Santa Barbara Tax Products Group
Santa Barbara Tax Products Group (“Santa Barbara”) is a leading provider of financial products and processing services to the tax preparation industry. Santa Barbara provides its services through third party tax preparation firms, including tax preparers and tax software providers. Customers include Intuit’s TurboTax Online (the largest consumer online tax preparation software) and approximately 25,000 independent tax preparation offices. In late 2014, Santa Barbara merged with Green Dot Corporation (NYSE: GDOT), the largest provider of prepaid debit card products and reloading services in the U.S. The merger generated a significant cash return, while also providing the opportunity to benefit from the continued success of Santa Barbara through potential earn-out payments and as a significant GDOT shareholder. The transaction, which included cash and GDOT stock, was valued at approximately $400 million.