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AVALARA TO STAY ON M&A TRAIL Featured

Avalara will continue to invest in acquisitions this year, CFO Ross Tennenbaum said this week. Tennenbaum made the comment as the sales tax company published guidance for the rest of. 2021 during a webcast for earnings for the first quarter ended March 31.

"We expect our full year 2021 non-GAAP operating loss to be in the range of $15 million to $19 million, reflecting a ramp in more aggressive investments for M&A integration, sales and marketing and research and development,” Tennenbaum said. He also reported that with the recent release of 22 integrations with a variety of products, Avalara now has connections to more than 1,000 third-party packages. For the most recently ended period, Avalara lost slightly less than $30 million, nearly double the $15.3 million loss a year earlier. Revenue for the most recently ended period was $153.6 million, an increase of 37.8 percent from $111.4 million a year earlier. Tennenbaum said the results incorporated $10.5 million of revenue from acquired companies with the total for 2021expected to hit $37 million. This includes results from newly purchased Inposia and Davo. CEO Scott McFarlane said revenue increase reflected “new customer wins across a wide range of industry, segments and geographies, and we experienced strong customer retention and solid upsell activity.” McFarlane also said the company won more large multiproduct deals and g more cross-sell wins from its acquisitions.

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