---
schema_version: "secwatch.filing_event.v1"
accession: "0001387131-22-012659"
form_type: "8-K"
ticker: null
cik: "0001068875"
company_name: "AVANTAX, INC."
filed_at: "2022-12-22T23:59:59+00:00"
generated_at: "2026-06-20T23:49:29.256007+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Blucora completes $720M sale of TaxAct tax software to Cinven; becomes pure wealth management firm

## Summary
- Sold TaxAct for $720M cash; proceeds used to repay $521M term loan, leaving $256M cash pro forma at Sept 30, 2022.
- Pro forma net loss from continuing operations of $17.2M for 9M 2022 and $39.8M for FY 2021; company now only Avantax Wealth Management.
- Directors Steven Aldrich and Mary Zappone will not stand for reelection; board size reduced from 11 to 9 at 2023 annual meeting.
- President of TaxAct Curtis Campbell transferred to buyer and ceased as executive officer upon closing on Dec 19, 2022.
- Entered transition services agreement (up to 6 months) and sublease agreement with buyer for ongoing arrangements.

## SEC filing metadata
- accession: 0001387131-22-012659
- form_type: 8-K
- cik: 0001068875
- company_name: AVANTAX, INC.
- filed_at: 2022-12-22T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1068875/000138713122012659/0001387131-22-012659-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1068875/000138713122012659/bcor-8k_121922.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001387131-22-012659
- JSON: https://secwatch.observer/filing/0001387131-22-012659.json
- Plain text: https://secwatch.observer/filing/0001387131-22-012659.txt

## Key facts
- Executive change
  Curtis Campbell departed as President of TaxAct and Blucora Software at AVANTAX, INC..
  - Action: ceased to be an executive officer
  - Role: President of TaxAct and Blucora Software
  source text: Curtis Campbell, the President of TaxAct and Blucora Software, transferred to an affiliate of Buyer and ceased to be an executive officer of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1068875/000138713122012659/0001387131-22-012659-index.htm
- Executive change
  Mary Zappone departed as Director at AVANTAX, INC..
  - Action: not stand for reelection
  - Role: Director
  source text: Steven Aldrich and Mary Zappone notified the Company on December 19, 2022 of their intention not to stand for reelection at the 2023 annual meeting of the Company’s stockholders
  evidence_url: https://www.sec.gov/Archives/edgar/data/1068875/000138713122012659/0001387131-22-012659-index.htm
- Executive change
  Steven Aldrich departed as Director at AVANTAX, INC..
  - Action: not stand for reelection
  - Role: Director
  source text: Steven Aldrich and Mary Zappone notified the Company on December 19, 2022 of their intention not to stand for reelection at the 2023 annual meeting of the Company’s stockholders
  evidence_url: https://www.sec.gov/Archives/edgar/data/1068875/000138713122012659/0001387131-22-012659-index.htm
- M&A Transactions
  AVANTAX, INC. completed a disposition involving Franklin Cedar Bidco, LLC, an affiliate of Cinven for $720 million in cash (closed 2022-12-19).
  - Action: disposition
  - Counterparty: Franklin Cedar Bidco, LLC, an affiliate of Cinven
  - Consideration: $720 million in cash
  - Closing: 2022-12-19
  source text: On December 19, 2022, Blucora, Inc., a Delaware corporation (the “ Company ”), completed the previously announced sale of its tax software business to Franklin Cedar Bidco, LLC, a Delaware limited liability and an affiliate of Cinven (“ Buyer ”), in accordance with that certain Stock Purchase Agreement, dated as of October 31, 2022 (the “ Purchase Agreement ”), by and among the Company, TaxAct Holdings, Inc. (f/k/a Avantax Holdings, Inc.), a Delaware corporation and a direct subsidiary of the Company (“ TaxAct ”), Buyer and DS Admiral Bidco, LLC, a Delaware limited liability company, for an aggregate purchase price of $720 million in cash, subject to customary purchase price adjustments (the “ Transaction ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1068875/000138713122012659/0001387131-22-012659-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.