H&R Block to acquire VC-backed Wave Financial for $537 mn

H&R Block Inc (NYSE: HRB) has agreed to acquire Wave Financial, a Toronto-based provider of financial management software to small businesses. The deal, expected to close in the next few months, will see H&R Block pay about $537 million (US$405 million) in cash. Founded in 2010 and led by CEO Kirk Simpson, Wave provides accounting, invoicing, payroll and payments solutions, as well as bookkeeping services, to more than 400,000 small businesses every month. H&R Block, a Kansas City, Missouri-based tax preparation business, said the deal will enhance its position in the small business market. Wave has raised more than $100 million in venture capital financing, including a $32 million round closed in 2017.