Attributes More Than 400 Percent Revenue Growth to Strong Increase in New Customers, High Renewal in Existing Customers
Bainbridge Island, WA — Nov. 13, 2013 — Avalara Inc., a market-leading provider of sales tax and compliance automation services in the cloud, was ranked again in the top 500 on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Avalara’s fiscal year revenue grew over 400 percent from 2008 to 2012.
Avalara Founder and CEO Scott McFarlane credits the company’s strong increase in new customers and high renewal in existing customers as key contributors to its 400 percent-plus revenue growth. “Sales tax is critical to every sales transaction, whether or not it’s charged,” said McFarlane. “Most people think sales tax automation was solved long ago, but that’s not so. The Internet gave Avalara the opportunity to provide a practical solution to a pressing problem for businesses in the US and abroad.
“The increasing complexity of sales and use tax regulation has only amplified the need for our easy, affordable offering,” he continued. “At our core, we believe it’s simply crazy to manage sales tax manually in today’s electronic world, and we’re convinced all sales tax will be automated in the coming years.”
Avalara, which ranked number 233 on Deloitte’s 2013 Technology Fast 500™, previously ranked as a Technology Fast 500™ award winner for both 2011 and 2010.
About Deloitte’s 2013 Technology Fast 500™
Technology Fast 500, conducted by Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private – in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2008 to 2012. In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
Avalara makes sales tax compliance simple and automatic for thousands of customers every day. Its SaaS-based, sales tax and compliance automation software solutions span the compliance spectrum; each year these solutions process billions of financial transactions, manage millions of exemption certificates, file hundreds of thousands of sales tax returns, and remit billions of tax dollars to states nationwide. Recognized as one of America’s fastest growing technology companies, Avalara is integrated with leading ERP and E-commerce software systems that serve millions of small to medium sized businesses. Founded in 2004 and privately-held, Avalara’s venture capital investors include Battery Ventures, Sageview Capital and other institutional and individual investors. Avalara employs more than 500 people at its headquarters on Bainbridge Island, WA and in offices across the U.S. and in Pune, India. More information at: www.avalara.com