Loading...
Loading...
Loading...
- Vista Equity Partners agreed to acquire Avalara, Inc AVLR, a leading provider of tax compliance automation.
- Vista looks to snap up Avalara for $93.50 per share in an all-cash transaction valued at $8.4 billion.
- The purchase price represents a premium of 27% over Avalara's closing share price as of July 6, the last trading day before media reports regarding a potential transaction.
- Also Read: Here's Why Needham Continues To See 105% Upside To Avalara Post Its Analyst Day
- In partnering with Vista, Avalara will look to build on its successful platform by refining its go-to-market strategy, expanding its international workforce, streamlining its systems architecture, and continuing to pursue value-accretive M&A opportunities.
- The transaction will likely close in the second half of 2022.
- Upon completion of the transaction, Avalara's shares will no longer trade on the NYSE and will become a private company. It will continue to operate under the Avalara name and brand.
- Avalara's Q2 revenue of $169.1 million beat the consensus of $153.1 million. The revenue grew by a record 45% year-on-year, driven by subscription and returns revenue strength.
- The EPS of $0.02 beat the consensus loss of $(0.09).
- Price Action: AVLR shares traded lower by 3.77% at $91.95 on the last check Monday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.