Cinven snaps up tax preparation software provider TaxAct for $720M

London-based private equity firm Cinven has announced plans to acquire online tax preparation software provider TaxAct in an all-cash deal worth around $720 million.
TaxAct offers a range of online tax tools and products, targeting individuals, small businesses, and professional tax preparers. The company’s history can be dated back nearly 25 years, when it was founded out of Cedar Rapids, Iowa, initially as 2nd Story Software. In the intervening years, it expanded to the cloud and was eventually acquired for $287.5 million by Blucora (then known as InfoSpace) in 2012 before officially c

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