”It’s a natural and complimentary step beyond tax,” Avalara CEO Scott McFarlane said during the company’s recent earnings webcast. BL offers software, services and management for the research, acquisition and management of business license, acquisition and permits for organizations of all sizes. McFarlane noted that the wide-ranging world of licenses include basic business licenses, occupancy permits, permits for healthcare and childcare facilities, and a myriad of licenses and permits for regulated industries, such as alcohol, fuel, insurance, banking and, hazardous materials. Tracking all of these can be onerous, particularly for big companies, McFarlane noted. “Large enterprises have to manage hundreds, if not thousands of licenses across their businesses,” he said. McFarlane said the deal will both expand the channels available to Avalara and benefit existing networks. “We believe BL will be particularly valuable to our accounting channel, market place and ecommerce platform partners,” he said.
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AVALARA ENTERS BIZ LICENSE MARKET Featured
Sales and use tax software company Avalara has entered a new regulatory market with the acquisition of Business Licenses. Avalara is paying $97 million in stock and cash—including a $21 million, four-year earnout, for the Monsey, N.Y.-based target.
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