Avalara, the tax compliance software company, has raised $180m through its IPO.
Shares of the company jumped 87% on the first day of trading, hitting $44.94 after opening at $35. Shares were priced at $24 in the company’s IPO last week
Seattle-based Avalara is a cloud-based software provider which delivers a broad array of compliance solutions related to sales tax. It helps businesses of all sizes achieve compliance with their international VAT and transactional tax obligations.
Last year, Avalara’s revenue climbed 27 percent to $213.2m, driven by rising demand from digital commerce companies that have to navigate numerous state and local tax laws.
The company offers full service sales tax management tools utilising ‘progressive technology’ to automate the burden of statutory transactional tax compliance.
Its Compliance Cloud platform helps customers manage complicated and burdensome tax compliance tasks imposed by state, local, and other taxing authorities throughout the world. Avalara offers more than 500 pre-built connectors into leading accounting, ERP, ecommerce and other business applications.
The RegTech processes billions of indirect tax transactions, file hundreds of thousands of tax compliance documents and tax returns, and manage millions of exemption certificates and other compliance related documents each year. In addition to its headquarters in Seattle, WA and we have offices across the US, UK, Brazil, Belgium and India.
To date, the company has raised more than $340m from the likes of Battery Ventures, Sagview Capital, Arthur Ventures, Warburg Pincus and Technology Crossover Ventures.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
