IRVING, Texas, (GLOBE NEWSWIRE) -- Blucora, Inc. (NASDAQ: BCOR), a leading provider of tax-smart financial solutions that empower people’s goals, today announced that it closed its previously announced acquisition of 1st Global, Inc., a leader in tax-focused wealth management. The purchase price was $180 million and funded with cash on hand and a $125 million add-on to its existing credit facility, due in 2024.

“We’re excited to announce the closing of the 1st Global acquisition,” said John Clendening, Blucora’s President and Chief Executive Officer. “This acquisition brings together two complementary firms with a shared vision and creates the largest and most capable tax-focused wealth management firm, which enables advisors to minimize taxes, maximize wealth and enable better long-term outcomes for their clients. With increased scale and enhanced capabilities, we are now positioned to provide advisors and their clients with even greater service, support and solutions for years to come. We welcome the 1st Global advisors and employees to Blucora, and look forward to continuing the profitable growth of our combined organization."

About Blucora®

Blucora, Inc. (NASDAQ: BCOR) is on the forefront of financial technology, pioneering tax-smart financial solutions that empower people’s goals. Blucora operates through two primary businesses, HD Vest, the No. 1 tax-focused broker-dealer with $42 billion in total client assets as of December 31, 2018, and TaxAct, the No. 3 tax preparation software by market share with approximately 4 million consumer and professional users. With integrated tax and wealth management, Blucora is uniquely positioned to provide better long-term outcomes for customers with holistic, tax-advantaged solutions. For more information on Blucora, visit www.blucora.com.