Avalara revs up bid for IPO

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Tax automation software provider Avalara, which announced plans for an IPO in May, plans to raise $150 million by offering 7.5 million shares at a price range of $19 to $21.

The company, which currently employs 1,495 full time workers, just opened its new headquarters this year in Seattle, occupying the top six floors of an 18-floor tower overlooking the Seahawks stadium, CenturyLink Field. Last week, Avalara hired Danny Fields as its chief technology officer and executive vice president of engineering.

Avalara’s growth over its decade and a half of existence has made sense, mirroring the rapid changes in tax law with the explosion of online and remote sales through giants like Amazon. For the 12 months ending March 31, the company booked $226 million in sales for the 12 months ended March 31, 2018. Avalara’s IPO is set to be a “unicorn,” which means it may be valued at more than $1 billion.

Avalara plans to list on the New York Stock Exchange under the symbol AVLR. Goldman Sachs, J.P. Morgan and BofA Merrill Lynch are jointly managing the IPO, which is expected to price during the week of June 11.

Avalara’s main competitors are CCH, Sovos, Vertex and Onesource Indirect Tax, a unit of Thomson Reuters.

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Sales tax software Tax tools IPOs