Looking to accelerate its growth in the online and packaged software tax industry, H&R Block yesterday acquired San Diego-based TaxNet Inc., a provider of customized online tax services. Terms of the deal were not disclosed.

"This acquisition brings leadership and product innovation that will serve as a catalyst for short- and long-term growth," said Jeff Yabuki, H&R Block's chief operating officer, in a statement. "Our objective is for H&R Block to be the leader in all aspects of the tax business and the digital market represents an important growth opportunity for the company."

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