Dallas-based financial tech company Blucora defended the synergies of its two businesses during its investor day after a proxy fight earlier this year called them into question.
Blucora, which has about 900 employees, with around 80% working in the Cypress Waters development, is divided between two businesses. It has a wealth management division, Avantax Wealth Management and Avantax Planning Partners, with $85 billion in client assets. And it has a tax service business, TaxAct, that had approximately three million consumers and 23,000 professional users last year.
New CEO Chris Walters’ task this year is to prove the two companies work together to create value for investors.
“We’re committed to the two businesses and think they deliver real value,” Walters said in a call after the meeting.
The CEO, who has been at the helm since January 2020, said the company thinks it can grow its assets under management by $2