Avalara, a Seattle-based provider of cloud-based services that enable e-commerce companies to navigate thousands of separate local and national taxing jurisdictions, has filed papers for an initial public offering that would raise up to $150 million.
Avalara, a provider of cloud-based services that enable e-commerce companies to navigate the thousands of separate local and national taxing jurisdictions in the U.S. and elsewhere, has filed papers for an initial public offering that would raise up to $150 million.
The company, which moved its headquarters to Seattle after growing for years on Bainbridge Island, says its automated systems last year “processed an average of over 16 million tax determinations per day.”
Avalara sells its services on a subscription basis and primarily serves midmarket customers with 20 to 500 employees, although “businesses across industries and of all sizes, ranging from small businesses to Fortune 100 companies, use our solutions,” its filing says.
Its revenues grew to $213.2 million last year, up 73 percent from 2015, while its losses narrowed to $64.1 million from $77.8 million. In the first three months of this year, it rang up $61.4 million in revenue and a loss of $15.2 million.
Most Read Stories
- Snohomish County man has the United States’ first known case of Wuhan coronavirus
- 5 of the Seattle area's most changed neighborhoods: We crunched the data on population, income, jobs
- 'We were before our time': Remembering the fight to change King County's namesake from a slave owner to a civil-rights leader VIEW
- Did the Seahawks make a mistake by letting Richard Sherman go?
- How white families with young children can work to undo racism
Avalara has previously raised more than $300 million from investors, largely from New York-based private-equity firm Warburg Pincus. In 2016, Avalara raised a $50 million funding round, which it planned to use for two acquisitions. The company has had an aggressive acquisition strategy, buying at least 15 companies since it was founded in 2004.
Avalara’s initial filing does not specify a pricing range for the IPO, nor the number of shares to be sold. Goldman Sachs and JPMorgan are the lead underwriters.
Two companies in Washington state went public last month. Vancouver-based nLight, which makes semiconductor and fiber lasers for industrial and aerospace companies, went public April 26. Its stock is now trading up 88 percent from its IPO price.
Bellevue-based Smartsheet, which makes collaboration and project management software, went public the next day. The stock is now up about 37 percent from its IPO price.