Blucora Completes Acquisition of HD Vest

- Purchase Transforms Blucora into a Leading Technology-Enabled Financial Services Company at the Intersection of Tax Preparation and Investment Planning -

Jan 04, 2016, 09:00 ET from HD Vest Financial Services

IRVING, Texas, Jan. 4, 2016 /PRNewswire/ -- Blucora, Inc. (NASDAQ: BCOR) announced today that it has completed the acquisition of the parent company of HD Vest Financial Services® ("HD Vest"), the holding company for the operating subsidiaries providing financial services under the HD Vest name.  HD Vest Investment ServicesSM is the leading independent broker-dealer providing wealth management and advisory solutions specifically for tax professionals.

Under the agreement, HD Vest will remain a stand-alone entity under its current brand, executive leadership team and operating platform. Completion of the transaction transforms Blucora into a leading provider of tax-related financial services, as HD Vest joins Blucora's portfolio of technology-enabled financial services businesses, including TaxACT, a U.S. leader in digital-do-it-yourself (DDIY) tax preparation.

The purchase price for HD Vest was approximately $580 million, paid through a combination of cash on hand and a $425 million credit facility. 

Roger Ochs, President and CEO of HD Vest, said, "Completion of this transaction ushers HD Vest into an important new stage in its evolution.  As an essential operating component of Blucora, we will benefit from the dual advantages of having a financially strong parent company and a strategically aligned sister business in TaxACT.  HD Vest will be well positioned to serve its traditional client base of investors seeking the advice and services of tax-savvy financial professionals, while exploring the cultivation of an additional clientele within an adjacent customer base."

"We are pleased to complete the acquisition of HD Vest," said William J. Ruckelshaus, President and Chief Executive Officer of Blucora. "The transaction brings together HD Vest and TaxACT, the U.S. leader in DDIY tax preparation, and represents a substantial expanded addressable market for both companies. As we integrate, TaxACT's 5.5 million tax filers and 19,500 professional tax preparers will gain seamless access to HD Vest's comprehensive financial advice and technology-enabled advisory solutions.  I am excited to welcome HD Vest employees to the Blucora team and look forward to our future together."

About Blucora®

Blucora, Inc. (NASDAQ: BCOR) is a leading provider of financial management technology and services to consumers, small businesses and tax professionals. Our products and services in tax preparation and wealth management, through TaxACT and HD Vest, help consumers manage their financial lives. TaxACT is an affordable digital tax preparation solution for individuals, business owners and tax professionals. With a mission to empower people to navigate the complexities of tax and finance with ease and accuracy at a fair price, TaxACT is one of the top three visited online tax preparation destinations. HD Vest is the holding company for the group of companies providing financial services under the HD Vest name. Securities offered through HD Vest Investment ServicesSM, Member SIPC, Advisory services offered through HD Vest Advisory ServicesSM.  The HD Vest platform includes the largest U.S. tax-professional-oriented independent broker-dealer providing wealth management solutions to financial advisors nationwide. Supporting more than 4,600 registered financial representatives, As of November 30, 2015, HD Vest had more than $36 billion in assets under administration for individuals, families and small businesses in all 50 states. For more information on Blucora or its businesses, please visit www.blucora.com.

1Investment Advisor 2014 Broker-Dealer Reference Guide, which measured/ranked the top 25 independent broker-dealers by annual revenue.

2As of November 30, 2015

Media Contacts Matthew Griffes / Joseph Kuo Haven Tower Group LLC 424 652 6520 ext. 103 or 424-652-6520 ext. 101 mgriffes@haventower.com or jkuo@haventower.com

 

SOURCE HD Vest Financial Services



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