Tax & Accounting News

Tax Software Avalara Acquired By Private Equity Firm For $8.4 Billion

8/7/2022

Publicly traded tax software, Avalara, has been acquired by the private equity firm Vista Equity Partners for $8.4 billion.

According to a Bloomberg report:

Vista will purchase Seattle-based Avalara for $93.50 per share in cash, according to a statement Monday, which confirmed an earlier Bloomberg News report. The offer represents a 27% premium to Avalara’s closing price on July 6, the last trading day before news of a potential transaction first emerged.

TechCrunch shared additional details about the deal, noting that Avalara's tax compliance software system is used by a number of well-known companies, including Pinterest, Roku, and Zillow.

Avalara provides businesses with a "funnel" into tax databases around the world to ensure full compliance on a global scale. As TechCrunch explained:

Indeed, many governments around the world collect taxes based on where a service is consumed, rather than where the service provider is located — and keeping on top of which specific service is taxable, and at what rates, is important for running a legally compliant business. Throw into the mix the vast array of variables involved, such as whether a transaction is B2C or B2B or whether a product is digital or physical, and things can get complicated pretty quickly for businesses looking to stay on the right side of local tax laws.

Before its 2018 IPO, Avalara had raised approximately $341 million, though market cap had fallen by around 60% to $6 billion in July 2022.

Now, however, the company has rebounded to over $8 billion as of last week.

On Friday, August 5, 2022, Avalara closed at $95 per share, making Vista's purchase price of $93.50 is slightly lower than market value at the time.

Avalara is expected to be a privately held firm by the end of 2022.

Reuters noted that this acquisition is indicative of a larger trend in which private equity companies have "ramped up dealmaking activity as valuations of companies across sectors have dropped due to a sell-off triggered by high inflation and tightening monetary policy."

Are you intrigued by Vista's purchase of Avalara?

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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