March 21, 2018 – Wolters Kluwer Health announces today that it has completed the acquisition of Firecracker, as originally announced on March 5, 2018. See original announcement at the bottom
About Wolters Kluwer
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information, software solutions, and services for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2017 annual revenues of €4.4 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries, and employs 19,000 people worldwide.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).
Wolters Kluwer Health announces today that it has signed an agreement to acquire Firecracker, an adaptive learning, assessment, and study-planning solution used by more than 20 percent of U.S. medical students.
Firecracker will become part of the Health Learning, Research & Practice group, which produces high quality medical education and practice content under the Lippincott imprint.
Founded in 2009, Firecracker uses a technology- and data-driven approach to improve medical student learning in preparation for high stakes exams, including the United States Medical Licensing Examination (USMLE). The platform, in which more than 85 million questions are answered annually, is powered by an adaptive algorithm that delivers personalized learning and remediation to ensure ongoing retention of content and preparedness for medical school finals and certification exams.
“We’re excited to expand our portfolio of online evidence-based learning tools with Firecracker’s proven technology,” said Diana Nole, CEO, Wolters Kluwer Health. “Combined with Lippincott premium content and solutions, Firecracker enhances our position in the medical education market and helps us further leverage machine learning and advanced technologies to help clinicians deliver the best quality care to patients.”
Firecracker has 16 employees and is headquartered in Boston, Massachusetts. Revenues are recurring in nature and derived from the U.S. market. Wolters Kluwer expects the acquisition to deliver a return on invested capital above its after tax weighted average cost of capital (8%) within three to five years of completion and to have an immaterial impact on adjusted earnings.
Completion of the transaction is subject to customary closing conditions.