Cinven to acquire TaxAct from Blucora for $720m.

Cinven, a private equity investment firm, agreed to acquire TaxAct, a developer of tax preparation software and web-based services, from Blucora, a provider of technology-enabled financial services, for $720m. Cinven will bring the business together with existing portfolio company Drake Software under a single holding company. "Since investing in Drake in 2021, Cinven has set out to support the company's growth plans, including expanding its presence in the professional tax preparation market, renewing its technology platform and enhancing its product offerings for the benefit of Drake's tax professional customers. The addition of TaxAct's consumer tax preparation platform will further strengthen Drake's capabilities to anticipate and serve the needs of all types of customers as today's tax landscape becomes increasingly sophisticated. This transaction exemplifies Cinven's track record of working with companies to support their growth and capability expansion strategies, creating better products for customers and increasing opportunities for employees," Chris Good, Cinven Partner.