On June 11, 2019, H&R Block Inc., announced it has entered into a definitive agreement to acquire Wave Financial, a Toronto based FinTech startup that provides business accounts and debit cards to small business. The acquisition, while still subject to regulatory approval and closing conditions, would mark as one of the largest ever Canadian tech exits.
Wave provides a suite of financial services and online software for small businesses. The company manages more than $244 billion in income and expense transactions for its customers, including $16 billion in annual invoicing.
H&R Block is an American tax preparation company operating in North America, Australia, and India.
Osler, Hoskin & Harcourt LLP represented Wave Financial with a team consisting of Chad Bayne, Gary Marshall, Justin Dharamdial, Matthew Griffin, Horatiu Porime, Jeremy Lin (Emerging and High Growth Companies), Dov Begun, Paul Seraganian (Tax), Damian Rigolo (Employment), Lynne Lacoursière (Executive Compensation), Shuli Rodal (Competition).