Avalara is offering three million shares in a secondary offering the company estimates will raise $193.2 million. The proceeds could be as high as $222.3 million if the underwriter’s over-allotment option is exercised.

Estimates were based on a price of $67.64 per share. The cloud sales tax company said this week anticipated use of the proceeds include headcount expansion, continued investment in sales and marketing efforts, product development, general and administrative matters, and working capital. A portion may also go to acquire or invest in companies, technologies or products. Avalara’s SEC filing says it has no agreements for acquisition or investments. Avalara went public on June 15, 2018  with shares sold at $24 each. In public statements this year, executives have indicated international expansion, along with acquisition of content, are major initiatives this year. At the company’s Crush conference in April, CEO  Scott McFarlane said the hiring of three executives, including a president, will enable him to give more attention to those areas.

Last modified on Wednesday, 05 June 2019
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