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Avantax, Inc. (NASDAQ: AVTA) is a company that specializes in delivering tax-intelligent wealth management solutions primarily designed for financial professionals, tax professionals, and CPA firms. The company's goal is to help minimize clients' tax burdens through comprehensive tax-focused financial planning. Avantax operates two notable business models: the independent Financial Professional model known as Avantax Wealth Management® and the employee-based model referred to as Avantax Planning Partners℠.
Avantax Wealth Management® collaborates with a nationwide network of financial professionals who operate as independent contractors. This model offers services through its registered broker-dealer, registered investment advisor (RIA), and insurance agency subsidiaries, making it a leading U.S. tax-focused independent broker-dealer.
On the other hand, Avantax Planning Partners℠ partners with CPA firms to provide their consumer and small-business clients with holistic financial planning and advisory services. This model also operates through its RIA and insurance agency.
As of September 30, 2023, Avantax boasts a sizable portfolio with $82.3 billion in total client assets. Its services are designed to offer tax-centric financial planning and advisory services that enhance the financial well-being of its clients.
In a significant development, Avantax has entered into an Agreement and Plan of Merger with Aretec Group, Inc., a Delaware corporation doing business as Cetera Holdings. This merger, valued at approximately $1.2 billion inclusive of Avantax’s net debt, will see Avantax become a wholly-owned subsidiary of Cetera Holdings. The transaction is expected to close by the end of November 2023, subject to customary closing conditions and stockholder approval.
Recently, Avantax has experienced growth and expansion, attracting several wealth management firms and professionals drawn to its technology, tax-focus, and collaborative community. Notably, a 30-year-old California-based wealth management firm has partnered with the Avantax Community to deliver unified services to clients.
On November 27, 2023, Avantax announced the successful completion of its acquisition by Cetera Holdings. This integration is set to enhance Avantax’s offerings and provide financial professionals and clients with enriched tools and resources. Avantax will continue to operate under its well-regarded brand and maintain its core technology and product services, strengthening Cetera's tax and wealth management capabilities.
For more information on Avantax, you can visit their official website at www.avantax.com.
Avantax, Inc. (NASDAQ: AVTA) will announce its first quarter 2023 financial results on May 8, 2023, after market close. Subsequently, a conference call is scheduled for May 9, 2023, at 8:30 a.m. ET to discuss the results and future outlook. Avantax provides tax-focused wealth management services with approximately $77 billion in total client assets as of December 31, 2022, operating under two business models: Avantax Wealth Management and Avantax Planning Partners. The conference call will be accessible via the Avantax Investor Relations page.
Semrush (NYSE: SEMR), a SaaS platform for online visibility management, has appointed Anna Baird and Steven Aldrich as independent directors, and Brian Mulroy as the new CFO. Baird brings over 30 years of experience in technology, previously serving at McAfee and as CRO at Outreach. Aldrich, with nearly 30 years in tech, has held leadership roles at Intuit, GoDaddy, and others. Mulroy, joining in April 2023, has extensive finance experience, including SVP at Microsoft. These appointments aim to bolster the company's growth strategy in the competitive marketing technology sector.
Avantax, Inc. (NASDAQ: AVTA) announced the completion of its modified Dutch auction tender offer, which allowed shareholders to sell up to $250 million of common stock. The offer, which closed on February 24, 2023, saw approximately 93.9% of shares submitted at a price of $30.00 or less accepted. The proration factor was set at 97.2%. This initiative reflects Avantax's strategic focus on enhancing shareholder value while managing tax-focused financial solutions. As of December 31, 2022, the company managed $77 billion in total client assets.
Avantax (NASDAQ: AVTA) announced the results of its modified Dutch auction tender offer, which expired on February 24, 2023. The company accepted 8,333,333 shares at a price of $30.00 each, totaling $249.99 million, or approximately 17.4% of its outstanding shares as of February 28, 2023. A total of 8,869,382 shares were tendered at or below the accepted price, allowing the company to buy back approximately 93.9% of all auction tenders. The buyback will be funded using cash from prior sales and $170 million borrowed under a term loan facility.
Avantax, Inc. (NASDAQ: AVTA) announced the preliminary results of its modified Dutch auction tender offer to buy back up to $250 million of its common stock. The tender offer, which expired on February 24, 2023, saw approximately 8,876,199 shares tendered, with the company expecting to repurchase about 8,333,333 shares at $30.00 each, totaling around $250 million. This repurchase represents around 17.4% of the company's total outstanding shares. The repurchase will be funded through cash on hand and borrowings under a loan facility.
Avantax reported a successful fourth quarter in 2022, achieving record-breaking recruiting results with approximately $1.7 billion in newly recruited assets, marking a 79% increase from 2021.
66 independent Financial Professionals joined Avantax during this period. The company also continued to attract accounting firms to its employee-based model. With $76.9 billion in total client assets as of December 31, 2022, Avantax aims to provide comprehensive tax-focused wealth management solutions.
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