[Betakit] Wave to be acquired by H&R Block for $537 million CAD
March 2, 2020 | Jani Tsui
Kirk Simpson, Co-Founder and CEO, Paul Marshall, COO, and Ashira Gobrin, Chief People Officer of Wave HQ will be speaking at TechExit.io Toronto on April 29, 2020.
Toronto-based Wave Financial, a financial planning platform for small business owners, is set to be acquired by international tax preparation company H&R Block for $537 million CAD.
It was announced Tuesday that H&R Block has entered into a definitive agreement to acquire Wave, as part of the large financial institution’s strategy to pursue new growth opportunities and grow into the small business market. The acquisition, which is still subject to regulatory approval and closing conditions, expands H&R Block’s product and client portfolio with Wave’s accounting, invoicing, payroll, and payments software solutions and will also see Wave adding H&R Block tax solutions to its suite of products.
Upon closing, the $537 million acquisition would mark one of the largest ever Canadian tech exits, adding Wave to a list that consists of Shopify, Eloqua, Radian6 Technologies, and Kobo. According to data from a June 2018 blog post by OMERS Partner Brian Kobus, Wave would now sit handsomely among the top ten on the ‘Canadian Tech Exit Leaderboard.’