InfoSpace Completes Acquisition of TaxACT
31 Janvier 2012 - 10:21PM
Business Wire
InfoSpace, Inc. (NASDAQ: INSP), today announced that it
has completed its previously announced acquisition of TaxACT, a
leading provider of online tax solutions, in a transaction valued
at $287.5 million.
TaxACT offers the only complete free federal tax solution for
“everyone.” Its offerings include a free edition, deluxe edition
and state edition, for individual tax filers, and products for both
business and professional filers. TaxACT’s offerings are available
through a secure online delivery system, complemented by available
desktop downloads and extensive tax and IRS expertise.
“We are extremely pleased to complete the acquisition of TaxACT,
a leader in online tax preparation,” said William J. Ruckelshaus,
President and Chief Executive Officer of InfoSpace. “I am excited
to welcome TaxACT employees to the InfoSpace team, and look forward
to working together to capitalize on opportunities for growth.”
InfoSpace funded the transaction with a combination of cash on
hand and approximately $100 million of debt. The transaction is
expected to be immediately accretive to InfoSpace earnings per
share, and leaves the Company with over $100 million of cash on
hand.
TaxACT Holdings, Inc. is now a wholly-owned subsidiary of
InfoSpace. TaxACT will continue operations in Cedar Rapids, Iowa as
a standalone business unit led by the TaxACT management team.
About InfoSpace, Inc.
InfoSpace operates two independent business units. Our search
business is focused on bringing the best of the Web to Internet
users by providing online search products via third party
distribution partners as well as our own branded web properties.
Our online tax software business operates under the brand name
TaxACT (www.taxact.com) and is a leading provider of online tax
solutions, reliably serving millions of consumers for over a
decade. Additional corporate information may be found at
www.infospaceinc.com and iSpaceBlog.com. You may also follow and
connect with InfoSpace and TaxACT on LinkedIn, Google Plus,
Facebook, Twitter and YouTube.
InfoSpace.com, InfoSpace, Dogpile, MetaCrawler, WebCrawler,
WebFetch, and other marks are trademarks of InfoSpace, Inc. and
TaxACT
This announcement contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this release, and which may
differ significantly from actual results due to various risks and
uncertainties including, but not limited to: general economic,
industry, and market sector conditions; the timing and extent of
market acceptance of developed products and services and related
costs; the successful execution of the Company’s strategic
initiatives, business integration plans, operating plans, and
marketing strategies. A more detailed description of these and
certain other factors that could affect actual results is included
in InfoSpace, Inc.’s most recent Annual Report on Form 10-K and
subsequent reports filed with or furnished to the Securities and
Exchange Commission. InfoSpace, Inc. undertakes no obligation to
update any forward-looking statements to reflect new information,
events, or circumstances after the date of this release or to
reflect the occurrence of unanticipated events.
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