The acquisition, the largest ever for Avalara, fits Avalara’s plans to move methodically into the enterprise market, but additionally offers the opportunity to push TTR's products into the mid-market. “We are finally in a position with what we consider a highly competitive enterprise product suite,” McFarlane said during a webcast this week. It also provides the company with the ability to sell tax content via subscriptions for the first time. The company recently completed a $500-million public offering that prepared the way. TTR, which has more than 1,400 customers, is expected to add about $20 million to Avalara’s results and adds 130 employees. McFarlane said TTR provides enterprise, content, product, sales, support and customers, and brings what a press release about the deal termed “an enviable database of content that complements, expands, and enriches Avalara’s existing database.” It also adds content in Avalara’s existing markets such as retail, telecommunications, food and grocery, and manufacturing, and contributes new categories including automobile, construction, and financial services. Finally, TTR’s Exemption Certificate Management System will be combined with Avalara’s CertCapture. For the moment, TTR will continue to operate under that name under founder and CEO Shon Holyfield. McFarlane said TTR does not have international content but was alreay working on plans to expand in that direction.
Estimated reading time: 1 minute, 17 seconds
AVALARA GOES UP-MARKET WTH $377M BUY Featured
Avalara has acquired Transaction Tax Resources for about. $377 million in cash, providing what CEO Scott McFarlane this week termed an “enterprise beachhead”. TTR provides information primary to enterprise businesses and their internal tax teams.
Most Read
-
-
May 22 2017
-
Written by mark
-
-
-
May 22 2017
-
Written by BobWScott
-
-
-
May 19 2021
-
Written by BobWScott
-
-
-
May 25 2016
-
Written by mark
-