Wolters Kluwer, a global leader in professional software solutions, today announced that Fosun Group has selected its award-winning CCH Tagetik Corporate Performance Management (CPM) software to help drive the digital transformation of its group finance operations.

Established in 1992, Fosun encompasses four core businesses: Health, Happiness, Wealth, and Intelligence, all experiencing steady growth. Wealth includes insurance and asset management. In response to the company’s rapid expansion, and to further promote its industrial operation, Fosun Group will use the CCH Tagetik CPM platform’s intuitive interface, built-in financial intelligence, and automated workflows to fulfil the following objectives: 

1. Establish a standardized financial framework through digital construction.
2. Deliver timely and precise information to support innovation, international expansion, and in-depth industrial operations.
3. Enhance the efficiency of asset management and group-level accounting services, while advancing digital intelligence in financial operations and financial management.

Tangchen Wu, Director of Financial Informatization Department, Fosun Group, said: "CCH Tagetik is a powerful, strategic financial intelligence platform, which integrates budgeting and management reporting. CCH Tagetik will empower Fosun Group to collect, analyze and report budget management data, in a way that supports operational growth, internal collaboration and strategic planning."

Michael Chung, Greater China Managing Director of CCH Tagetik at Wolters Kluwer, added: “CCH Tagetik is the ideal platform to support Fosun Group's continuous commitment to innovation, and will accelerate the company’s continued global expansion, by advancing the digital transformation of its business and finance processes. CCH Tagetik’s open architecture seamlessly integrates with Fosun Group's existing business and finance applications, and will empower Fosun Group to flexibly customize the platform to fulfil its unique business requirements.”

Fosun Group has also chosen PwC, an internationally renowned financial consulting service provider, as the implementation partner for the project.

It’s been a busy month for Wolters Kluwer Corporate Performance and ESG (CP & ESG), the division which encompasses four award-winning business units – CCH Tagetik, Enablon, OneSumX for Finance, Risk & Regulatory Reporting (FRR) and TeamMate.

Just yesterday Wolters Kluwer’s recently launched CCH Tagetik Global Minimum Tax solution was named New Product of the Year in the Business Intelligence Group’s annual BIG Awards for Business. Wolters Kluwer launched its new CCH® Tagetik Global Minimum Tax solution in April of 2023, to help multinational companies prepare for 2024 Organisation for Economic Co-operation and Development (OECD) Pillar Two reporting requirements. The solution helps multinational companies collect, align, calculate and report integrated finance and tax data in accordance with the new OECD requirements. It also helps CFOs better understand how Pillar Two regulations will impact their business model and operations.

And earlier this week the company announced that it had increased its Overall Score in the Chartis RiskTech100—moving from 69.3% in last year’s report to 69.49% this year—also raising its scores across the Core Technology, Customer Satisfaction, Market Presence and Innovation categories.

As previously reported Wolters Kluwer established its CP & ESG division in March 2023 to meet the growing demand from corporations and banks for integrated financial, operational, and ESG performance management and reporting solutions. The division was recently named among the leading global providers of ESG software in the inaugural, prestigious Green Quadrant: ESG Reporting and Data Management Software 2023 report from Verdantix, an independent research firm. The company was also named a “Top Vendor” in the inaugural 2023 Environmental, Social, and Governance Reporting (ESG) Market Study, published by Dresner Advisory Services.