Blucora (BCOR, $33.70) announces $100 million share buyback and new acquisition plans
Blucora shares surged nearly +20% Tuesday, after the tech-enabled tax management & financial services company announced that it will spend $100 million on share buybacks, and that it plans to acquire tax-focused wealth management company 1st Global.
Chief Financial Officer Davinder Athwal said that Blucora is focused on debt reduction and investments towards achieving long-term organic growth. He indicated that the $100 million share repurchase program would be an additional tool to deliver value to shareholders, and is a part of the company’s cash redeployment strategy.
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Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
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