Avantax, which reaches the financial planning market through advisors, is being acquired by Cetera Financial Group. The all cash-deal, valued at about $1.2 billion, marks the end of the final piece of Blucora, which had sought to bring together tax software and financial planning.Blucora was originally comprised by Avantax and TaxAct, the tax preparation software unit that was sold to Drake Software in November. Following that sale, the company changed its name to Avantax. Under Cetera’s ownership, it will be a standalone unit.
Cetera said Avantax will fit into its financial wealth hub. In its communication with Avantax employees, Cetera noted that in their previous deals, they've worked hard to retain as many team members as possible to ensure continuity for advisors.
Cetera, which has more than 9,000 financial professionals, oversees approximately $341 billion in assets under administration and $121 billion in assets under management, as of June 30.
