Blucora to Acquire 1st Global

Blucora (NASDSAQ:BCOR) a company that develops tax solutions with over $42 billion in client assets, announced they are planning to acquire 1st Global, a tax based wealth-management company. As of year-end 2018, 1st Global provided services to clients who manage $18 billion in client assets.

As quoted in the press release:

“This transaction is in line with our strategy to accelerate growth and deliver enhanced results to shareholders,” said John Clendening, President and Chief Executive Officer of Blucora. “Clients are underserved unless their financial advisor has the capability to advise specifically on the tax implications of investment decisions. We now have the opportunity to leverage each businesses’ unique capabilities and technologies to help advisors deepen their relationships with clients while expanding our footprint in the marketplace to drive scale and growth.”

Tony Batman, Chairman and Chief Executive Officer of 1st Global, said, “Given Blucora’s strong business model and demonstrated execution, and the similarities between the businesses, we believe Blucora is the ideal acquirer for us. We know that Blucora shares our vision and that together we are better and stronger with the shared talent and expertise of the two businesses. This will provide our advisors and their clients with even greater service, support and solutions for years to come.”

Click here to read the full press release.