Blucora, Inc. (NASDAQ: BCOR) was established in 1996, formerly known as InfoSpace, Inc., changed to its current name in June 2012 (stock code changed from INSP to BCOR), headquartered in Irvine, Texas , With 690 full-time employees, is a financial solution that provides technical support for American consumers, small business owners, tax professionals, financial consultants and certified public accounting firms.
Blucora, Inc. (BCOR):
Blucora operates through two departments, namely Wealth Management and Tax Preparation.
Wealth Management provides financial advisors with an integrated platform for brokerage, investment consulting and insurance services.
Tax Preparation Department (Tax Preparation) provides digital, do-it-yourself tax preparation solutions through TaxAct.com; and ancillary services, including refund payment transfer, audit defense, stored value cards, gift cards, retirement investment accounts and electronic application services. The department also provides professional tax preparation software so that professional tax preparers can prepare and submit personal and corporate declarations.
Blucora, Inc. (BCOR) History:
- The company was founded after Naveen Jain left Microsoft in March 1996, and was named Infospace at the time. The company initially had six employees, and Jain served as CEO until 2000. InfoSpace provides content and services to website and mobile device manufacturers, such as phone books, maps, games and information on the stock market. The company develops at low cost and does not need to use a co-branding strategy to provide funding. Websites such as Lycos, Excite, and Playboy embed Infospace’s functions and content into their websites and add InfoSpace icons to them. InfoSpace makes money by charging a small amount of license, subscription or advertising fees.
- On December 15, 1998, InfoSpace IPO went public and raised $75 million.
- In March 2000, InfoSpace’s stock price reached $1,305.
- By April 2000, InfoSpace had cooperated with 1,500 websites, 60 content providers and 20 telecommunications companies. InfoSpace is well received by Wall Street analysts, and its market value was $31 billion at its peak. It became the largest Internet business in the Northwestern United States. At the height of the dot-com bubble, InfoSpace may have exacerbated the high expectations of Internet companies.
- In July 2000, InfoSpace acquired Go2Net. After the merger, Go2Net CEO Russell Horowitz became President of Infospace. In the same year, InfoSpace reported a profit of US$46 million using controversial accounting methods, but actually lost US$282 million.
- In 2001, Jain regained his role as CEO, but was expelled from the post of Chairman and CEO by the InfoSpace Board of Directors in December 2002.
- In December 2002, Jim Voelker took over Naveen Jain as Chairman, CEO and President of InfoSpace. Voelker quickly closed or sold many of InfoSpace’s 12 businesses and focused on five core areas.
- In 2003, InfoSpace acquired Moviso from Vivendi Universal Net of the United States.
- In April 2003, Jain resigned from the InfoSpace board of directors.
- In 2004, InfoSpace acquired the online yellow pages service Switchboard. It also entered the field of mobile games, acquiring Atlas Mobile, IOMO and Elkware. InfoSpace’s revenue that year was US$249 million, an increase of 89% over the previous year and more than what Jain achieved during the heyday of the Internet bubble.
- In 2007, InfoSpace sold Atlas Mobile studios to Twistbox, Moviso to FunMobility, a mobile content technology company, and then merged IOMO into FinBlade.
- In September 2007, Idearc acquired InfoSpace’s catalog service for $225 million, and Motricity acquired the rest of InfoSpace Mobile for $135 million in October 2007.
- In February 2009, Jim Voelker retired as CEO and President, but still served as chairman of the company’s board of directors.
- From February 2009 to November 2010, Will Lansing (Will Lansing) served as President and CEO of InfoSpace. Under the leadership of Lansing, InfoSpace established an online auction site haggle.com. A year later, it shut down the site and sold its assets to BigDeal.com. William J. Ruckelshaus has been a member of the board of directors since May 2007 and was appointed as CEO in November 2010.
- In January 2012, the company acquired TaxAct and changed its name to Blucora in order to distinguish its name from newly purchased products and the name of the InfoSpace search department. Its NASDAQ stock code was on June 7 Change to BCOR.
- On August 1, 2013, Blucora acquired Monoprice in an all-cash transaction.
- On April 21, 2014, Discovery Communications announced that they had sold HowStuffWorks to Blucora for $45 million.
- On April 4, 2016, John S. Clendening was appointed as the CEO of Blucora.
- In July 2016, Blucora announced the sale of its Infospace business (including HowStuffWorks) to OpenMail for US$45 million in cash. As part of the transaction, Chief Executive Bill Ruckelshaus (Bill Ruckelshaus) was replaced by John Clendening.
- On November 15, 2016, Blucora stated that its headquarters will be moved from Bellevue, Washington to Irvine, Texas. At the same time, the company announced the sale of its online electronic retail business Monoprice to Taiwanese electronics company YFC-BonEagle for a price of US$40 million.
- In January 2020, Blucora announced that Chris Walters would replace John Clendening as President and CEO.