Bainbridge Island sales tax software firm Avalara
announced
a $100 million investment Monday.
The injection of capital came from an affiliate of private equity firm Warburg Pincus, according to a news release.
“This investment by Warburg Pincus will allow us to put more dollars to work in our growth initiatives,” Avalara founder and CEO Scott McFarlane said in the announcement. “It also validates our fundamental belief that sales tax compliance automation is inevitable, and Avalara is at the forefront of this movement.”
According to the release, the company’s growth plans include international expansion and strategic acquisitions. Including the investment by Warburg Pincus, Avalara has raised more than $200 million since 2004.
Avalara provides cloud-based software that helps companies comply with complex sales tax requirements. The company’s headquarters are located in the Island Gateway development, near Highway 305.
According to the Puget Sound Business Journal, the Warburg Pincus investment comes amid rumors Avalara could go public.
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