Avalara Ranked One of the Fastest Growing Companies in North America on Deloitte’s 2018 Technology Fast 500™
SEATTLE, WA — November 16, 2018 — Avalara (NYSE: AVLR), a leading provider of tax compliance automation software for businesses of all sizes, today announced it ranked on Deloitte’s Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences, and energy tech companies in North America.
“Throughout 2018, Avalara has witnessed rapid changes in global tax regulation, as well as announcements and technology updates within our own organization that have attributed to our growth,” said Scott McFarlane, CEO of Avalara. “We look forward to continuing to improve and increase our offerings to help businesses get tax compliance right and further our growth as a company.”
Overall, 2018 Technology Fast 500 companies achieved revenue growth ranging from 143 percent to 77,260 percent from 2014 to 2017, with median growth of 412 percent. Avalara recorded 158 percent revenue growth during this period.
Among the key factors Avalara attributes to its rapid growth are two pivotal events in 2018: the company's initial public offering and the Supreme Court decision in South Dakota v. Wayfair, Inc. In June, the Supreme Court of the United States ruled that a remote seller’s “economic and virtual contacts” with a state could be sufficient to establish substantial nexus, thereby triggering an obligation to collect and remit sales tax. The Wayfair decision represents an enormous change for retail sales tax: In addition to in-state sales, states now have increased authority to tax remote sales.
Avalara’s state-by-state guide to sales tax economic nexus rules can help you determine where you’re at risk for establishing economic nexus.
About Deloitte’s 2018 Technology Fast 500
Deloitte’s Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2014 to 2017.
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, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
Avalara helps businesses of all sizes get tax compliance right. In partnership with leading ERP, accounting, ecommerce, and other financial management system providers, Avalara delivers cloud-based compliance solutions for various transaction taxes, including sales and use, VAT, excise, communications, and other indirect tax types. Headquartered in Seattle, Avalara has offices across the U.S. and around the world in the U.K., Belgium, Brazil, and India. More information at avalara.com.
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