Overview of Transaction

• On June 11, 2019, H&R Block, Inc. (NYSE: HRB) announced that it has agreed to acquire Wave Financial Inc. for $405 million in cash
• Headquartered in Toronto, Ontario, Wave provides award-winning accounting, invoicing, payroll, and payments software solutions, as well as bookkeeping services, built into a comprehensive platform
• Wave has a low-cost customer acquisition model and currently serves over 400,00 monthly active global small businesses
• H&R Block is a global consumer tax services company, providing tax return preparation services through 11,000 company-owned and franchise retail tax offices worldwide as well as tax software for DIY consumers

Significance of Transaction

• This transaction will expand H&R Block’s product and client portfolio as well as enhance its position in the small business space
• H&R Block estimates that the transaction will generate $40 to $45 million of revenue for fiscal 2020
• Following the closing of the transaction, Wave will maintain its leadership team, including Kirk Simpson, operating independently within H&R Block from its headquarters in Toronto, Ontario.

FT Partners' Role

• FT Partners served as exclusive strategic and financial advisor to Wave
• FT Partners also previously advised Wave on its $10 million Series C financing
• This transaction underscores FT Partners’ expertise in sell-side advisory across a broad range of SaaS, financial management, and payments companies that target small businesses