Bellevue-based Blucora is expanding its diverse set of product offerings today with the announcement that it plans to acquire Rancho Cucamonga, California Monoprice, an online retailer of speakers, cables, switches and other consumer electronics accessories. It’s a pretty hefty deal too, with Blucora paying $180 million in cash for the 11-year-old business.
“Monoprice is a disruptive participant in large markets for electronics and tech accessories where purchasing is rapidly moving online,” said Blucora CEO William J. Ruckelshaus. “The company has deeply loyal customers and significant runway ahead. We are tremendously impressed with the Monoprice team and excited about our future together.”
Monoprice, which generated $131.1 million for the 12-month period ended on June 30th, will continue to operate as a standalone business after the transaction is completed.
Formerly known as InfoSpace, Blucora diversified its business last year when it paid $287 million for TaxACT, a provider online tax preparation services. That business grew 19 percent during the second quarter to $22.7 million in revenue. It also continues to operate the InfoSpace search business, which grew 16 percent to $94.5 million.
In total, Blucora, which released second quarter earnings today, saw its revenues rise 16 percent to $117.2 million. Net income fell 13 percent to $8.4 million.
Shares of Blucora jumped more than six percent in trading this morning, up to $21.31. The shares are up 36 percent this year.