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Hello @Liebesspieler $WKL I also have it on my watch. But what puts me off here and in turn draws me to titles like $NOW and $CRM is the following: Wolters Kluwer has a broad product portfolio, but as I understand it (and I may be getting it wrong because I'm not deep into it) they are not linked to the proprietary data of the companies/customers. And that to me then actually makes it more replaceable and much more at risk from AI than the software companies mentioned above are.
Who is stopping them from writing and marketing tax software (my only point of contact with WKL) with AI? Or setting up any specialist portals? If someone wants to do that, surely they can do it with Claude and whatever they're all called at any time for a fraction of the cost? That's why I feel that sales are more likely here, i.e. with software titles that are deeply networked and anchored in the company.
I assume you see it differently, otherwise you wouldn't have invested. I would therefore be very interested in your opinion on this. Because purely from the figures, this looks like a sensible investment.
Who is stopping them from writing and marketing tax software (my only point of contact with WKL) with AI? Or setting up any specialist portals? If someone wants to do that, surely they can do it with Claude and whatever they're all called at any time for a fraction of the cost? That's why I feel that sales are more likely here, i.e. with software titles that are deeply networked and anchored in the company.
I assume you see it differently, otherwise you wouldn't have invested. I would therefore be very interested in your opinion on this. Because purely from the figures, this looks like a sensible investment.
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@Keineui I apologize for the late reply.
That's a fair point and I asked myself the same question when I started. The key difference for me is in the word "anchored". Wolters Kluwer does not provide generic tax software, but specialized compliance workflows that are deeply embedded in the processes of law firms, tax advisors and legal departments. The change not only costs money, but above all time, nerves and institutional trust. Structurally, this is a different business than a tool that someone builds with Claude.
I see the AI risk more as an opportunity for WKL than a threat. They have the data, the regulatory credibility and the customer relationships to integrate AI in a meaningful way. A newcomer has none of that. That's the difference between a Moat based on data and trust and a Moat based purely on functionality.
Time will tell whether I'm right in the end. But that's exactly why I buy in tranches and not all at once
That's a fair point and I asked myself the same question when I started. The key difference for me is in the word "anchored". Wolters Kluwer does not provide generic tax software, but specialized compliance workflows that are deeply embedded in the processes of law firms, tax advisors and legal departments. The change not only costs money, but above all time, nerves and institutional trust. Structurally, this is a different business than a tool that someone builds with Claude.
I see the AI risk more as an opportunity for WKL than a threat. They have the data, the regulatory credibility and the customer relationships to integrate AI in a meaningful way. A newcomer has none of that. That's the difference between a Moat based on data and trust and a Moat based purely on functionality.
Time will tell whether I'm right in the end. But that's exactly why I buy in tranches and not all at once
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