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H&R Block said last week its newly acquired Wave software business registered revenue growth of 50 percent for the first quarter ended July 31. During the webcast for earnings for the quarter, Block added Wave had revenue growth of more than 40 percent year-over-year “over the last several years”.
Block closed the purchased on July 1 and its one month under the tax services company’s ownership produced $3.6 million in sales.
Originally, Block expected to have nine months of Wave revenue of about $40 million to $45 million for fiscal 2020 but the deal closed earlier. That nine-month forecast translated into annualized revenue of about $53.3 million to $60 million.
Ironically, Block found value in the fact Wave has little market recognition. “We love the fact that this is a brand that is still unknown,” CEO Jeff Jonessaid during the webcast. “So we still see opportunity to deliver this value proposition to more people.”
At the time the deal was announced, Block said Wave will not be profitable anytime soon.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
