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Avantax to Be Acquired

Avantax, which reaches the financial planning market through advisors, is being acquired by Cetera Financial Group. The all cash-deal, valued at about $1.2 billion, marks the end of the final piece of Blucora, which had sought to bring together tax software and financial planning.

Blucora was originally comprised by Avantax and TaxAct, the tax preparation software unit that was sold to Drake Software in November. Following that sale, the company changed its name to Avantax. Under Cetera’s ownership, it will be a standalone unit.

Cetera said Avantax will fit into its financial wealth hub. In its communication with Avantax employees, Cetera noted that in their previous deals, they've worked hard to retain as many team members as possible to ensure continuity for advisors.

Cetera, which has more than 9,000 financial professionals, oversees approximately $341 billion in assets under administration and $121 billion in assets under management, as of June 30.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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