Recent history
H&R Block acquired MECA Software, a 1980s PFM company that created the TaxCut software, in 1993.[13] In 1995, H&R Block sold MECA,[14] but retained TaxCut.[15]
The company began to expand in the 1990s into the financial services arena, offering mortgage loans,[16] banking and business services.[17] H&R Block purchased Olde Discount Stockbrokers in 1999[18] and operated as a full-service securities broker-dealer under the name H&R Block Financial Advisors. In 2008, the company sold its H&R Block Financial Advisors unit to Ameriprise Financial for $315 million.[19] At the time, the unit managed $30 billion in assets and employed 900 financial advisors in the U.S.[19]
RSM McGladrey Business Solutions was created in 1999 when H&R Block acquired the assets of McGladrey & Pullen, aside from its auditors and attest services which remained under ownership of McGladrey's partners.[20] Following the acquisition H&R Block became the sixth-largest accounting firm in the U.S.[21] McGladrey had 100 offices in 25 states and offered accounting, consulting, tax services, and international business services to mid-sized companies. Through an alliance with McGladrey & Pullen and other accountancies, the Block subsidiary operated in 70 countries under the RSM International name. In 2011, H&R Block sold the unit back to McGladrey & Pullen.[22]
H&R Block hired Jeff Jones, a former Target Corporation and Uber executive, as president and CEO on October 9, 2017.[23][24] He replaced Tom Gerke, who was interim CEO following the retirement of former CEO Bill Cobb.[23][25] Jones has said he sees H&R Block as a financial services company and a retail company, and aims to grow the company.[25][24]
H&R Block started its first Global Technology Center in India in October 2017. This was created with the vision to grow H&R Block's Product Engineering and IT Solutions Development platforms. It is located in Technopark, Trivandrum, Kerala.[26]
H&R Block announced in June 2019 that it would acquire Wave Financial, a Canadian financial technology company offering bookkeeping, accounting, and payroll services for small businesses.[27] H&R Block acquired Wave for US$405 million (C$537 million).[28][29] Wave operates as an independent subsidiary by Wave CEO Zahir Khoja from Toronto, Ontario.[28]
