The combination adds approximately $4.4 billion to Blucora’s total client assets, bringing the total to more than $72 billion, with approximately 42% in advisory assets.The complementary nature of the transaction is expected to expand Blucora’s established leadership in tax-aware investing and enhance its ability to better service clients and enable better outcomes. (RTTNews) - Blucora, Inc. (BCOR) has agreed to acquire privately-held HK Financial Services in a stock purchase deal with a price of $160 million.
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Blucora is uniquely able to help people reap those benefits through our integrated suite of products and services, which enable people to accurately file their taxes with optimal deductions and savings, while also giving them the ability to use their tax data for investing.
Blucora, Inc. is on the forefront of financial technology, pioneering tax-smart financial solutions that empower people to achieve their goals. Blucora — the parent of newly rebranded IBD Avantax Wealth Management — agreed to pay $160 million to acquire HK Financial Services, the Dallas-area firm said Jan. 7.
The firm services 4,100 advisory clients and 11,000 retirement-plan participants.“The simple implication is we ought to close more business by offering tax professionals and CPAs more options to better serve their tax client base while transforming the value of their practice. "ProEquities has enjoyed a wonderful partnership with HK Financial for the last 20 years, and we are proud of the role we have played in supporting their success over this time," spokesman Michael Dugan said in an emailed statement.Representatives for Blucora and Fidelity didn’t respond to requests for comment on the timing of any potential BD or custody switch. Blucora Announces Planned Acquisition of HK Financial Services News | January 7, 2020. Minimum 15 minutes delayed. Sign up today.
The publicly traded company will now buy HK Financial Services for $100 million, down from $160 million in the original agreement, but adds a contingency agreement for performance-based payouts.
Blucora, Inc. (NASDAQ: BCOR), a leading provider of tax-smart financial solutions that empower people’s goals, today announced it has entered into an agreement to acquire privately-held HK Financial Services (HKFS), a CPA-focused, (captive) registered investment advisor (RIA). Securities offered through ProEquities, Inc. will fluctuate in value and are subject to investment risks including possible loss of principal.“This transaction further reinforces Blucora’s strategy of delivering tax-advantaged wealth management solutions to advisors and end-clients while maintaining healthy margins and profitable growth,” said John Clendening, President and Chief Executive Officer of Blucora. When used in this release, terms such as “believes,” “estimates,” “should,” “could,” “would,” “plans,” “expects,” “intends,” “anticipates,” “may,” “forecasts,” “projects” and similar expressions and variations as they relate to the Company or its management are intended to identify forward-looking statements.
Blucora, Inc. Acquires HK Financial Services.
Louie Rosalez, President of HK Financial Services, said, “Blucora embodies our mission to take a holistic approach to serving our clients’ wealth management needs, and is the ideal partner for HKFS.