Avalara Acquires Impendulo to Help Manage and Streamline Insurance Premium Tax Requirements
SEATTLE, WA — December 2, 2020 — Avalara (NYSE:AVLR), a leading provider of tax compliance automation software for businesses of all sizes, today announced that it has acquired Impendulo Limited, a London-based provider of insurance tax compliance solutions. Financial terms of the transaction were not disclosed. Led by Chris James, founder and managing director, Impendulo gives Avalara access to the global insurance compliance business, a new market that could benefit from automation technology.
Impendulo offers insurance tax compliance management technology and services, specializing in support for multinational insurance companies. Impendulo helps its clients in a multistep process from acting as the required in-country tax representative and agent, to providing rate calculations, filings, returns, and audit support. Similar to many other types of indirect tax, regulations vary regionally. For example, in the United States, insurance brokers often file and pay on behalf of those purchasing the insurance, whereas in Europe, insurance companies mainly have the legal obligation to file and pay directly.
“Insurance companies continue to accelerate or mature their digital strategies, and with Chris at the helm of Avalara’s insurance compliance strategy, we have the opportunity to build out a solution that will disrupt this industry,” said Jayme Fishman, SVP of corporate development at Avalara. “The expertise and leadership from Impendulo will expand our reach to new segments, and in turn we will bring technology and automation to improve their current services.”
“This is an exciting and important transition for our business and clients. With the support of Avalara’s deep resources and talent, we have ambitious plans to grow the depth and range of Avalara’s digital services to the insurance sector. As a team we are greatly looking forward to maximizing this opportunity for the benefit of our customers globally,” said Chris James, founder and managing director, Impendulo.
Acquiring leaders in tax compliance verticals has been core to Avalara’s mission and growth strategy since its founding. Last month, Avalara acquired the operational assets of Business Licenses, LLC to expand its platform to include a complementary compliance solution for licensing and registration requirements. With the acquisition of Impendulo, Avalara furthers its mission of being the leading global compliance automation provider.