Avalara picks up $96m to make compliance less taxing

Cloud-based tax compliance company Avalara has raised $96m in a new round that takes its total funding to more than $300m.

The investment comes from Warburg Pincus, Technology Crossover Ventures and Sageview Capital.

The Washington (state) company provides sales tax management tools for both small and large businesses that integrate into the companies’ existing software platforms.

Avalara raised $42m last year from Technology Crossover Ventures and says that $46m of the new capital will be used to buy shares back from early investors.

Company CEO Scott McFarlane said, “This financing offers some long-term individual shareholders a liquidity event, while enabling more recent institutional investors to increase their stake.”

Copyright © 2016 FINTECH GLOBAL