Westbrook fintech agency acquired by Seattle firm

Avalara (NYSE: AVLR), a Seattle-based provider of corporate tax compliance automation, has acquired Westbrook-based financial technology company DAVO Technologies at an undisclosed price, according to a press release Tuesday.

DAVO Technologies, headquartered at Dana Warp Mill, provides automated sales tax management for 4,000 small businesses nationwide, including cafes, bike shops, flower shops, bakeries and restaurants.

The new owner, whose clients range from Bed Bath & Beyond to the New York Times, said the deal expands its strategy of developing integrated sales tax compliance processes that reduce the burdens on small businesses.

“Avalara and DAVO are natural extensions to each other. Our services are complementary and we believe there is an immediate opportunity to add value to their customers and our mutual partners, ”said Jayme Fishman, executive vice president of corporate development at Avalara, in the press release. “The DAVO team has developed an excellent, customer-centric product. We look forward to working with you to improve and expand your capabilities.”

Pete Murray, CEO of DAVO added, “This acquisition is an amazing opportunity for the DAVO team, partners and especially our customers. There has never been a more important time to support the local business community – the backbone of local economic development and community support. We are confident that together with Avalara we can make everyday life even easier so that you can concentrate on your business and leave the sales tax to us. “

On Wednesday David Joseph, co-founder of DAVO, announced to Mainebiz that all 21 employees of DAVO in Maine are moving to Avalara and that the talks leading up to the transaction have been “in the works for many months”.

Joseph founded DAVO Technologies in 2014 after being disappointed with taxes as a restaurant owner in New Jersey. He teamed up with a client to apply for a patent that took a decade to complete, he told Mainebiz in a 2019 interview.

Avalara said in the press release that acquiring advanced technology, tax content and expanded segment expertise has been a central part of the company’s mission and growth strategy since its inception. “With the acquisition of assets from DAVO, Avalara is continuing its vision of the global cloud compliance platform for businesses of all sizes.”

The Seattle-based company has offices in the United States, Brazil, Europe, and India. Avalara is expected to publish its first quarter results on May 6th after the market closes. Full year 2020 revenue was $ 500.6 million, up 31% over the prior year.

As of Wednesday’s close of trading, Avalara shares are valued at around $ 12 billion.