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AVALARA FOLDS IN TAXCIENT
A company run by some Intuit alums, Taxcient, has merged with sales-and-use tax vendor Avalara, which continues on a growth track. The management of San Diego-based Taxcient includes CEO Larry Wolfe, who retired as an SVP at Intuit a few years ago, and its chairman, former Intuit CEO Bill Harris.
Taxcient was described as supplying Web-based sales tax automation services and also tax filing and compliance services for large businesses. Avalara did not spell out the terms of the merger; however, a filing with the SEC showed it used $5 million in an offering of exempt equity securities "as part of a share exchange in conjunction with a merger." Taxcient adds to a broadening Avalara product line which include electronic filing company, TrustFile, acquired in 2007, and sales tax software company, Independent Systems and Programming, which it bought in 2008.
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