Avalara went public on June 15, 2018 with shares sold at $24 each. In documents filed this week with the SEC, the company based the estimated proceeds on a recent trading price of $67.64 per share.
Avalara anticipates use of the proceeds will include headcount expansion, continued investment in sales and marketing efforts, product development, general and administrative matters, and working capital. While a portion may be used to acquire or invest in companies, technologies or products, Avalara’s says it has no agreements for acquisition or investments. In public statements this year, executives have indicated international expansion, along with acquisition of content, are major initiatives this year. At the company’s Crush conference in April, CEO Scott McFarlane said the hiring of three executives, including a president, will enable him to give more attention to those areas.