Dec 16 U.S. tax accounting software company Avalara Inc has interviewed banks to help prepare for an initial public offering (IPO) that could come in 2017 and value the company at roughly $1 billion, people familiar with the matter said on Friday.
Avalara’s offering would be another indication that the market for technology IPOs is thawing.
Founded in 2004, Avalara simplifies tax management through its cloud-based software that helps companies figure out how to comply with tax law in different jurisdictions. The Seattle-based company has raised more than $200 million in venture capital, including from Warburg Pincus, TCV, Sageview Capital and Battery Ventures. Warburg Pincus alone invested $100 million in the company in 2014.
Avalara has acquired more than a dozen companies, including, in 2013, PC Matrix Master, a database of tax information.
Reuters (16 Dec)
