M&A Deal Summary

Avantax Acquires Summit Wealth Advocates

On August 22, 2023, Avantax acquired financial services company Summit Wealth Advocates

Acquisition Highlights
  • This is Avantax’s 4th transaction in the Financial Services sector.
  • This is Avantax’s 15th transaction in the United States.
  • This is Avantax’s 1st transaction in Minnesota.

M&A Deal Summary
Date 2023-08-22
Target Summit Wealth Advocates
Sector Financial Services
Buyer(s) Avantax
Deal Type Add-on Acquisition

Target

Summit Wealth Advocates

Prior Lake, Minnesota, United States
Summit Wealth Advocates is a Minnesota-based wealth management firm with approximately $330 million in total client assets. Summit Wealth Advocates is based in Prior Lake, Minnesota.

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Buyer(S) 1

Buyer

Avantax

Coppell, Texas, United States
Category Company
Founded 1983
Sector Financial Services
Employees727
Revenue 666M USD (2022)
DESCRIPTION

Avantax delivers tax-focused financial planning and wealth management solutions for financial professionals, tax professionals and CPA firms, supporting its goal of minimizing clients’ tax burdens through comprehensive tax-focused financial planning. Avantax has two distinct, but related, models within its business: the independent Financial Professional model and the employee-based model. Avantax was incorporated in 1983 and is based in Coppell, Texas.

DEAL STATS #
Overall 18 of 19
Sector (Financial Services) 4 of 5
Type (Add-on Acquisition) 15 of 16
State (Minnesota) 1 of 1
Country (United States) 15 of 16
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-01 TaxACT

Dallas, Texas, United States

TaxACT provides online tax preparation software and electronic filing services. TaxACT is available via the internet to individual taxpayers and paid preparers as online tax preparation programs or as downloadable desktop software. TaxACT was founded in 1998 and is based in Dallas, Texas.

Sell $720M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-09-26 SEP Financial Services

Goshen, New York, United States

SEP Financial Services specializes in tax-focused financial planning and wealth management. SEP Financial Services provides comprehensive financial advice, including wealth management solutions tailored to minimizing clients' tax burdens. SEP Financial Services is based in Goshen, New York.

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