RBS Citizens provides InfoSpace $105 million in financing for TaxACT acquisition
Timely financing assists in acquisition of leading provider of online tax solutions
BOSTON, MA (April 23, 2012) – RBS Citizens announced today that it has provided $105 million of acquisition financing to InfoSpace, a leading developer of internet search products, to support the company’s acquisition of TaxACT, a leading provider of online tax solutions. The acquisition was closed and funded to meet a strategic deadline set by InfoSpace.
“We are pleased to have been able to provide expedited financing to InfoSpace in connection with this strategic acquisition,” said Robert Rubino, EVP and Head of RBS Citizens Corporate Finance & Capital Markets. “This creative financing solution is now enabling InfoSpace to realize the benefits of the TaxACT acquisition in the 2011 tax season.”
Based in Bellevue, Washington, Infospace is a leading provider of distributed online search solutions. The company’s technology combines the top results from several of the largest search engines, delivering fast and comprehensive search results.
TaxACT is a leading provider of online tax solutions. With approximately 70 full-time employees, TaxACT is a leader in the large and growing $20 billion tax preparation market. The company, based in Cedar Rapids, Iowa, had more than 5 million filers last season, with the vast majority filing online. TaxACT’s many offerings are available through a secure online delivery system, complemented by desktop downloads as well as technical expertise.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc., is a $130 billion commercial bank holding company. It is headquartered in Providence, R.I., and through its subsidiaries has more than 1,500 branches, approximately 3,900 ATMs and approximately 19,700 colleagues. Its two bank subsidiaries are RBS Citizens, N.A., and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont; and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in more than 30 states. CFG is owned by RBS (the Royal Bank of Scotland Group plc). CFG’s website is citizensbank.com