BCOR

Faces & Voices of Recovery Warns Against Harmful Cuts to Vital Programs for Addiction Recovery Support

Retrieved on: 
Saturday, April 29, 2023

WASHINGTON, April 29, 2023 /PRNewswire-PRWeb/ -- Faces & Voices of Recovery is committed to bringing together the millions of Americans impacted by addiction and their families, friends, and allies. By forming recovery community organizations and networks, Faces & Voices aims to advocate for and promote the resources and rights necessary for long-term recovery through education and leadership.

Key Points: 
  • Therefore, Faces & Voices of Recovery recommends Congress, invest in treatment and recovery support services.
  • WASHINGTON, April 29, 2023 /PRNewswire-PRWeb/ -- Faces & Voices of Recovery is committed to bringing together the millions of Americans impacted by addiction and their families, friends, and allies.
  • By forming recovery community organizations and networks, Faces & Voices aims to advocate for and promote the resources and rights necessary for long-term recovery through education and leadership.
  • Therefore, it is imperative that we do not allow vital programs that support addiction recovery to be cut.

Avantax Announces Appointment of Tabitha Bailey as Chief Legal Officer and Corporate Secretary

Retrieved on: 
Thursday, January 26, 2023

DALLAS, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Avantax, Inc. (NASDAQ: AVTA) (formerly known as Blucora, Inc. (NASDAQ: BCOR)), a leading provider of tax-focused wealth management services, today announced that Tabitha Bailey has been appointed Chief Legal Officer and Corporate Secretary, succeeding Ann J. Bruder, who has stepped down from her role as Chief Legal, Development and Administration Officer after nearly six years in the role.

Key Points: 
  • DALLAS, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Avantax, Inc. (NASDAQ: AVTA) (formerly known as Blucora, Inc. (NASDAQ: BCOR)), a leading provider of tax-focused wealth management services, today announced that Tabitha Bailey has been appointed Chief Legal Officer and Corporate Secretary, succeeding Ann J. Bruder, who has stepped down from her role as Chief Legal, Development and Administration Officer after nearly six years in the role.
  • Ms. Bruder has agreed to continue to work with Avantax in a consulting role through the end of June to support the transition.
  • “Tabitha has been a meaningful member of the Avantax team since she first joined the company, and we are very pleased to announce her appointment as Chief Legal Officer and Corporate Secretary.
  • Prior to Avantax, Ms. Bailey spent just under two years as Vice President, General Counsel and Corporate Secretary at TransAtlantic Petroleum Ltd.

Blucora Announces New Corporate Name and Ticker Symbol

Retrieved on: 
Wednesday, January 25, 2023

DALLAS, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Blucora, Inc. (NASDAQ: BCOR), a leading provider of tax-focused wealth management services, today announced a corporate name change to Avantax, Inc. and a change of its NASDAQ ticker symbol from “BCOR” to “AVTA” effective as of 12:01 a.m. Eastern Time on Thursday, January 26, 2023 (the “Effective Date”).

Key Points: 
  • DALLAS, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Blucora, Inc. (NASDAQ: BCOR), a leading provider of tax-focused wealth management services, today announced a corporate name change to Avantax, Inc. and a change of its NASDAQ ticker symbol from “BCOR” to “AVTA” effective as of 12:01 a.m. Eastern Time on Thursday, January 26, 2023 (the “Effective Date”).
  • Despite this name change, the CUSIP number (095229100) remains unchanged.
  • On the Effective Date, the Company’s common stock will be quoted under the new name “Avantax, Inc.,” and the Company’s ticker symbol will be updated to “AVTA.” No action is required by existing Blucora stockholders with respect to the name or ticker change.
  • This name and ticker symbol change is an extension of that transformation and aligns with our goal to raise awareness of Avantax as a pure-play, tax-focused wealth management business."

Blucora Enters into $270 Million Amended and Restated Credit Facility

Retrieved on: 
Tuesday, January 24, 2023

DALLAS, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Blucora, Inc. (“Blucora” or the “Company”) (NASDAQ: BCOR) announced today that the Company and certain of its wholly-owned subsidiaries entered into a credit agreement (the “Amended and Restated Credit Agreement”), which amended and restated the Company’s existing credit agreement, dated May 22, 2017, as amended.

Key Points: 
  • DALLAS, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Blucora, Inc. (“Blucora” or the “Company”) (NASDAQ: BCOR) announced today that the Company and certain of its wholly-owned subsidiaries entered into a credit agreement (the “Amended and Restated Credit Agreement”), which amended and restated the Company’s existing credit agreement, dated May 22, 2017, as amended.
  • The Amended and Restated Credit Agreement provides for a delayed draw term loan facility of up to a maximum principal amount of $270 million and also provides for a revolving credit facility with an additional commitment amount of $50 million.
  • The Amended and Restated Credit Agreement will allow the Company to fund shareholder repurchases and be used for general corporate purposes.
  • No amounts were borrowed under the delayed draw term loan facility or the revolving credit facility as of January 24, 2023.

Blucora Acknowledges Director Nomination Notice from Engine Capital

Retrieved on: 
Monday, January 23, 2023

DALLAS, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Blucora, Inc. (“Blucora” or the “Company”) (NASDAQ: BCOR) today disclosed that on January 20, 2023, Engine Capital LP (together with its affiliates, “Engine”) provided notice of nomination of a candidate for election to Blucora’s board of directors at the 2023 annual meeting of stockholders. Engine’s candidate was previously proposed by Engine privately. The Board has engaged extensively with Engine’s candidate and determined today that the candidate’s skills and experience are not additive to those of the Board.

