner® Magic Quadrant™ for Financial Close and Consolidation Solutions, 27 November 2023, Nisha Bhandare, Permjeet Gale.

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