An affiliate of global private equity firm Cinven will pick up the unit in a transaction expected to close by the end of the year.
Blucora Inc. announced Tuesday plans to sell its tax software business, TaxAct, in a $720 million cash deal.
Blucora , which is based in Dallas and provides technology-enabled tax solutions, will streamline its operations and cost structure to solely focus on becoming a pure-play tax-focused wealth management company through its independent broker dealer, Avantax Wealth Management, and its employee-based registered investment advisor, Avantax Planning Partners. The firm will become Avantax upon completion of the transaction.
"NPS scores and retention rates have increased as we have invested in product and customer care enhancements, inclusive of free access to tax experts.
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