London-based private equity firm Cinven has announced plans to acquire online tax preparation software provider TaxAct in an all-cash deal worth around USD 720 million.
Targeting people, small businesses, and tax professionals, TaxAct provides a variety of online tax tools and products. The company was established in Cedar Rapids, Iowa, initially under the name 2nd Story Software, and its history can be traced back nearly 25 years. During this time, it grew to include the cloud and was ultimately bought for USD 287.5 million by Blucora (then known as InfoSpace) in 2012 before changing its name to TaxAct formally the following year.
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Cinven, on the other hand, has recently been on a bit of a buying binge, having made about five acquisitions in the past year alone.
Read More: Cinven snaps up tax preparation software provider TaxAct for $720M
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