Key Points: 
  • DALLAS, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Blucora, Inc. (“Blucora” or the “Company”) (NASDAQ: BCOR) today disclosed that on January 20, 2023, Engine Capital LP (together with its affiliates, “Engine”) provided notice of nomination of a candidate for election to Blucora’s board of directors at the 2023 annual meeting of stockholders.
  • Blucora is executing well on all of the Company’s key initiatives and is performing for its stockholders.
  • We are proud of the hard work of the Blucora leadership team and believe Blucora has the right plan, Board and leadership to continue to create value for Blucora’s stockholders.
  • The Blucora Board will provide recommendations on each item on the agenda for that meeting in Blucora’s definitive proxy statement.

Blucora Announces Closing of TaxAct Sale

Retrieved on: 
Monday, December 19, 2022

DALLAS, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Blucora, Inc. (“Blucora” or the “Company”) (NASDAQ: BCOR) today announced the completion of its previously announced sale of its tax software business, TaxAct, to an affiliate of Cinven for $720 million in cash, with after-tax net cash proceeds of approximately $620 million. Blucora expects to return $400 - $450 million of capital to shareholders and today announced its plan to repurchase up to $250 million of its shares of common stock through a modified "Dutch Auction" tender offer in the first quarter of 2023. In addition, its Board of Directors has authorized the repurchase of up to $200 million of Blucora common stock.

Key Points: 
  • DALLAS, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Blucora, Inc. (“Blucora” or the “Company”) (NASDAQ: BCOR) today announced the completion of its previously announced sale of its tax software business, TaxAct, to an affiliate of Cinven for $720 million in cash, with after-tax net cash proceeds of approximately $620 million.
  • In addition, its Board of Directors has authorized the repurchase of up to $200 million of Blucora common stock.
  • With the completion of the TaxAct sale, Blucora is now a pure-play wealth management company and is moving forward with its rebranding to Avantax, focusing on its success in providing tax-focused wealth management through its independent broker dealer (IBD), Avantax Wealth Management, and its employee-based registered investment advisor (RIA), Avantax Planning Partners.
  • Centerview Partners LLC and PJT Partners are acting as financial advisors, and Haynes and Boone, LLP and Sidley Austin LLP are serving as legal advisors to Blucora.

Avantax Wealth Management Hosts 1,100 Affiliates, Educational Partners and Home Office Staff at National Conference in Atlanta

Retrieved on: 
Wednesday, November 30, 2022

DALLAS, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Power of Community drove the Avantax Wealth Management National Conference 2022 in Atlanta, where the firm hosted 1,100 independent Financial Professionals, Wealth Management Assistants, Home Office staff, and Educational Partners.

Key Points: 
  • DALLAS, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Power of Community drove the Avantax Wealth Management National Conference 2022 in Atlanta, where the firm hosted 1,100 independent Financial Professionals, Wealth Management Assistants, Home Office staff, and Educational Partners.
  • Because of the way our Financial Professionals, Wealth Management Assistants, Home Office staff, and Educational Partners engage with and support each other, were experiencing success unlike weve seen in the 30-year history of our organization.
  • Avantax Wealth Management provides tax-focused wealth management solutions for financial professionals, tax professionals, CPA firms, and their clients.
  • The wealth management segment of Blucora, Inc. (NASDAQ: BCOR), which includes the Avantax Wealth Management and Avantax Planning Partners brands, had a collective $73 billion in total client assets as of September 30, 2022.

Impactive Capital Issues Letter to Board of Directors of Envestnet, Inc.

Retrieved on: 
Tuesday, November 15, 2022

NEW YORK, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Impactive Capital, LP, together with its affiliates, one of the largest shareholders of Envestnet, Inc. (NYSE: ENV) (“Envestnet” or the “Company”), with an ownership interest of approximately 7.2% today issued an open letter to the Company’s Board of Directors (the “Board”).

Key Points: 
  • Even as revenues almost doubled over the past 5 years, Economic EBITDA is down 40%, while management compensation is up.
  • With respect to the second reason, we were informed that another large shareholder had requested a Board seat, which the Board similarly rejected.
  • A key function of a board is to select a management team who can allocate capital in a way that delivers shareholder returns.
  • Our track record on boards has spanned years and led to over 30% annualized returns for Impactive.

20 Acquisitions in 20 Months Fuel Significant Growth of Avantax’s Employee-based RIA Model

Retrieved on: 
Monday, November 14, 2022

Two years ago, Avantaxs employee-based model had approximately $4.4 billion in total client assets, and a national footprint with a focus on the Midwest.

Key Points: 
  • Two years ago, Avantaxs employee-based model had approximately $4.4 billion in total client assets, and a national footprint with a focus on the Midwest.
  • Avantax refers to its employee-based model as Avantax Planning Partners.
  • Avantax has two distinct, but related, models within its business: the employee-based model and the independent Financial Professional model.
  • Avantax Wealth Management provides tax-focused wealth management solutions for financial professionals, tax professionals, CPA firms, and their clients.

Avantax Recruiting Success Continues During Third Quarter, Driving Year-to-Date Newly Recruited Assets to Approximately $1.3 Billion

Retrieved on: 
Tuesday, November 8, 2022

Financial Professionals are transferring to Avantax from a variety of channels, including large broker-dealers, RIAs and regional firms.

Key Points: 
  • Financial Professionals are transferring to Avantax from a variety of channels, including large broker-dealers, RIAs and regional firms.
  • Our traction with Financial Professionals is growing along with their appetite to access the Avantax network of CPAs and tax professionals.
  • Avantax Wealth Management is a leading U.S. independent broker-dealer that provides tax-focused wealth management solutions for Financial Professionals, tax professionals, CPA/accounting firms and their clients.
  • The wealth management segment of Blucora, Inc. (NASDAQ: BCOR), which includes the Avantax Wealth Management and Avantax Planning Partners brands, had a collective $73 billion in total client assets as of September 30, 2022.