TechTaffy

tech:

taffy

InfoSpace To Buy TaxACT For Around $287 Million

By TechTaffy Desk

[Techtaffy Newsdesk]

Metasearch products company InfoSpace has signed a definitive agreement to acquire TaxACT, a provider of online tax solutions, for $287.5 million in cash. The acquisition is subject to satisfaction of customary closing conditions and is expected to close in the first quarter of 2012.

Based in Cedar Rapids, Iowa, TaxACT has approximately 70 full-time employees, and had more than five million tax filers last season, with the vast majority of those customers filing online.

InfoSpace will fund the acquisition through a combination of cash on hand and debt, and has secured a commitment for approximately $95 million of financing in connection with this transaction. Upon completion of the acquisition, 2nd Story Software, the operating company for the TaxACT business, will become a wholly-owned subsidiary of InfoSpace, and will continue operations in Cedar Rapids, Iowa as a standalone business unit led by the TaxACT management team.

 

Just in

Around the web

ChatGPT search tool vulnerable to manipulation and deception, tests show — The Guardian

OpenAI’s ChatGPT search tool may be open to manipulation using hidden content, and can return malicious code from websites it searches, a Guardian investigation has found; writes Nick Evershed. 
Public Sector

SAIC secures $170.9M cybersecurity contract with Texas Department of Information Resources

Science Applications International Corp. (SAIC) has been awarded a $170.9 million contract by the Texas Department of Information Resources (DIR) to provide cybersecurity services.
Series A

Infinant raises $15M

Charlotte, NC-based Infinant, a bank platform provider, has raised $15 million in a Series A funding round.
AI

Lockheed Martin partners with IBM to enhance AI tools for defense applications

Lockheed Martin is integrating IBM’s Granite large language models (LLMs) into its AI Factory.
IT

Zettabyte, Foxconn ink data center partnership

Zettabyte, a company specializing in AI data center software and infrastructure, has entered into a partnership with Hon Hai Technology Group (Foxconn).