Seattle-based tax software company Avalara on Friday announced it has acquired Track1099, an e-filing company headquartered in Stanford, California.
The companies didn't disclose the financial terms of the deal.
An Avalara spokesperson didn't disclose how many employees were coming over as part of the acquisition. The spokesperson added the company doesn't have a clear answer on the future of Track1099's brand right now.
"Adding 1099s, W-9s, and other forms to our compliance documents portfolio further extends the value we can provide to customers to manage their end-to-end compliance,” Jayme Fishman, executive vice president of corporate development at Avalara, said in a statement. “By integrating Track1099’s capabilities into our compliance document management suite, Avalara can support and automate additional annual requirements for our customers.”
Avalara has been busy with acquisitions recently. In April, the company acquired Davo Technologies for an undisclosed amount. Avalara also acquired Inposia in April. Avalara didn't disclose financial terms for the Inposia deal, which was first announced in December. The company acquired Impendulo Limited in December, again for an undisclosed amount.
"At any given time, our growth is coming on two fronts. One is organic growth," Avalara Chief Operating Officer Amit Mathradas previously told the Business Journal. "Then there's the inorganic. The other big piece of our mission and strategy is M&A. Wherever those companies come along and establish themself, at some point some of those people move into the Seattle area because this is the nerve center."
Track1099's technology allows clients to manage and e-file 1099s, W-2s, W-9s and W-8 BENs. The company, which was founded in 2010, works with more than 300,000 businesses.
Avalara was founded in 2004 and went public on the New York Stock Exchange in 2018. Its tax compliance software serves clients with sales and use tax, consumer use tax and international tax. In its second quarter 2021 earnings report, Avalara reported quarterly revenue of $169.1 million, up from $116.5 million during the second quarter of 2020.
