M&A Deal Summary

Taxwell Acquires TaxACT

On November 1, 2022, Taxwell acquired internet software and services company TaxACT from Avantax for 720M USD

Acquisition Highlights
  • This is Taxwell’s 1st transaction in the Internet Software and Services sector.
  • This is Taxwell’s largest (disclosed) transaction.
  • This is Taxwell’s 1st transaction in the United States.
  • This is Taxwell’s 1st transaction in Texas.

M&A Deal Summary
Date 2022-11-01
Target TaxACT
Sector Internet Software and Services
Buyer(s) Taxwell
Sellers(s) Avantax
Deal Type Divestiture
Deal Value 720M USD

Target

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.

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Buyer(S) 1

Buyer

Taxwell

Franklin, North Carolina, United States
Category Company
Founded 1977
Sector Software
Employees600
DESCRIPTION

Taxwell is a provider of tax preparation software to professionals and individuals. The Company provides the tools and resources that tax professionals need to build their businesses and properly file federal, state, and local taxes across the country. Drake Software was founded in 1977 and is based in Franklin, North Carolina.

DEAL STATS #
Overall 1 of 1
Sector (Internet Software and Services) 1 of 1
Type (Divestiture) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2022) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-03 EPS Financial

Easton, Pennsylvania, United States

EPS Financial LLC is a provider of comprehensive tax-related financial transaction IT solutions for over 10,000 Electronic Return Originators (“EROs”) nationwide, offering a one-stop-shop for all tax preparer financial transactions.

Sell $43M

Seller(S) 1

SELLER

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 3 of 3
Sector (Internet Software and Services) 2 of 2
Type (Divestiture) 3 of 3
State (Texas) 1 of 1
Country (United States) 3 of 3
Year (2022) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-02 Headquarters Advisory Group

Parsippany, New Hampshire, United States

Headquarters Advisory Group serves CPA firms and law firms in developing plans that help clients determine the direction of their financial strategy. The group helps businesses and individuals create and implement a blueprint for achieving their wealth management goals. Headquarters Advisory Group is based in Parsippany, New Hampshire.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-22 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.

Buy -
Mergr

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